The UAE’s insurance market witnessed remarkable growth in 2024, with gross written premiums (GWP) reaching AED64.5bn ($17.6bn), up by 21% from AED53.3bn in 2023. The Central Bank of the UAE (CBUAE) highlighted this surge in its annual statement, underscoring the nation’s continued leadership in the region’s financial sector.

This growth in the insurance sector aligns with the UAE’s broader financial achievements. The CBUAE revealed that the banking sector, the largest in the Middle East, expanded its total assets to AED4.457tn by November 2024, compared to AED4.075tn in the previous year. The quality of loans also improved, with the net non-performing loan ratio dropping to 2.1% from 2.4% in 2023.

According to Middle East Insurance Review, the Central Bank’s report, titled “CBUAE’s 2024 Achievements Drive Momentum Towards a Bright Future for the Financial Sector,” highlighted several key milestones. These included record-breaking total assets of AED896bn for the Central Bank, the introduction of the world’s first Open Finance regulation, and the region’s first framework for licensing and overseeing stablecoins. The Bank also issued five FinTech regulations in 2024, which attracted 260 global FinTech firms and opened new markets to 180 million customers.

On the economic front, the CBUAE projected the UAE’s nominal GDP to reach AED2tn in 2024, up from AED1.9tn in 2023, with real GDP growth estimated at 4%. The Bank emphasized its role in fostering economic stability, promoting digital innovation, and bolstering the UAE’s global competitiveness.

The Central Bank also surpassed its Emiratisation targets, achieving a rate of 152.85% in 2024, reflecting its commitment to supporting local talent while driving sustainable economic growth.

The CBUAE’s statement showcases the UAE’s strong performance across its financial, banking, and insurance sectors, reinforcing its position as a regional and global leader.