The UAE insurance sector continued to grow in Q4-2023, as reflected by increase in the gross written premiums. As of year-end, the number of licensed insurance companies in the UAE remained at 60, according to the Central Bank of the UAE's (CBUAE) Quarterly Economic Review (Q4-2023). The insurance sector comprised 23 traditional national companies, 10 Takaful national and 27 foreign companies, while the number of insurance related professions remained at 491. The review on insurance sector structure and activity showed that the gross written premium increased by 12.7% Y-o-Y in Q4 2023 to AED 53.2 billion, mostly due to an increase in health insurance premiums by 16.5% Y-o-Y and an increase in property and liability insurance premiums by 18.9% Y-o-Y, while the insurance of persons and fund accumulation premiums decreased by 12.4% Y-o-Y, resulting primarily from decrease in individual life premiums. Gross paid claims of all types of insurance plans increased by 12.8% Y-o-Y to AED 31.1 billion at the end of 2023. This was mainly driven by the increase in claims paid in health insurance by 16.9% Y-o-Y and increase in paid claims in property and liability insurance by 10.9% Y-o-Y, partially offset by the decline in claims paid in insurance of persons and fund accumulation by 2.8% Y-o-Y. The total technical provisions of all types of insurance increased by 8.4% Y-o-Y to AED 74.4 billion in Q4 2023 compared to AED68.6 billion in Q4 2022. The volume of invested assets in the insurance sector amounted to AED 76 billion (60.4% of total assets) in Q4 2023 compared to AED 71.4 billion (59.4% of total assets) in Q4 2022. The retention ratio of written insurance premiums for all types of insurance was 52.9 % (AED 28.1 billion) in Q4 2023, compared to 54.9% (AED 25.9 billion) at the end of 2022. The UAE insurance sector remained well capitalized in terms of early warning ratios and risk assessment. Own funds to minimum capital requirement ratio increased to 335.7% in Q4 2023, compared to 309.3% at the end of 2022, due to an increase in own funds eligible to meet the minimum capital requirements. Also, own funds to solvency capital requirement ratio rose to 221% in Q4 2023 compared to 208.5% in Q4 2022, due to an increase in own funds eligible to meet solvency capital requirements. Finally, own funds to minimum guarantee fund ratio reached to 316.3% at the end of 2023 down from 314.6% a year earlier, due to higher eligible funds to meet minimum guarantee funds. In terms of profitability, the net total profit to net written premiums increased to 6.5% in Q4 2023, compared to 2.9% at the end of 2022. The return on average assets increased to 0.3% in Q4 2023 compared to the 0.1% at the of the previous year.

In fact, ChatGPT can bring more opportunities to many industries, such as customer service, marketing, speech recognition, and more. ChatGPT can help businesses engage with customers more effectively, improve the customer experience, and give businesses more time and resources to focus on other tasks. Come to see While ChatGPT can replace humans in certain situations, it is not a complete replacement for humans. In many cases, human-to-human communication is still the most effective way. Therefore, the emergence of ChatGPT will not lead to the unemployment of all people, but will cause structural changes in the labor force and the redistribution of occupations.

Samsung Electronics expects its profits for the three months to June 2024 to jump 15-fold compared to the same period last year. An artificial intelligence (AI) boom has lifted the prices of advanced chips, driving up the firm's forecast for the second quarter. The South Korean tech giant is the world's largest maker of memory chips, smartphones and televisions. The announcement pushed Samsung shares up more than 2% during early trading hours in Seoul. The firm also reported a more than 10-fold jump in its profits for the first three months of this year. In this quarter, it said it is expecting its profit to rise to 10.4tn won ($7.54bn; £5.9bn), from 670bn won last year. That surpasses analysts' forecasts of 8.8tn won, according to LSEG SmartEstimate. "Right now we are seeing skyrocketing demand for AI chips in data centers and smartphones," said Marc Einstein, chief analyst at Tokyo-based research and advisory firm ITR Corporation. Optimism about AI is one reason for the broader market rally over the last year, which pushed the S&P 500 and the Nasdaq in the United States to new records on Wednesday. The market value of chip-making giant Nvidia surged past $3tn last month, briefly holding the top spot as the world's most valuable company. "The AI boom which massively boosted Nvidia is also boosting Samsung's earnings and indeed those of the entire sector," Mr Einstein added. Samsung Electronics is the flagship unit of South Korean conglomerate Samsung Group. Next week, the tech company faces a possible three-day strike, which is expected to start on Monday. A union of workers is demanding a more transparent system for bonuses and time off.

Beijing self-driving cars on the road will usher in legislative protection. Recently, the Beijing Municipal Bureau of Economy and Information Technology solicited comments on the "Beijing Autonomous Vehicle Regulations (Draft for Comment)". The city intends to support the use of autonomous vehicles for urban public electric bus passenger transport, online car booking, car rental and other urban travel services. In addition to application scenarios, the draft for comments also standardizes autonomous driving innovation from many aspects, such as whether there is a driver, how to deal with traffic problems, and so on. The release of the opinion draft also means that the commercialization of automatic driving is accelerating, and perhaps soon we will be able to experience the convenience of automatic driving. In addition, the accelerated pace of autonomous driving, and whether it will have an impact on the taxi and traditional network car industry, it is also worth thinking about.

On July 1, former Microsoft CEO and President Steve Ballmer surpassed Microsoft co-founder Bill Gates for the first time on the Bloomberg list of the world's richest people to become the sixth richest person in the world. According to the data, as of the same day, Ballmer's net worth reached $157.2 billion, while Gates's wealth was $156.7 billion, falling to seventh place. The latest figures, as of July 6, show that Ballmer's wealth has grown further to $161 billion, and Gates' wealth is $159 billion. This is the first time Ballmer's net worth has surpassed Gates', and it is also the rare time in history that an employee's net worth has surpassed that of a company founder. Unlike Musk, Jeff Bezos and others, Ballmer's wealth was not accumulated through entrepreneurial success as a business founder, but simply because he chose to hold Microsoft "indefinitely." As Fortune previously reported, Ballmer is the only individual with a net worth of more than $100 billion as an employee rather than a founder.