The Dubai International Financial Centre Insurance Association (DIFCIA) has announced its reciprocal membership with ACORD, the standards-setting body for the global insurance industry.
National General Insurance Company (NGI) has a track record of strong operating performance and generated a return on equity of 14.4% in 2023 [2022: 9.1%] (as calculated by AM Best).
The UAE general insurance industry is set to grow at a compound annual growth rate (CAGR) of 4.7% from AED37.8bn ($10.3bn) in 2024 to AED45.5bn in 2028, in terms of gross written premiums (GWP), forecasts GlobalData, a data and analytics company.
Vehicle owners have been complaining about the refusal of insurance companies to write off, as total losses, vehicles that had been damaged in recent floods.
Dubai-listed Arabian Scandinavian Insurance Company - Takaful (ASCANA) has rebranded itself as Sukoon Takaful.
The nine insurance companies that form a pool to underwrite the UAE's Involuntary Loss of Employment Scheme (ILOE) increased the revenues and profits in 1Q2024.
The UAE's biggest insurer Orient Insurance will continue to increase its revenue by at least 10% per year in 2024 and 2025, as the insurer continues to expand its business in the UAE and in the wider Middle East and North Africa region, says S&P Global Ratings.
Watania Takaful has said that it had rejected zero motor claims, even though in the first few days after the heavy rains in April, the company received three times the daily average number of motor claims and an average number of daily calls of over 1,000 from customers.
The board of Takaful Emarat Insurance will ask shareholders to vote on special resolutions on whether to continue the company's operations by raising its capital or wind up the company.
Insurance brokers estimate that approximately 100,000 vehicles in the UAE were affected by the rains in April, with the number equivalent to the cumulative total of the past 12 years.