emirates7 - The Central Bank of the UAE (CBUAE) has reported that the country's insurance sector earned total profits of AED2.5 billion in 2023, up from AED1.96 billion in 2022. This growth was primarily attributed to an increase in net investment income within the sector during 2023.

According to the CBUAE's Annual Statistical Report for the UAE Insurance Sector 2023, the number of written insurance policies across all types in the UAE rose to 14.6 million in 2023, compared to 8.4 million in 2022. This rise was largely driven by an increase in property and liability insurance policies, particularly Involuntary Loss of Employment insurance policies.

Dubai had the largest share of the market, accounting for 59.9%, followed by Abu Dhabi at 21%, Ras Al Khaimah at 6.6%, Sharjah at 4.58%, Fujairah at 1%, and Ajman at 0.5%. Policies written outside the UAE made up about 6.4% of the total.

Gross written premiums in the UAE grew to AED50.4 billion in 2023, up from AED44.1 billion in 2022. Dubai's share of this was 61%, while Abu Dhabi's was approximately 27.7%.

In terms of claims, gross paid claims within the UAE increased to AED30.3 billion in 2023, compared to AED26.5 billion in 2022. Dubai accounted for 60.7% of these claims, and Abu Dhabi for 28.9%.