Total insurance premiums written in 2018 are expected to have exceeded AED50bn ($13.6bn) last year, the first time the industry has broken through this mark.
Mr Sultan bin Saeed Al Mansouri, Minister of Economy and chairman of the Insurance Authority, said that the UAE insurance sector will witness growth rates of more than 10% per annum, and to continue to lead in the region.
Gross written premiums for all insurance classes amounted to AED44.8bn, accounting for an increase of 12% as compared to 2016.
Mr Al Mansouri said, in an interview with Emirates Today, that the Authority is working on several initiatives, including looking into telematics to study the behaviour of motorists and motor insurance prices. Insurance products are also being developed for self-driving vehicles. The Authority is encouraging insurance companies to offer discounts to owners of electric vehicles.
He added: "The Insurance Authority encourages mergers between insurance companies to create strong financial entities capable of facing any technical and financial challenges in the future.”
Reinsurance business plan
Mr Al-Mansoori said that the Insurance Authority has prepared a draft reinsurance business plan that will encourage the establishment of national reinsurance companies.