The Insurance Industry in the UAE, Key Trends and Opportunities to 2017

The Insurance Industry in the UAE, Key Trends and Opportunities to 2017

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The United Arab Emirates (UAE) has the largest insurance industry in the Gulf Cooperation Council (GCC) region. The gross written premium registered by the industry increased at a review-period (2008-2012) compound annual growth rate (CAGR) of 9.5%. This is further expected to rise at a CAGR of 10.1%. As of December 2012, there were 61 insurers operating in the Emirati insurance industry, of which 34 were national companies and 27 were foreign. The non-life insurance segment accounted for the highest value of gross written premium in the industry. Foreign insurers are permitted to own a maximum stake of 25% in an Emirati insurer. Emirati insurers cede considerable proportions of their premiums to reinsurers; national insurers ceded 44.7% of their property and liability insurance premium to reinsurers in 2012. Brokers and agents are the principal distribution channels in the industry.

Report Highlights
  • The United Arab Emirates (UAE) has the largest insurance industry in the Gulf Cooperation Council (GCC) region
  • The nation's real estate market is expanding and, along with the infrastructure projects, will be a significant driver of the property insurance category
  • There are a total of 61 insurers and two reinsurers operating in the UAE's insurance industry in 2012
  • In 2008, the regulator stopped issuing licenses for new foreign insurers to establish their branches in the country
  • The Insurance Authority stipulated in 2010 that all UAE insurers were required to have a minimum subscribed or paid-up capital of AED100 (US$27.2 million)
  • Publicly listed insurers dominated the country's insurance industry"
Report Scope

This report provides a comprehensive analysis of the insurance industry in the UAE:
  • It provides historical values for the the UAE insurance industry for the report's 2008-2012 review period and projected figures for the 2012-2017 forecast period.
  • It offers a detailed analysis of the key segments and categories in the the UAE insurance industry, along with forecasts until 2017.
  • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.
  • It profiles the top insurance companies in the UAE, and outlines the key regulations affecting them."
Reasons to Get this Report
  • Make strategic business decisions using in-depth historic and forecast industry data related to the the UAE insurance industry and each segment within it.
  • Understand the demand-side dynamics, key trends and growth opportunities within the the UAE insurance industry.
  • Assess the competitive dynamics in the the UAE insurance industry.
  • Identify the growth opportunities and market dynamics within key segments.
  • Gain insights into key regulations governing the the UAE insurance industry and its impact on companies and the industry's future."


Table of Contents

1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 The Middle East Region Market Dynamics
3.1 Overview
3.1.1 Market Trends
3.1.2 Market Size
3.2 Life Insurance - Regional Benchmarking
3.2.1 Scale and Penetration
3.2.2 Growth
3.2.3 Efficiency and Risk
3.3 Non-Life Insurance - Regional Benchmarking
3.3.1 Scale and Penetration
3.3.2 Growth
3.3.3 Efficiency and Risk
3.4 Personal Accident and Health Insurance - Regional Benchmarking
3.4.1 Scale and Penetration
3.4.2 Growth
3.4.3 Efficiency and Risk
4 UAE Insurance Industry Overview
4.1 UAE Insurance Industry
4.2 Key Industry Trends and Drivers
4.3 Challenges
5 Life Insurance
5.1 Life Insurance Growth Prospects by Category
5.1.1 Individual life insurance
5.1.2 Group life insurance
5.2 Life Insurance Growth Prospects by Product Type
5.2.1 Individual single-premium policies
5.2.2 Individual non-single-premium policies
5.2.3 Group single-premium policies
5.2.4 Group non-single-premium policies
6 Non-Life Insurance
6.1 Non-Life Insurance Growth Prospects by Category
6.2 Property insurance
6.2.1 Fire and allied perils insurance
6.2.2 Engineering insurance
6.2.3 Other property insurance
6.3 Motor Insurance
6.3.1 Motor hull insurance
6.3.2 Motor third-party insurance
6.4 General Liability Insurance
6.5 Marine, Aviation and Transit Insurance
6.5.1 Marine insurance
6.5.2 Marine hull insurance
6.5.3 Marine third-party insurance
6.5.4 Aviation insurance
6.5.5 Transit insurance
7 Personal Accident and Health Insurance
7.1 Personal Accident and Health Insurance Growth Prospects by Category
7.1.1 Personal Accident insurance
7.1.2 Health insurance
7.1.3 Travel insurance
8 Reinsurance
9 Analysis by Distribution Channel
9.1 Life Insurance
9.1.1 Direct marketing
9.1.2 Bancassurance
9.1.3 Agencies
9.1.4 E-commerce
9.1.5 Brokers
9.2 Non-Life Insurance
9.2.1 Direct marketing
9.2.2 Bancassurance
9.2.3 Agencies
9.2.4 E-Commerce
9.2.5 Brokers
9.2.6 Other channels
9.3 Personal Accident and Health Insurance
9.3.1 Direct marketing
9.3.2 Bancassurance
9.3.3 Agencies
9.3.4 E-commerce
9.3.5 Brokers
9.3.6 Other channels
10 Governance, Risk and Compliance
10.1 Legislation Overview and Historical Evolution
10.2 Legislation and Market Practice by Type of Insurance
10.2.1 Life insurance
10.2.2 Property insurance
10.2.3 Motor insurance
10.2.4 Marine, aviation and transit insurance
10.2.5 Personal accident and health insurance
10.3 Compulsory Insurance
10.3.1 Motor third-party liability insurance
10.3.2 Health insurance
10.3.3 Medical liability insurance
10.4 Supervision and Control
10.4.1 International Association of Insurance Supervisors
10.4.2 Insurance Authority
10.5 Non-Admitted Insurance Regulations
10.5.1 Overview
10.5.2 Intermediaries
10.5.3 Market practices
10.5.4 Fines and penalties
10.6 Company Registration and Operations
10.6.1 Types of insurance organization
10.6.2 Establishing a local company
10.6.3 Foreign ownership
10.6.4 Types of license
10.6.5 Capital requirements
10.6.6 Solvency margins
10.6.7 Reserve requirements
10.6.8 Investment regulations
10.6.9 Statutory return requirements
10.6.10 Fee structure
10.7 Taxation
10.7.1 Insurance premium or policy taxation
10.7.2 Withholding taxes on premium paid overseas
10.7.3 Corporate tax
10.7.4 VAT
10.7.5 Captives


Companies Mentioned:

Oman Insurance Company PSC
Orient Insurance Company (PJSC)
Abu Dhabi National Insurance Company
Emirates Insurance Company
National Insurance Company (PSC)
Al-Buhaira National Insurance Company
Ras Al Khaimah National Insurance Company PSC