Five insurers hold 60% of the UAE market in 2021

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By Favour Nnabugwu

The Emirati insurance market in the United Arab Emirates, UAE is closing the year 2021 with a 7 percent increase in its turnover.

The written premiums realized by the 29 listed insurers have gone from 24.4 billion
AED (6.6 billion USD) in 2020 to 26.1 billion AED (7.1 billion USD) a year later
 
The market is dominated by five insurance companies which account for nearly 60% of the turnover recorded by the industry in 2021. The other 24 companies share the remaining 40 percent
 
The five Insurers whose amount runs in billions are Orient Insurance with AED 5.008 (USD1.363) and taking up 19.20 percent of the share; ADNIC  has AED 4.267 (USD1.162)  representing 16.30 percent
Oman Insurance has AED 3.539 (USD0.963) equals 13.60 percent; Dubai National Insurance and Reinsurance AED1.226 (USD0.334) representing 4.70 percent and Al Ain Ahlia with AED1.206 (USD0.328) representing 4.60 percent.

Total top 5 insurers AED 15.246 (USD4.15) taking a chunk of 58.40 percent
Other insurers AED10.854 (USD 2.95 41) representing 41. 60 percent
 

The market is dominated by five insurance companies which account for nearly 60 percent of the turnover recorded by the industry in 2021. The other 24 companies share the remaining 40 percent

The net profit generated by all the listed companies reached 1.93 billion AED (525 million USD) by the end of 2021, representing a 2 percent increase over one year.

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