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United Arab Emirates Insurance Report Q4 2016

  • September 2016
  • -
  • Business Monitor International
  • -
  • 51 pages

Includes 3 FREE quarterly updates


BMI View: The outlook for the insurance sector in the UAE is broadly positive. The implementation of compulsory health insurance for the large (and growing) expatriate workforce is stimulating growth in the already well-established non-life sector, while wider economic growth will increase demand for a range of other lines, including property and liability insurance. The life insurance sector, though smaller than the non-life sector, is expected to record robust growth over the forecast period between 2016 and 2020, again driven by demand among the expatriate workforce. While some barriers to foreign entry remain, the UAE is already home to a number of important multinationals which bring diversity to the available product range and ensure a healthy level of competition.

Key Updates And Forecasts
- In June 2016 the Insurance Authority (IA) of the UAE launched a guide for the Emiratization of the insurance industry - part of government strategies to increase the employment of nationals in key sectors including insurance and banking.
- The expatriate population is frequently the target for insurance providers in the UAE and in August 2016 Guardian Wealth Management reported that as much as 80% of the expatriate population in the UAE was lacking adequate property cover.

Table Of Contents

United Arab Emirates Insurance Report Q4 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (United Arab Emirates 2013-2020) 5
SWOT 7
Insurance 7
Industry Forecast 9
Life Premiums Forecast 9
Table: Life Premiums (United Arab Emirates 2013-2020) 12
Table: Life Insurance Claims (United Arab Emirates 2008-2013) 13
Non-Life Premiums Forecast 13
Table: Non-Life Premiums (United Arab Emirates 2013-2020) 16
Table: Non-Life Insurance Claims (United Arab Emirates 2009-2014) 18
Non-Life Sub-Sector Forecast 18
Table: Non-Life Insurance Premiums by Product Line (United Arab Emirates 2013-2020) 26
Industry Risk Reward Ratings 27
MENA Insurance Risk/Reward Index 27
Table: MENA Insurance Risk/Reward Index - Q416 28
Market Overview 29
Life Market Overview 29
The Product Offering 29
The Competitive Landscape 29
Non-Life Market Overview 31
The Product Offering 31
The Competitive Landscape 31
Company Profile 34
Abu Dhabi National Insurance Company (ADNIC) 34
Alliance Insurance Company 37
Arig 39
Islamic Arab Insurance Company (Salama) 42
Methodology 45
Industry Forecast Methodology 45
Risk/Reward Index Methodology 48
Table: Indicators 50
Table: Weighting of Indicators 51

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