Personal Accident and Health Insurance in the UAE, Key Trends and Opportunities to 2019
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The country’s healthcare system is broadly divided into public and private healthcare services. Public healthcare is overseen by the Ministry of Health, although a lack of skilled personnel in government health institutions and the unavailability of specialized treatments drove the country’s population towards private healthcare during the review period (2010 to 2014).
Positive socio-economic factors are expected to drive personal accident and health insurance. The segment’s gross written premium is expected to increase from AED10.5 billion (US$2.9 billion) in 2014 to AED17.8 billion (US$4.8 billion) in 2019, at a forecast period (up to2019) compound annual growth rate (CAGR) of 11.1%.
In February 2015, the Insurance Authority implemented solvency requirements similar to the European model for both traditional and takaful insurers operating in the country. According to the new regulations, investment guidelines have been set for insurance companies as follows:
Overall exposure to real estate assets is limited to 30%.
Investment in equities is limited to 30%, in which only one-third may be invested in a particular asset class. Mutual fund investments are limited to 20%, in which only one-third may be invested in a particular asset class.
Insurers can invest 100% of assets in securities and bonds issued by the UAE government with a 25% limit on each investment, or 80% in non-UAE government bonds with a 25% limit on each investment. Insurers must also deposit a minimum of 5% with a bank.
These government initiatives are expected to strengthen insurers’ investment portfolios and financial positions over the forecast period.
Scope
• The UAE personal accident and health insurance segment’s growth prospects by insurance category
• Analysis of the key trends, drivers and challenges for the personal accident and health insurance segment
• Detail on the various distribution channels in the UAE personal accident and health insurance segment
• An overview of the competitive landscape in the personal accident and health insurance segment in the UAE
• Key developments in the UAE personal accident and health insurance segment
• An assessment of the new products launched by UAE personal accident and health insurers
• Historical values for the UAE personal accident and health insurance segment for the report’s 2010 to 2014 review period, along with projected figures up to 2019
• A series of profiles of the leading accident and health insurance companies in the UAE
Key Highlights
At what CAGR did the personal accident and health insurance segment grow in the UAE in the review period?
How much of the segment’s gross written premium in 2014 is accounted for by the health insurance category?
What are the key drivers for the segment’s growth, and what are they anticipated to encourage in the market over the forecast period?
What was the second-largest distribution channel in the UAE in 2014? How much of the segment’s overall direct written premium did it account for?
What was the largest distribution channel and what was the key factor for this? How much of the direct written premium did this account for in 2014?
Reasons to Buy
• Make strategic business decisions utilizing GlobalData’s in-depth historic and forecast market data on each category within the UAE personal accident and health insurance segment
• Identify the key market trends and growth opportunities in the personal accident and health insurance segment in the UAE. Assess the new products and the propositions behind them, whilst evaluating the opportunities these represent to support your expansion strategy
• Analyze the regulatory developments in the UAE insurance industry and ensure you are compliant and aware of any associated risks to your revenues
• Identify the market dynamics and streamline your provisions to ensure your marketing is efficiently received and cost effective
• Investigate historic and forecast values and assess the growth patterns in the category, to target your operations and formulate strategies that minimise any risk to your profit margins
Abu Dhabi National Insurance Company
Orient Insurance Company
Emirates Insurance Company
Al Ain Ahlia Insurance Company
Al Buhaira National Insurance Company
Union Insurance Company
National General Insurance Company
Al Wathba National Insurance Company
Al-Sagr National Insurance Company
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Frequently asked questions
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