The UAE insurance sector improved its performance in the January-March quarter of this year, with the total number of insurance policies issued reaching 2.3 million, up by 10.4 percent compared to 2.1 million policies in Q1 2021.
The total invested assets in the insurance sector also saw an increase of 5.4 percent during the quarter to AED77.8 billion, compared to AED73.8 billion in Q1 2021.
The gross written premiums (GWP) increased by 4.6 percent in the first quarter to AED15.8 billion, mainly on account of a 12.2 percent increase in property and liability insurance premiums, according to the Quarterly Economic Review issued by the Central Bank of the UAE, WAM reported.
The first quarter of 2022 also saw a 2.5 percent increase in health insurance.
The gross paid claims of all types of insurance plans increased by 3.1 percent during January-March to AED6.6 billion.
This was mainly on account of a rise in claims paid to the engineering and construction industry, as well as fire.
The total technical provisions increased by 2.1 percent in the first quarter to AED 73.4 billion, compared to AED71.9 billion in Q1 2021.
The improved performance of the sector comes even as the number of insurance companies remained the same at 62 in Q1 2022.
