Professor Jihad Faitrouni, CEO of UIS, told Etihad that the insurance sector in the UAE plays a crucial role in the country’s economic landscape, providing risk mitigation and financial security for individuals and companies. He then noted that the analysis of the performance of major insurance companies in the UAE during nine months, which focuses on insurance revenues and net profits, reveals an increase in the pace of competitiveness among insurance companies operating in the country.
Mr. Faitrouni added that the growth in revenues in insurance companies was the result of the economic recovery, while operating costs such as salaries, rent and technology expenses, and increased high claims costs, especially in the automotive and health insurance sectors, pressured profits.
