ABU DHABI, 25th September, 2024 (WAM) — The UAE insurance sector continued to grow in Q2 2024 in terms of gross written premiums, according to the Quarterly Economic Review issued by the Central Bank of the UAE (CBUAE) on Wednesday.

During the first six months of 2024, the gross written premiums increased by 31.2 percent Y-o-Y in H1 2024 to AED 35.7 billion, mostly due to an increase in property and liability insurance premiums by (39.4 percent) Y-o-Y, health insurance premiums by (30.7 percent) Y-o-Y, and the insurance of persons and fund accumulation premiums by (9.1 percent) Y-o-Y, and this growth resulting primarily from increase in group and individual life insurance premiums.

The gross paid claims of all types of insurance plans increased by 34.0 percent Y-o-Y to AED 18.9 billion in H1 2024. This was mainly driven by the rise in claims paid in property and liability insurance by 46.2 percent Y-o-Y, and 150 percent insurance of persons and fund accumulation.

In H1 2024, the total technical provisions of all types of insurance increased by 22.8 percent Y-o-Y to AED 94.2 billion. The volume of invested assets in the insurance sector amounted to AED78.7 billion (50.8 percent of total assets) compared to AED72.9 billion (57.1 percent of total assets) during the same period in…

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