Market Size of UAE Property & Casualty Insurance Industry
| 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.
