The UAE insurance sector posted higher premiums in the medical and property & liability insurance branches in 2023. But the industry needs to work on other areas too, says Mr Avinash Babur, CEO of InsuranceMarket.ae, an insurance brokerage which operates an online insurance platform.
In an article published in the newspaper Gulf News, he points out that the sector’s year-on-year growth of 12.7% to AED53.2bn ($14.5bn) in 2023 was fuelled largely by a 16.5% leap in health insurance premiums and an 18.9% surge in property & liability insurance.
However, Mr Babur says, the landscape is not without its complexities though. A notable downturn in life and savings insurance by 12.4% year-on-year in 2023 signals a shift in consumer behaviour and market sentiment, necessitating introspection from industry stakeholders.
In addition, the jump in overall claims by 12.8% to AED31.1bn in 2023 underscores the critical challenge of balancing growth with sustainability. The spike in health and property & liability insurance claims, partly due to multiple unexpected events such as the increased frequency and severity of rains impacting motor portfolios, highlights the volatile nature of…
