UAE insurance sector investment drops
Investment in the UAE insurance sector dropped by 5.6% last year, according to statistics released by the Ministry of Economy on Sunday.
Investment in the sector amounted to 17.27 billion dirhams ($4.7 billion) in 2006, down from 18.3 billion dirhams the previous year, figures from the ministry show.
The ministry gave no reason for the decline.
In its annual report ‘The Insurance Sector Business in the UAE in 2006’ the ministry said the development of economic, constructional and social activities had a positive impact on the insurance sector.
It said the value of underwriting premiums in the insurance market amounted to 10.312 billion dirhams, while income from premiums in the general and life insurance sectors jumped by more than 30% last year.
Premium income in the general insurance sector rose to 8.66 billion dirhams last year compared to 6.65 billion dirhams in the previous year, while life and investment insurance hit 1.65 billion dirhams from 1.2 billion dirhams in 2005.
There are 48 insurance companies in the UAE, equally split at 24 national companies and 24 foreign companies, the ministry said.
National companies accounted for 76.3% of the premiums generated in the general insurance market, while foreign companies' share reached 23.7%.
UAE nationals working as employees in insurance companies during 2006 rose by 7.1% to 343 nationals out of a workforce of 4,850. This represented a modest rise from 6.7% in 2005, but was still much lower than the target of 15% set out in the UAE's ‘Emiratisation’ programme. Source
Investment in the sector amounted to 17.27 billion dirhams ($4.7 billion) in 2006, down from 18.3 billion dirhams the previous year, figures from the ministry show.
The ministry gave no reason for the decline.
In its annual report ‘The Insurance Sector Business in the UAE in 2006’ the ministry said the development of economic, constructional and social activities had a positive impact on the insurance sector.
It said the value of underwriting premiums in the insurance market amounted to 10.312 billion dirhams, while income from premiums in the general and life insurance sectors jumped by more than 30% last year.
Premium income in the general insurance sector rose to 8.66 billion dirhams last year compared to 6.65 billion dirhams in the previous year, while life and investment insurance hit 1.65 billion dirhams from 1.2 billion dirhams in 2005.
There are 48 insurance companies in the UAE, equally split at 24 national companies and 24 foreign companies, the ministry said.
National companies accounted for 76.3% of the premiums generated in the general insurance market, while foreign companies' share reached 23.7%.
UAE nationals working as employees in insurance companies during 2006 rose by 7.1% to 343 nationals out of a workforce of 4,850. This represented a modest rise from 6.7% in 2005, but was still much lower than the target of 15% set out in the UAE's ‘Emiratisation’ programme. Source
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