Accounting Services for Insurance Companies in Dubai, UAE

Insurance companies operate in a highly regulated environment, where accurate financial reporting, compliance with UAE regulations, and strong internal controls are not optional, they are essential. From managing premium income and claim liabilities to meeting regulatory and audit requirements, accounting for insurance companies requires specialised expertise.

At Shuraa Tax, we provide professional accounting services for insurance companies in Dubai and across the UAE, helping insurers maintain financial accuracy, stay compliant, and make informed business decisions. Our experienced accountants and tax advisors understand the unique accounting, reporting, and regulatory challenges faced by insurance businesses in the UAE.

Why Accounting for Insurance Companies Is Different

Unlike other businesses, insurance companies deal with complex financial elements such as policy reserves, claims provisioning, reinsurance transactions, and regulatory solvency requirements. This makes accounting for insurance companies in the UAE more technical and compliance-driven.

Insurance accounting requires:

• Accurate recognition of premium income
• Proper valuation of outstanding claims and reserves
• Compliance with IFRS standards and UAE regulatory guidelines
• Detailed financial disclosures for regulators and stakeholders

Having a specialised accounting partner ensures that these requirements are handled correctly and efficiently.

Accounting Services for Insurance Companies in Dubai, UAE

At Shuraa Tax, we offer end-to-end accounting services for insurance companies, customised to meet the operational and regulatory needs of insurers operating in the UAE.

1. Insurance Accounting & Bookkeeping

We maintain accurate and up-to-date financial records, ensuring proper classification of premiums, claims, commissions, and operational expenses in line with applicable accounting standards.

2. Financial Reporting & IFRS Compliance

Our team prepares monthly, quarterly, and annual financial statements in compliance with IFRS and UAE regulatory requirements, ensuring transparency and accuracy in reporting.

3. Regulatory & Compliance Support

We help insurance companies comply with UAE regulations, including reporting requirements mandated by relevant authorities, while ensuring timely submissions and proper documentation.

4. VAT & Corporate Tax Advisory

Insurance businesses face unique VAT and Corporate Tax considerations. Our tax experts provide guidance on VAT applicability, exemptions, Corporate Tax compliance, return filing, and advisory support tailored to insurance companies.

5. Claims & Reserve Accounting Support

We assist in the accurate accounting of claims, outstanding liabilities, and technical reserves, helping insurers maintain financial stability and regulatory compliance.

6. Internal Controls & Process Review

We review your accounting systems and internal controls to identify gaps, reduce risks, and improve financial efficiency across your insurance operations.

7. Audit Support & Coordination

Our team supports insurance companies during internal and external audits by preparing financial schedules, reconciliations, and audit-ready documentation.

Accounting for Insurance Companies in the UAE: Mainland & Free Zone

Insurance companies can operate in both mainland and free zone jurisdictions in the UAE, each with its own compliance expectations.

• Mainland Insurance Companies: Mainland insurers must follow local regulatory requirements, maintain detailed financial records, and submit periodic reports as required by authorities.
• Free Zone Insurance Businesses: Free zone entities benefit from simplified procedures but must still comply with accounting standards, tax regulations, and reporting obligations.

Our team supports insurance companies across both jurisdictions, ensuring consistent and compliant accounting practices.

Our Accounting Process for Insurance Companies in the UAE

At Shuraa Tax, we follow a structured and transparent accounting approach tailored specifically for insurance businesses in the UAE.

1. Understanding Your Insurance Operations & Regulations: We first understand your insurance business model, products, and regulatory requirements to ensure accurate and compliant accounting from the start.
2. Accounting System Setup or Review: We set up or review your accounting systems, policies, and chart of accounts to align with insurance accounting standards and IFRS requirements.
3. Ongoing Bookkeeping & Record Maintenance: Our team manages day-to-day bookkeeping, accurately recording premiums, claims, expenses, and reserves with proper documentation.
4. Financial Reporting & Compliance Checks: We prepare periodic financial reports and conduct regular checks to ensure compliance with IFRS and UAE regulatory guidelines.
5. Tax Advisory & Filings: We handle VAT and Corporate Tax advisory, calculations, and filings while supporting regulatory submissions when required.
6. Continuous Review & Control Improvement: We regularly review accounting processes and internal controls to reduce risks, improve efficiency, and strengthen financial governance.

Who Can Benefit from Our Accounting Services?

Our best accounting services for insurance companies in the UAE are designed to support a wide range of insurance-related businesses, regardless of their size or stage of operation.

Life and General Insurance Companies

Life and general insurers deal with complex premium structures, long-term liabilities, claims provisioning, and strict reporting requirements. We help these companies maintain accurate books, manage reserves correctly, and prepare compliant financial reports that meet UAE regulatory and IFRS standards.

Health Insurance Providers

Health insurance companies handle high-volume transactions, frequent claims, and detailed policy accounting. Our team ensures proper tracking of premium income, claims expenses, and outstanding liabilities, helping health insurers maintain financial clarity and regulatory compliance.

Reinsurance Companies

Reinsurance accounting involves specialised treatment of risk transfers, recoveries, and technical reserves. We support reinsurance companies with accurate accounting, reconciliations, and financial reporting, ensuring transparency and consistency across complex transactions.

Insurance Brokers and Intermediaries

Insurance brokers and intermediaries require clear accounting for commissions, client funds, and regulatory reporting. We help brokers maintain organised financial records, manage cash flows efficiently, and meet compliance obligations under UAE laws.

Local and International Insurers Operating in the UAE

Whether you are a UAE-based insurance company or an international insurer operating in the region, we provide accounting solutions aligned with local regulations. Our team bridges global accounting practices with UAE-specific compliance requirements, ensuring smooth operations and reporting.

Why Shuraa Tax for Accounting Services in the UAE?

Specialised accounting solutions that help insurance companies stay compliant and financially strong.

1. Specialised expertise in insurance accounting

Our team understands the unique financial, regulatory, and reporting requirements involved in accounting for insurance companies in the UAE.

2. Qualified accountants, auditors & tax advisors

Shuraa Tax is backed by experienced professionals who provide reliable accounting, auditing, and taxation services tailored to insurance businesses.

3. Practical and business-oriented solutions

We go beyond bookkeeping by helping you interpret financial data, improve controls, and make informed business decisions.

4. Support for insurers at every stage

Whether you are a newly licensed insurance company or an established insurer in Dubai, our services scale with your business needs.

5. End-to-end accounting and tax support

From day-to-day accounting and financial reporting to VAT and Corporate Tax compliance, we handle everything under one roof.

Other Taxation Services Offered by Shuraa Tax Consultants

Shuraa Tax provides tailored accounting and taxation services to ensure seamless, compliant, and efficient financial operations for businesses in Dubai.

• Bookkeeping Services
• Accounting review services
• MIS reporting services
• Corporate tax registration
• Corporate tax filing
• Corporate Tax Preparation and Planning
• VAT registration services
• VAT return filing assistance
• Internal and External Audits
• Excise tax registration
• Audit & assurance
• Excise compliance services
• Payroll Management and WPS Compliance

Partner With Insurance Accounting Experts

Insurance accounting in the UAE requires precision, compliance, and industry understanding. With Shuraa Tax, you gain a trusted accounting partner who ensures your financial records are accurate, audit-ready, and fully compliant.

Commonly Asked Questions