Insurance
From The Report: Abu Dhabi 2023
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Abu Dhabi’s insurance sector has been boosted by post-Covid-19 pandemic recovery and a competitive landscape. Gross written premium and underwriting income continue to rise, particularly for health and medical coverage. Digitalisation, competition and potential market consolidation are expected to shape the sector’s future, and Abu Dhabi-based providers stand well positioned to benefit from ongoing economic growth and a broadening market, especially with the expansion of compulsory medical coverage.

Factors like the IFRS 17 transition and post-pandemic medical costs are expected to drive improved financial performance. While the level of competition remains high, companies adapting to regulatory controls and solvency requirements will flourish in the evolving landscape. The growth in the number of active policies issued indicates strong market demand.

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Overview

Premium performance: The sector continues to expand, supported by a robust regulatory framework and strong demand in the UAE market
OBG
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Abu Dhabi’s insurance sector has benefited from strong growth in the UAE’s overall economy following a recovery from the Covid-19 pandemic, a trend that has been enhanced by a competitive market and a tech-savvy, financially literate consumer base. Gross written premium (GWP) and underwriting income increased across the board in the UAE in 2022, with GWP surpassing levels observed prior to the start of the pandemic. Abu Dhabi’s insurers in particular are well placed to take advantage of the…

Analysis

Change ahead: Emerging markets implement changes in line with updates to international accounting standards
OBG
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Insurance companies worldwide have been preparing for the most significant change in global accounting standards in almost two decades. On January 1, 2023 the International Financial Reporting Standard (IFRS) 17 came into effect. Replacing the previous standard, IFRS 4, which was issued in 2004, IFRS 17 aims to standardise insurance accounting globally through a uniform approach in order to improve comparability and increase transparency. This is expected to help those in the industry better understand…