UAE insurers’ profitability hit by intense price competition

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.