UAE insurers’ profits falls 23% in 2022

According to a report by U.A.E.-based actuarial consultancy Badri Management Consultancy, local listed insurers’ aggregate profit fell 23% year-on-year to 1.52 billion United Arab Emirates dirham ($413.7 million) in 2022 due to rate reductions and an increase in commissions, Khaleej Times reported. Meanwhile, gross written premiums grew 11% year-on-year to AED29 billion in 2022.