Market Monitor UAE: Insurance industry report 2018

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By Safder Jaffer, Asad Irshad | 17 April 2019
The UAE insurance market continued its trend of an overall increase in profitability despite minimal premium growth in 2018. Based on the preliminary disclosures and audited reports of the UAE insurance companies listed on the Abu Dhabi Securities Exchange and the Dubai Financial Market up till March 25, 2019, the Gross Written Premium grew slightly by 0.5% to AED 21.9 billion during 2018, down from an increase of 15.4% in 2017. On a Net Profit basis, the industry continued to improve for the third year in a row, achieving a Net Profit of AED 1,394 million for 2018, compared to a Net Profit of AED 1,285 million in 2017, an increase of 8.5%. Takaful companies saw a growth in their top line in 2018 of 5.8% in comparison to slight overall decrease in premium for the traditional players.