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UAE insurers’ profitability hit by intense price competition

Posted On: Mar. 8, 2023 9:46 AM CST

Rating agency A.M. Best Co. Inc. said that the insurance market in the U.A.E. witnessed a marked decline in underwriting profitability in 2022 due to highly competitive market conditions and continuous pricing pressures, Middle East Insurance Review reported. However, gross written premiums increased over 10%. The market also reported an aggregate return on equity of 7.9%, down from 10.3% in 2021.