(MENAFN- Khaleej Times)According to the report total underwritten premiums of life assurance and operations of fund formation amounted to Dh8.6 billion.
Abu Dhabi: The insurance industry which earned higher premiums in 2014 invested Dh39 billion and a big chunk of which went into shares and bonds says an annual report of the Insurance Authority an industry watchdog.
Written premiums of all types of insurance rose 13.5 per cent to Dh33.5 billion in 2014 while premiums of property and liability insurance increased 10.6 per cent to Dh24.9 billion says the statistics gathered by the Authority.
According to the report total underwritten premiums of life assurance and operations of fund formation amounted to Dh8.6 billion. Total underwritten premiums of property and liability insurance were Dh24.9 billion. The insurance industry’s earned premiums of property and liability insurance amounting to Dh23.9 billion while incurred losses of property and liability insurance before deduction of the re-insurance share were Dh18 billion.
The loss ratio of property and liability insurance before deduction of the re-insurance share was 75.3 per cent in 2014 against 67.2 per cent in 2013 says the report.
The loss ratio of accidents and liability insurance was 63 per cent; fire insurance was 85.7 per cent; Land sea and air transport insurance was 46.2 per cent; medical insurance 87.8 per cent and 69.1 per cent other risks insurance. Total of the technical provisions of life assurance and operations of fund formation was Dh15 billion and properties and liabilities insurance Dh10.5 billion. On the other hand the total equities of the national insurance companies reached Dh19.8 billion. The UAE Minister of Economy Sultan bin Saeed Al Mansouri in his remarks said the insurance Authority is still in the process of completing the new rules and regulations. However several rules and directives have been issued to regulate the business of the insurance agents and professions associated with insurance.
The insurance Authority completed preparation of all the financial regulations drafted by a consultant. However opinions of the insurance companies and the actuaries have been taken into consideration by circulating them. The minister said these regulations when issued will play positive role in stability of the insurance market.
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