Dubai Insurance Co Receives Ratings Boost from AM Best

 




AM Best has recently upgraded Dubai Insurance Company (DIN)’s ratings significantly. Therefore, the Financial Strength Rating has been increased to an (Excellent) ‘A’ score from an (Excellent) ‘A-‘ score, while that of the Long-Term Issuer Credit Rating is currently rated ‘a’ (Excellent) up from ‘a-’ (Excellent). This shift in ratings from ‘Positive’ to them being ‘Stable’ highlights how much value AM Best places on DIN which has always demonstrated its ability through robust balance sheet strength, strong operating performance as well as having neutral business profile besides effective

DIN has sustainably enhanced its business profile and upgraded ratings through strategic diversification of products as well as profitable growth. Through successful implementation of programs like Worker Protection Programme (WPP) and Involuntary Loss of Employment (ILOE) schemes, among others, DIN has diversified its business portfolio substantially.

The successful roll-out of these products has diversified DIN’s business mix, which historically was concentrated primarily in the motor and medical segments in line with other domestic insurers, and has consequently assisted DIN in materially growing its top line.

Moreover, DIN—which is among the UAE’s top five insurers—has enhanced its market position in a highly competitive market without compromising technical profitability in recent years. Overall, the company reported an increase in gross written premiums of 91% to AED2.8bn ($762m) in 2023, supported by growth in most lines of business, including DIN’s non-consortium products.

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