72.6 billion dirhams trade insurance services in the UAE during a...

72.6 billion dirhams trade insurance services in the UAE during a...
72.6 billion dirhams trade insurance services in the UAE during a...
Abu Dhabi – Mubasher: Trade insurance services in the UAE (exports, imports and reinsurance) increased to 72.6 billion dirhams at the end of last year, an increase of 59 percent, or the equivalent of 26.9 billion dirhams, compared to 45.7 billion dirhams in 2018, according to the statistics of the Federal Competitiveness and Statistics Authority..

The Authority’s statistics, issued on Saturday, showed that the total premiums of imports of insurance services in the state increased to 54.9 billion dirhams at the end of last year, with a growth of 33 percent, or the equivalent of 13.66 billion dirhams, compared to 41.26 billion in 2018.

Total claims reached 36.67 billion dirhams, up from 27.76 billion dirhams, bringing the difference between total premiums and total claims last year to about 18.24 billion dirhams..

She explained that the total export premiums of insurance services for operating companies reached 2.32 billion dirhams at the end of last year, a decrease of 5 percent, compared to 2.45 billion dirhams in the previous year.

The total claims reached 2.29 billion dirhams, compared to 1.65 billion dirhams, bringing the difference between the total premiums and claims for the past year to about 36 million dirhams..

The Authority stated that what is meant by imports are the values ​​of all services provided by non-resident insurance companies to residents of the state’s territory, and they are recorded in the debtor’s account.

She indicated that what is meant by exports are the values ​​of all services provided by resident insurance companies provided to non-residents, and are recorded in a credit account..

The Authority stated that reinsurance premiums for all types of insurance from within the UAE increased significantly, by over 675 percent, or the equivalent of 13.3 billion dirhams, during the past year.

This comes after the item included reinsurance premiums issued outside the UAE, for all types of insurance, including property and liability insurance, people insurance, and money formation operations, reaching 15.3 billion dirhams in 2019, compared to 1.97 billion dirhams in 2018.

The total reinsurance claims for all types of insurance received from within the UAE amounted to about 11.25 billion dirhams in 2019, up from 1.12 billion dirhams in 2018, bringing the difference between the total premiums and the total claims of 4.06 billion dirhams..

With regard to life insurance provided to non-residents in the state, the total written premiums for persons insurances outside the UAE amounted to 63 million dirhams, and the value of claims paid for insurances was 41 million dirhams, a difference of 22 million dirhams.

As for non-life insurance provided to non-residents in the state, the total written premiums for property insurance outside the country amounted to 921 million dirhams..

As for reinsurance accepted by non-resident insurance companies, reinsurance premiums for all types of insurance received from outside the country amounted to 1.34 billion dirhams, while claims amounted to about 1.68 billion dirhams, which means an increase in claims over premiums by about 345 million dirhams..

The report on life insurance presented in the UAE stated that the total written premiums for people’s insurance inside the country reached about 11.3 billion dirhams, compared to claims paid about 6.5 billion dirhams, a difference of 4.8 billion dirhams.

With regard to non-life insurance provided in the country, the total written premiums for property insurance within the state amounted to 28.3 billion dirhams, and the value of the paid claims reached 18.9 billion dirhams, a difference of 9.38 billion dirhams..

The Federal Competitiveness and Statistics Authority data showed last month Total imports of insurance services for residents of the UAE increased by 34 percent over the past year, To touch the barrier of 55 billion dirhams, compared to the previous year, when it reached 41 billion dirhams.

Nominations:

Saeed Al Dhaheri, CEO of Abu Dhabi Financial Market

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