Market Trends of United Arab Emirates Motor Insurance Industry
Growth of Fintech in UAE is Diving the UAE Motor Insurance Market
The United Arab Emirates (UAE) is among the top economies in the Middle East region, with a large number of financial technology (Fintech) startups in recent year. The UAE is home to more than 30 percent of fintech startups in the Middle East and North Africa (MENA) region. The fintech segment and increasing digital payments enable motor insurers to combine and develop diversified product platforms and mobile applications serving customers' customized needs. Growing fintech has made it easy for customers to purchase and compare various motor insurance products and helped the insurance companies to better serve their customers with the products that they need this will likely help the motor insurance market to grow in the UAE.
Growth in Sale of New Registered Vehicles is Driving the Market
The sales of cars and other motor vehicles are increasing across the UAE, thus positively impacting the growth of the UAE's motor insurance market. Strict government regulations in some countries have made it mandatory to buy motor insurance when a customer buys a car, and this has linked motor vehicle sales to the motor insurance market. The UAE has seen a steady increase in the sales of motor vehicles that has positively impacted the motor vehicle insurance market. Insurance add-ons such as zero depreciation coverage and driver insurance give extra value to the customer, which also affects the growth of the motor insurance market.
