[ad_1]
Sultan engineer bin Saeed Al Mansouri, Minister of Finance Economy – Chairman of the Board of Directors "The growth opportunities of the insurance sector in the United Arab Emirates are important, as the UAE insurance market is expected to increase significantly in the coming years." through sustainable economic development. "
Al Mansouri added in the annual report of the Insurance Authority That the potential of the state and GCC countries is large and allows the insurance sector to play a major role L & amp; Authority worked in 2017 to complete the legislation regulating the sector in its efforts and strengthen the legislative base to regulate the UAE insurance sector and develop the performance of the local insurance market and entities working on it. a solid legal, technical and financial basis. Al Mansouri continues: The total premiums written for all branches of insurance amounted to 44.8 billion dirhams, up 12% compared to 2016, confirming the high level of insurance premiums. The importance of this sector and its vital role The total value of the funds invested was AED 60.7 billion at the end of last year, of which 37% in equities and bonds and 26% in deposits. Equity of national insurance companies amounted to AED 20.3 billion. The report on actions taken against insurance companies and similar occupations in 2017, which included 168 administrative procedures or penalties including alert, warning, suspension or prevention and cancellation, as well as monitoring and verification of the violation and all the documents relating to it. And Matta During the year 2017, a field inspection of 120 insurance companies and related professionals was conducted.
The total number of employees of insurance companies of different nationalities at the end of 2017 stood at 9573 employees, The number of citizens was 1088 citizens, or 11.4%, while the total number of employees in the technical departments of insurance companies operating in the state at the end of 2017 was a total of 4271 employees, of which 513 employees in the technical departments and 12% 19659003] Total premiums written in all branches of insurance 15.6 billion dirhams, the share of domestic companies 11.6 billion dirhams and 74.4% and the share of foreign companies, 4 billion dirhams and 25.6% The total of premiums written in all insurance and fund-raising industries, or 9.8 billion dirhams, of which 2.1 billion dirhams or 21.4% and the share of companies of which 7.7 billion dirhams and 78.6 percent in total, while total premiums subscribed in the health insurance sector amounted to 19.4 billion dirhams, or 14.4 billion dirhams 74.2 and the share of foreign companies The total share of the national companies in the premiums total subscribed in property and casualty insurance at 78% with total written premiums of 25.8 billion dirhams, the share of foreign companies amounts to 22% and the total premiums issued s & # 39; 39, raises to 7.3 billion dirhams. In contrast, the share of domestic firms in total insurance premiums and the composition of funds rose to 20% and total premiums issued to 2.4 billion dirhams, while the share of foreign companies 80% and total premiums issued amounted to 9.4 billion dirhams. The general rate of retention of premiums for the insurance sector in the country for the year 2017 was 62.1% against 63.4% for 2016
The report shows that the insurance companies operating in the country have achieved positive net results for 2017. The state of 2017 amounted to 2.2 billion dirhams against 1.8 billion dirhams in 2016, an increase of 0.4 billion dirhams. dirhams 22%, the share of domestic companies in these profits being 68% and the share of foreign companies 32%. The result of the insurance activities of the national companies amounted to AED 0.9 billion, The branches of the foreign subsidiaries suffered insurance losses of AED 0.4 billion, the net commissions paid to the Domestic companies amounted to AED 0.7 billion, foreign subsidiaries AED 1.8 billion and general expenses of domestic companies AED 1.9 billion. The total net income of all insurance companies operating in the UAE for 2017 amounted to AED 3 billion compared to AED 1.4 billion in 2016, an increase of AED 1.6 billion or 114%. The share of companies in which 25% of foreign companies and 75% of foreign companies, the net profits realized on the investments of the national companies amounted to 55 million AED, while the foreign branches were raised to AED 129 million. The total assets of all insurance companies reached AED 103.9 billion at the end of 2017. The share of domestic companies is 60% against AED 89.9 billion at the end of 2016. The increase in the value of assets Amount at 14 billion dirhams and 16% The total assets invested was 2017 with the highest percentage of total assets at 58.4%, followed by reinsurance repayments of 18.4% and outstanding receivables. insurance and reinsurance total of 9.8%.
Indicators point to the growing role of the Takaful sector in the insurance sector in the United Arab Emirates, premiums issued by all Takaful insurance companies operating in the state for the purpose. 2017 year stand at AED 4.2 billion vs. AED 3.7 billion for the year 2016 and an increase of AED 508 million, an increase of 13.5%. Operating in the state of 2017 The total premiums subscribed by the traditional national insurance companies were 15% while the total premiums subscribed by all the Takaful insurance companies operating in the US. State in 2017 total premiums issued by all insurance companies in the sector amounted to 9.5%.
The total liabilities of all insurance companies operating in the sector at the end of 2017 amounted to AED 79.9 billion, compared with AED 53.4 billion at the end of 2016. The total value of commitments increased by AED 10.5 billion, or 15% 2017 The highest percentage of total required The total equity of all insurance companies operating in the sector increased at the end of 2017 to reach 24 billion dirhams, the share of insurance companies in the sector increased by 10.6%, followed by unpaid expenses and other liabilities of 7.6% of the total value of equity capital year-round 2017 amounted to AED 20.3 billion, an increase of 85% over total equity in 2016, rising to AED 20.4 billion, and an increase of AED 3.6 billion property rights of 18% 7.5 billion dirhams and reserves of national companies The number of complaints of cl It increased by 9% in 2017 to 8259 complaints through the electronic complaint system against 7 565 complaints in 2016. A total of 8 251 complaints were resolved during the year, 99%, and complaints distributed on: the insurance of vehicles by 6941 complaints accounting for 84% of the total, and health insurance by 905 complaints representing 11% and other insurance by 220 complaints representing 3%, and insurance; life by 124 complaints accounting for 1% And property insurance and liability 53 complaints accounting for 1%, and marine insurance 16 claims accounting for 0%.
Tags AED Billion companies Dubai insurance profit
