The sector’s reserves reached Dh8.9 billion, while premium income was Dh20 billion, an increase of 9.3 per cent in comparison to 2008

Abu Dhabi: The UAE’s insurance sector made investments of Dh23.7 billion last year, 47.3 per cent of which were in stocks and bonds and 34.2 per cent in bank deposits.

This was revealed by the Emirates Insurance Authority’s annual report which was released yesterday by Sultan Bin Saeed Al Mansouri, Minister of Economy and Chairman of the Authority.

Al Mansouri said shareholder equity in national insurance companies reached Dh13.9 billion. The sector’s reserves reached Dh8.9 billion, while premium income was Dh20 billion, an increase of 9.3 per cent in comparison to 2008.

Al Mansouri pointed out that the establishment of an independent authority for the insurance sector reflects the importance of insurance and its role in protecting activities in the economic, trade, industrial, and construction sectors, as well as providing health care for residents.

Legislation

He added that the insurance authority has started completing the organisational legislations, where the executive panel for the insurance law was issued, and the cabinet’s decision regarding the minimum capital of insurance companies and the issuance of the board’s decision regarding money laundering, combating financing terrorism in insurance activities. The authority is also seeking to complete the bigger part of legislations during this current year.

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