Measures put in place by the United Arab Emirates (UAE) insurance regulator, the Central Bank of the UAE, during 2023 and in early 2024 should ameliorate the relatively poor performance of personal lines insurance and support premium growth in the country, according to a new report from AM Best.
The Best’s Market Segment Report, “Underwriting Conditions for UAE Insurers on Track to Improve Amid IFRS 17 Transition,” notes that continued regulatory intervention was important given that the underwriting profitability of the UAE’s listed insurers continued to be affected by the heightened competitive environment in the motor and medical segments.
In the report, AM Best analysts also examine the recently published results for the UAE’s listed insurers and discuss the impact of the transition to the new IFRS 17 reporting regime.