Gross subscriptions written reaches AED4.35 billion for Takaful insurance sector in 2021: CBUAE

Gross subscriptions written reaches AED4.35 billion for Takaful insurance sector in 2021: CBUAE

ABU DHABI,17th February, 2023 (WAM) – The Central Bank of the UAE (CBUAE) has released a comprehensive report on the Takaful insurance sector in the UAE, with the aim of developing this critical industry and enhancing the country's position as a leading Takaful insurance market globally.

The report highlights the growing importance of the Takaful insurance sector in the local market, as well as the expansion of its various financial indicators from 2018 to 2021.

In 2021, the gross subscriptions written by all Takaful insurance companies operating in the UAE totalled AED4.35 billion, representing a growth rate of 0.51% compared to AED4.32 billion in 2020. These subscriptions accounted for 9.82% of the gross premiums written in the insurance sector in 2021.

The health Takaful insurance activity represented the largest share, accounting for 43.6% of the gross subscriptions written in the Takaful insurance sector in the UAE in 2021. This was followed by Takaful insurance activity on assets and liabilities at 38.3%, and family Takaful insurance activity and fund accumulation operations at 18.1%.

At the end of 2021, 12 Takaful insurance companies were operating in the UAE, all of which are national companies. However, there is a possibility that this number could decrease over the