UAE Property & Casualty Insurance Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | < 4.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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UAE Property & Casualty Insurance Market Analysis
- The property and casualty insurance market in the United Arab Emirates is estimated to registera CAGR of approximately 4% during the forecast period.
- The United Arab Emiratescontinued to rank as the largest insurance market in the MENA region for more than a decade, and it stood at37th globally in terms of the GWP during 2017-18. A well-diversified economy, strong demographics, including a high proportion of expatriate population,introduction of mandatory health and motor insurance, and an overhaul of the regulatory environment have been some of the major driving forces of the country’s insurance industry. Additionally, strong government-led infrastructure stimulus and increased construction activities, to the run up to Expo 2020, are augmenting the growth ofthe industry
- The insurance sector in the United Arab Emirates is one of the most active sectors because of its vital role in serving the national economy, which is reflected in the growth rate of its contribution to GDP (that reached 3% for 2018). In 2018, the gross written premium in all the classes of property and liability insurance was AED15.1 billion, with thenational companies' share of 74.6%,which valued atAED 11.3 billion. The share of foreign companies is25.4%, valuing at AED3.8 billion.The non-life insurance segment accounted for 77.1% of the total GWP (gross written premium) in 2018.
- As of 2018, the overall insurance penetration in the United Arab Emirates was at 2.9%. The country hasthe highest insurance density across theGCC countries, valuing atUSD 1,194.7.One of the primary drivers for this growth was the introduction of high and unified motor premium rates.
- The UAE regulatory framework is amongst the most progressive in the GCC region, and itcontinues to strengthen with the adoption of international best practices.Motor insurance is mandatory in the United Arab Emirates.
- Non-life business lines, such as property and fire insurance, are likely to continue to gain prominence with the rise in awareness for risk coverage and the government’s increased focus on infrastructure development, as part of its Vision 2021.
UAE Property & Casualty Insurance Market Trends
This section covers the major market trends shaping the UAE Property & Casualty Insurance Market according to our research experts:
Growing Consolidation
High operating costs, combined with a strengthening regulatory environment, are driving the GCC insurance sector toward consolidation. As a result, the share of the top 20 listed insurance companies in the region (based on GWP) increased from 50.9% in 2016 to 57.9% in 2018. The region witnessed 22 mergers and acquisitions (including on-going deals) between 2017 and Q3 2019. There were eight deals in the United Arab Emirates and six in Saudi Arabia, cumulatively accounting for approximately 64% of the total deal volume. In 2019 alone, the region observed six mergers and acquisitions, and this trend is expected to continue, to enable firms to increase their operational efficiencies and reduce costs.
The United Arab Emirates has the Highest Insurance Penetration across GCC Countries
Insurance penetration in the individual GCC markets differ significantly, with the United Arab Emirates averaging at 2.9%, followed by Bahrain (1.9%), Qatar (1.6%), Oman (1.4%), and Saudi Arabia (1.2%). Kuwait recorded the lowest average insurance penetration, at 0.9%, in 2018. Low penetration is primarily attributed to low awareness regarding the importance of insurance products and the relatively underdeveloped life insurance market. Moreover, monetary support provided to nationals in the region make the need for insurance redundant for that segment of the population. In the United Arab Emirates, the rate of insurance penetration remains the highest compared to other GCC countries, largely owing to the diversified population base, which majorly comprises expatriates, and the rollout of mandatory health and motor insurance schemes.
UAE Property & Casualty Insurance Industry Overview
The report covers the major players operating in the Property and casualty insurance market in UAE. The market is Consolidated, the market is expected to grow during the forecast period due to increase in M&A activities and other few factors.
UAE Property & Casualty Insurance Market Leaders
Assicurazioni Generali SpA
National General Insurance Co. (PSC)
OMAN INSURANCE COMPANY PSC
ORIENT INSURANCE PJSC
ABU DHABI NATIONAL INSURANCE COMPANY
*Disclaimer: Major Players sorted in no particular order
UAE Property & Casualty Insurance Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Study Deliverables
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1.2 Study Assumptions
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1.3 Scope of the Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET DYNAMICS
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4.1 Market Overview
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4.2 Market Drivers
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4.3 Market Restraints
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4.4 Porter's Five Force Analysis
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4.4.1 Threat of New Entrants
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4.4.2 Bargaining Power of Buyers/Consumers
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4.4.3 Bargaining Power of Suppliers
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4.4.4 Threat of Substitute Products
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4.4.5 Intensity of Competitive Rivalry
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5. MARKET SEGMENTATION
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5.1 By Insurance Type
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5.1.1 Home
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5.1.2 Motor
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5.1.3 Other Insurance Types
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5.2 By Distribution Channel
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5.2.1 Direct
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5.2.2 Agency
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5.2.3 Banks
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5.2.4 Other Distribution Channels
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6. COMPETITIVE LANDSCAPE
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6.1 Vendor Market Share
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6.2 Mergers and Acquisitions
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6.3 Company Profiles
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6.3.1 Assicurazioni Generali SpA
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6.3.2 National General Insurance Co. (PSC)
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6.3.3 OMAN INSURANCE COMPANY PSC
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6.3.4 ORIENT INSURANCE PJSC
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6.3.5 ABU DHABI NATIONAL INSURANCE COMPANY
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6.3.6 UNION INSURANCE CO.
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6.3.7 EMIRATES INSURANCE COMPANY
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6.3.8 ISLAMIC ARAB INSURANCE COMPANY
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6.3.9 AL BUHAIRA NATIONAL INSURANCE CO.
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6.3.10 AL DHAFRA INSURANCE COMPANY
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
UAE Property & Casualty Insurance Industry Segmentation
This report aims to provide a detailed analysis of the property and casualty insurance market in the United Arab Emirates. It focuses on the market dynamics, emerging trends in the segments and regional markets, and insights on various products and application types. It analyzes the key players and the competitive landscape in the property and casualty insurance market in the United Arab Emirates.
| By Insurance Type | |
| Home | |
| Motor | |
| Other Insurance Types |
| By Distribution Channel | |
| Direct | |
| Agency | |
| Banks | |
| Other Distribution Channels |
UAE Property & Casualty Insurance Market Research FAQs
What is the current UAE Property & Casualty Insurance Market size?
The UAE Property & Casualty Insurance Market is projected to register a CAGR of less than 4% during the forecast period (2024-2029)
Who are the key players in UAE Property & Casualty Insurance Market?
Assicurazioni Generali SpA, National General Insurance Co. (PSC), OMAN INSURANCE COMPANY PSC, ORIENT INSURANCE PJSC and ABU DHABI NATIONAL INSURANCE COMPANY are the major companies operating in the UAE Property & Casualty Insurance Market.
What years does this UAE Property & Casualty Insurance Market cover?
The report covers the UAE Property & Casualty Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the UAE Property & Casualty Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
UAE Property & Casualty Insurance Industry Report
Statistics for the 2024 UAE Property & Casualty Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. UAE Property & Casualty Insurance analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
