Market Size of United Arab Emirates Motor Insurance Industry
| Study Period | 2020-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 1.40 Billion |
| Market Size (2029) | USD 1.72 Billion |
| CAGR (2024 - 2029) | 4.12 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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United Arab Emirates (UAE) Motor Insurance Market Analysis
The United Arab Emirates Motor Insurance Market size in terms of gross written premiums value is expected to grow from USD 1.40 billion in 2024 to USD 1.72 billion by 2029, at a CAGR of 4.12% during the forecast period (2024-2029).
Motor insurance emerges as the most vibrant segment within the insurance domain in the United Arab Emirates (UAE). This insurance type encompasses coverage for vehicles like cars, trucks, motorcycles, and others that ply on the country's roads. Its core objective is to provide financial safeguards, both for vehicle damages and any resulting injuries to drivers and passengers in traffic accidents. Notably, the UAE has seen a notable uptick in accident rates, prompting the government to enforce stringent regulations mandating auto insurance. These developments, combined with a robust surge in automobile sales, are poised to propel the growth of the UAE's motor insurance market. Moreover, in the UAE's non-life insurance landscape, motor insurance is the largest segment.
The UAE is witnessing a notable uptick in car and motor vehicle sales, which bodes well for the motor insurance sector. In current year, the UAE has been clocking sales of around 200 thousand new vehicles, a figure expected to rise further thanks to a steady uptick in personal disposable income and an overall improved standard of living.
