S&P highlights UAE insurance market performance

20 Apr 2010

(MENAFN) Standard & Poor’s Ratings Services said that the UAE insurance market has delivered strong technical performance through the economic downturn, Gulf News reported.

According to the report, Dubai-based companies have grown rapidly in recent years and achieved the strongest technical profitability in 2009, but this is expected to slow as a result of slower economic growth.

By contrast, Abu Dhabi’s government plans to continue investing heavily in infrastructure, and shareholder funds are shifting to reflect this, S&P’s credit analyst Kevin Willis said in a statement.

Companies based in Dubai collected 47 percent of the total premium in 2009, Abu Dhabi 38 percent and other emirates 15 percent, the rating agency said in a separate report this month.

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