Insurance companies paid compensation of 3.7 billion for the cars
15.9 billion dirhams are the costs of medical treatment in the UAE in 2019
The Insurance Authority was keen to complete the issuance of legislation regulating the sector during the past year.
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The annual report on the insurance sector activity in the UAE market showed that the total claims incurred in the health insurance sector amounted to 15.9 billion dirhams, accounting for 82.1% of the total premiums received by insurance companies in the health sector, compared to claims amounting to about 3.7 billion dirhams for the auto sector, which constituted about 58% of the installments of the total installments.
In detail, the volume of written premiums for all insurance branches reached a total of 44.02 billion dirhams, an increase of 1%, compared to 2018, while the total premiums in the health insurance branch amounted to 19.36 billion dirhams, the share of national companies of which 14.52 billion dirhams, or 75%, and the share Foreign companies, including 4.84 billion dirhams, or 25%.
The total claims incurred in the health insurance sector amounted to 15.9 billion dirhams of the total earned premiums, accounting for about 82.1% of the total premiums collected by insurance companies in the health sector.
The value of commissions in the health sector reached 998 million dirhams, compared to expenses that amounted to about two billion dirhams.
Regarding the car insurance sector, the total premiums reached 6.36 billion dirhams, while the value of the claims paid to the auto sector amounted to about 3.7 billion dirhams, which constituted about 58% of the premiums received by companies in the automobile sector.
The value of commissions in the vehicle insurance sector reached 774 million dirhams, compared to expenses amounting to 909 million dirhams.
The Insurance Authority said, in its annual report, that it was keen to complete the issuance of legislation regulating the insurance sector to ensure the provision of the appropriate climate for its development and to enhance the role of the insurance industry in ensuring persons, property and responsibilities against risks to protect the national economy, referring to Cabinet Resolution No. 7 of 2019 regarding administrative fines. Imposed by the Insurance Authority, as the decision includes administrative violations and the procedures that are taken in the event that the company and the professionals of insurance related professions violate the provisions of the legislation in force and the methods of grievance against these decisions.
The Authority added that, within the framework of carrying out its supervisory and regulatory role over insurance companies and related professions, the commitment of all parties operating in the insurance sector in the state, including insurance companies and professions related to insurance business, is following up on the insurance laws and legislations that regulate insurance business, in order to ensure the provision of an environment. It is appropriate to develop and strengthen the role of the insurance industry in the country in a manner that ensures that the Authority is empowered to carry out its tasks in order to protect the rights of the insured and the beneficiaries of the insurance business, and to monitor the financial solvency of companies in providing adequate insurance cover to protect these rights, in addition to raising the companies ’efficiency and their commitment to the rules of practicing the profession and its ethics to increase their capacity In providing the best services to the beneficiaries of the insurance business, and achieving positive and healthy competition between companies.
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value of commissions in the health sector amounted to 998 million dirhams, compared to expenses of two billion dirhams.
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