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United Arab Emirates Insurance Report Q3 2016

  • July 2016
  • -
  • Business Monitor International
  • -
  • 49 pages

Includes 3 FREE quarterly updates

BMI View: The UAE's insurance sector will grow at a solid, if slowing, pace over the next five years, on theback of generally stable economic fundamentals and demand from the large expatriate workforce. We seethe mild consolidation as a consequence of heavy competition in the sector which is putting downwardpressure on premium prices. However, growth will be pretty strong over 2016-2017, due to two key drivers.Firstly, there will be a bounce back, after a mild overall contraction in gross premiums written in 2015. Thesecond factor will be a surge in health insurance premiums due to recent legislation, which makes healthinsurance compulsory for foreign residents. Life insurance is less established, and again demand isprimarily driven by foreign workers unable to access generous state benefits provided to nationals.

Key Updates And Forecasts

- Gross premiums written in the life sector underwent a bigger contraction in 2015 than we had earlierestimated, at a rate of 31.8% y-o-y. However, there will be a robust return to growth in the life sector in2016, at a rate of 13.9% in local currency terms, according to our latest quarterly forecasts, with doubledigit growth in percentage terms then set to be registered each year until the end of our core forecastperiod, in 2020. This return to growth in the life sector will be the key to the return to growth in theinsurance market as a whole, due to the relative size of the life market.

- The non-life sector will return to double digit growth in 2016, at a rate of 10.8% y-o-y in local currencyterms, according to our forecasts, after a relatively disappointing 8.5% in 2015.

Table Of Contents

United Arab Emirates Insurance Report Q3 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (United Arab Emirates 2013-2020) 5
SWOT 6
Insurance 6
Industry Forecast 8
Life Premiums Forecast 8
Table: Life Premiums (United Arab Emirates 2013-2020) 11
Table: Life Insurance Claims (United Arab Emirates 2008-2015) 12
Non-Life Premiums Forecast 12
Table: Non-Life Premiums (United Arab Emirates 2013-2020) 15
Table: Non-Life Insurance Claims (United Arab Emirates 2009-2015) 17
Non-Life Sub-Sector Forecast 17
Table: Non-Life Insurance Premiums by Product Line (United Arab Emirates 2013-2020) 25
Industry Risk Reward Ratings 26
MENA Insurance Risk/Reward Index 26
Table: MENA Insurance Risk/Reward Index - Q316 27
Market Overview 28
Life Market Overview 28
The Product Offering 28
The Competitive Landscape 28
Non-Life Market Overview 30
The Product Offering 30
The Competitive Landscape 30
Company Profile 32
Abu Dhabi National Insurance Company (ADNIC) 32
Alliance Insurance Company 35
Arig 37
Islamic Arab Insurance Company (Salama) 40
Methodology 43
Industry Forecast Methodology 43
Risk/Reward Index Methodology 46
Table: Indicators 48
Table: Weighting of Indicators 49

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