Examining the resilience of UAE to decline in oil prices - the case of the insurance sector

Article

Kishore, P. and Aslam, M. 2021. Examining the resilience of UAE to decline in oil prices - the case of the insurance sector. International Journal of Sustainable Society. 13 (4), pp. 317-336. https://doi.org/10.1504/IJSSOC.2021.121616
TypeArticle
TitleExamining the resilience of UAE to decline in oil prices - the case of the insurance sector
AuthorsKishore, P. and Aslam, M.
Abstract

The sharp fall in oil prices from $112/barrel in 2014 to $59/barrel in 2019 impacted many economies in the world in both positive and negative manner. United Arab Emirates (UAE) has been seeking diversification to reduce its reliance on oil revenues and expects higher growth from non-oil revenues in 2020. This study aims to examine the resilience of UAE to decline in oil prices with the insurance sector as a representative sector of the economy This study involves calculations and comparisons of financial ratios pre- and post-fall in oil prices in the UAE. Parametric test results indicate that while the change in investment and efficiency ratios is statistically significant, profitability, efficiency and gearing ratios have been quite stable in the period. Despite the overall slowdown in the insurance industry, the sector has been mostly resistant to the drop in oil prices. This resilience can be attributed to the ongoing efforts of UAE leadership to diversify away from an oil-based economy.

Sustainable Development Goals11 Sustainable cities and communities
Middlesex University ThemeSustainability
PublisherInderscience Enterprises Ltd
JournalInternational Journal of Sustainable Society
ISSN1756-2538
Electronic1756-2546
Publication dates
Online11 Mar 2022
Print21 Mar 2022
Publication process dates
Submitted14 Oct 2020
Accepted21 Oct 2021
Deposited26 Aug 2022
Output statusPublished
Accepted author manuscript
File Access Level
Open
Copyright Statement

This is the author accepted manuscript included in this repository as permitted by the publisher's sharing policy https://www.inderscience.com/mobile/inauthors/index.php?pid=74

Web address (URL)https://www.inderscience.com/info/inarticle.php?artid=121616
Digital Object Identifier (DOI)https://doi.org/10.1504/IJSSOC.2021.121616
Scopus EID2-s2.0-85127382269
LanguageEnglish
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