UAE insurance sector rise by  2.6%, 5.4% in total, invested assets in Q1 2022

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By Favour Nnabugwu
The insurance sector in the United Atab Emirates, UAE, has an increase of 4.6 percent in Gross Written Premiums (GWP) in Q1 2022 to AED 15.8 billion, according to the Quarterly Economic Review issued by the Central Bank of the UAE for Q1 2022
The figure was attributed to increase in property and liability insurance premiums by 12.2 percent. Health insurance increased Y-o-Y by 2.5 percent in Q1 2022
Figures on the insurance sector activity showed that the total number of insurance policies increased Y-o-Y by 10.4percent in Q1 2022 to 2.3m policy compared to 2.1m policy in Q1 2021. This is mostly due to the property and liability insurance policies.
Gross paid claims of all types of insurance plans increased by 3.1percent Y-o-Y to AED 6.6 bn in Q1 2022. This is mainly driven by the increase in claims paid to engineering and construction industry, as well as fire.
The total technical provisions increased by 2.1percent Y-o-Y to AED 73.4 bn in Q1 2022 compared to AED 71.9 bn in Q1 2021, due to increase in all types of technical provisions.
The total invested assets in the insurance sector increased by 5.4 percent Y-o-Y to AED 77.8 bn (61.1percent of total assets) at the end of Q1 2022 compared to AED 73.8 bn (59.4 percent of total assets) in Q1 2021.

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