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The Central Bank of the United Arab Emirates (CBUAE) has published preliminary data on the local insurance market for the 2023 financial year.
The overall turnover amounted to 53.2 billion AED (14.5 billion USD) as at 31 December of the previous year, up by 12.7% compared to the 47.2 billion AED (12.8 billion USD) recorded in 2022.
Claims settled by insurance companies totaled 31.1 billion AED (8.5 billion USD), representing a 12.8% increase over one year.
Technical reserves climbed by 8.4% to 74.4 billion AED (20.3 billion USD).
During the reporting period, total assets and shareholders' equity of all Emirati insurers stood at 125.7 billion AED (34.2 billion USD) and 28 billion AED (7.6 billion USD) respectively.
