Posted by Bob Brunskill
Further signs that the United Arab Emirates is leaving the global economic downturn behind it have come in the form of growth in the region's rapidly expanding insurance sector.
According to international ratings agency Standard & Poor's (S&P), the majority of the insurance premium growth in the region has been achieved in the personal and retail sectors – signifying a potential increase in consumer confidence.
Abu Dhabi and Dubai were responsible for 85 per cent of total written premiums in the region – with the other emirates making up the remaining 15 per cent.
Expert analysts from S&P claimed that Dubai-based companies in particular have experienced rapid growth in the past few years, which is why they enjoyed the strongest profitability of all companies throughout the region in 2009.
S&P also noted that Abu Dhabi's government is expected to continue investing in infrastructure as a means of driving economic growth.
Recently, Dubai's Department of Economic Development reported a 30 per cent increase in the number of new business licences issued during the first quarter of 2010.