Non-Life Insurance in the UAE, Key Trends and Opportunities to 2019

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Published: January 29, 2016 Report Code: GD-IS1135MR-ST

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The UAE’s economy is growing more rapidly than other Middle East countries such as Kuwait, Iran and Oman. Real GDP is expected grow from AED242.9 billion (US$66.2 billion) in 2014, to AED302.0 billion (US$82.2 billion) in 2019, with a CAGR of 4.5%. A constant exchange rate, falling unemployment, and strong oil reserves are factors that contributed to the country’s economic growth during the review period.
According to Standard & Poor’s rating services, among all Gulf Cooperation Council (GCC) oil exporters – which include Bahrain, Kuwait, Oman, Qatar and Saudi Arabia – the UAE is least vulnerable to the recent decline in oil prices. The annual average Organization of the Petroleum Exporting Countries (OPEC) basket price was AED284.6 (US$77.5) in 2010; it rose to AED402.1 (US$109.5) in 2012, and declined to AED353.7 (US$96.3) in 2014. During the first half of 2015, crude oil prices fell sharply and the monthly average OPEC basket price fell to AED165.3 (US$45.0) in October 2015.

According to the National Bureau of Statistics, the country is less vulnerable to falling oil prices due to its economic diversity. The oil and gas industry accounted for 34.3% of the country’s GDP at current prices in 2014, although this decreased to 30% in 2015. Another reason for the maintenance of growth despite falling oil prices is an increase in foreign direct investment (FDI), which rose from AED44.1 billion (US$12.0 billion) in 2013 to AED47.7 billion (US$13.0 billion) in 2014.

Scope

• An analysis of the key trends, drivers and challenges for the non-life insurance segment in the UAE

• An examination of the various distribution channels in the UAE non-life insurance segment

• A detailed overview of the competitive landscape in the non-life insurance segment in the UAE

• The key regulatory policies affecting the UAE non-life insurance industry

• An exhaustive list of parameters in the non-life insurance industry in the UAE, including: written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions

• Detailed analyses of the various distribution channels for non-life insurance products in the UAE

• Profiles of the leading non-life insurance companies in the UAE

• Detailed analysis of natural hazards and their impact on the UAE insurance industry

• A comparison of the UAE insurance industry with its regional counterparts

• The UAE non-life insurance segment’s detailed outlook by product category

• A comprehensive overview of the UAE economy and demographics

Key Highlights

What percentage growth did the UAE non-life segment register during the review period?

What was the largest category in terms of gross written premium in 2014? What proportion of the segment’s gross written premiums did this category account for in this year?

Which category’s gross written premium recorded a review period CAGR of 4.0%?

Which factors are anticipated to keep growth low in the category?

What are the two key factors affecting the marine insurance sub-category in the UAE?

Reasons to Buy

• Make strategic business decisions in the UAE non-life insurance segment utilizing GlobalData’s in-depth historic and forecast market data

• Assess the overall market dynamics to position your products for maximum competitive advantage

• Analyze your key competitors in the segment and assess how their performances might impact on the effective implementation of your strategies

• Identify the growth opportunities and market dynamics in key product categories and align your strategies to maximize your returns

• Investigate key regulations governing the UAE insurance industry and their potential impact on the industry’s future, to ensure you continue to satisfy changing standards of conduct and compliance

Oman Insurance Company
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

Table of Contents

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Segment Outlook

4.1 Regional Comparison

4.2 Segment Indicators

4.2.1 Gross written premium and penetration

4.2.2 Policies sold

4.2.3 Claims

4.2.4 Profitability

4.2.5 Assets and investments

5 Outlook by Category

5.1 Property Insurance

5.1.1 Product overview

5.1.2 Premium

5.1.3 Policies

5.1.4 Claims

5.1.5 Profitability

5.2 Motor Insurance

5.2.1 Product overview

5.2.2 Premium

5.2.3 Policies

5.2.4 Claims

5.2.5 Profitability

5.3 Liability Insurance

5.3.1 Product overview

5.3.2 Premium

5.3.3 Policies

5.3.4 Claims

5.3.5 Profitability

5.4 Marine, Aviation and Transit Insurance

5.4.1 Product overview

5.4.2 Premium

5.4.3 Policies

5.4.4 Claims

5.4.5 Profitability

6 Distribution Channel Outlook

6.1 Analysis by Distribution Channel

6.1.1 Agencies

6.1.2 Brokers

6.1.3 Direct marketing

7 Natural Hazards

7.1 Earthquakes

7.2 Floods

7.3 Exposure

8 Competitive Landscape

8.1 Leading Companies in the UAE Non-life segment

8.1.1 Oman Insurance Company – company overview

8.1.2 Abu Dhabi National Insurance Company – company overview

8.1.3 Orient Insurance Company – company overview

8.1.4 Emirates Insurance Company – company overview

8.1.5 Al Ain Ahlia Insurance Company – company overview

8.1.6 Al Buhaira National Insurance Company – company overview

8.1.7 Union Insurance Company – company overview

8.1.8 National General Insurance Company – company overview

8.1.9 Al Wathba National Insurance Company – company overview

8.1.10 Al Sagr National Insurance Company – company overview

9 Governance, Risk and Compliance

9.1 Legislation Overview and Historical Evolution

9.2 Latest Changes in Regulations

9.3 Legislation and Market Practice by Type of Insurance

9.3.1 Life insurance

9.3.2 Property insurance

9.3.3 Motor insurance

9.3.4 Liability insurance

9.3.5 Marine, aviation and transit insurance

9.3.6 Personal accident and health insurance

9.4 Compulsory Insurance

9.4.1 Motor third-party liability insurance

9.4.2 Health insurance

9.4.3 Medical liability insurance

9.5 Supervision and Control

9.5.1 International Association of Insurance Supervisors

9.5.2 Insurance Authority

9.5.3 Dubai Financial Services Authority

9.5.4 Emirates Insurance Association

9.6 Non-Admitted Insurance Regulations

9.6.1 Overview

9.6.2 Intermediaries

9.6.3 Market practices

9.6.4 Fines and penalties

9.7 Company Registration and Operations

9.7.1 Types of insurance organization

9.7.2 Establishing a local company

9.7.3 Foreign ownership

9.7.4 Types of license

9.7.5 Capital requirements

9.7.6 Solvency margins

9.7.7 Reserve requirements

9.7.8 Investment regulations

9.7.9 Statutory return requirements

9.7.10 Fee structure

9.8 Taxation

9.8.1 Insurance premium or policy taxation

9.8.2 Withholding taxes on premium paid overseas

9.8.3 Corporate tax

9.8.4 VAT

9.8.5 Captives

9.9 Legal System

9.9.1 Introduction

9.9.2 Access to court

9.9.3 Alternative dispute resolution (ADR)

10 Databook

10.1 Policies and Premium

11 Definitions and Methodology

11.1 Definitions

11.2 Methodology

12 About GlobalData

12.1 Contact GlobalData

12.2 About GlobalData

12.3 GlobalData’s Services

12.4 Disclaimer

Table

Table 1: UAE Non-Life Insurance – Key Facts, 2014

Table 2: UAE Non-Life Insurance – Segment Shares of the Top Insurers, 2014

Table 3: UAE Government Credit Ratings

Table 4: UAE Non-Life Insurance – Gross Written Premium (AED Billion and US$ Billion), 2010–2014

Table 5: UAE Non-Life Insurance – Penetration (%), 2010–2014

Table 6: UAE Non-Life Insurance – Gross Written Premium (AED Billion and US$ Billion), 2014–2019

Table 7: UAE Non-Life Insurance – Penetration (%), 2014–2019

Table 8: UAE Non-Life Insurance – Premium per Capita (AED and US$), 2010–2014

Table 9: UAE Non-Life Insurance – Premium per Capita (AED and US$), 2014–2019

Table 10: UAE Non-Life Insurance – Number of Policies Sold (Thousand), 2010–2014

Table 11: UAE Non-Life Insurance – Number of Policies Sold (Thousand), 2014–2019

Table 12: UAE Non-Life Insurance – Paid Claims (AED Billion and US$ Billion), 2010–2014

Table 13: UAE Non-Life Insurance – Paid Claims (AED Billion and US$ Billion), 2014–2019

Table 14: UAE Non-Life Insurance – Profitability Ratio (%), 2010–2014

Table 15: UAE Non-Life Insurance – Profitability Ratio (%), 2014–2019

Table 16: UAE Non-Life Insurance – Total Assets (AED Billion and US$ Billion), 2010–2014

Table 17: UAE Non-Life Insurance – Total Assets (AED Billion and US$ Billion), 2014–2019

Table 18: UAE Non-Life Insurance – Total Investment Income (AED Billion and US$ Billion), 2010–2014

Table 19: UAE Non-Life Insurance – Total Investment Income (AED Billion and US$ Billion), 2014–2019

Table 20: UAE Non-Life Insurance – Investment Portfolio (AED Billion), 2010–2014

Table 21: UAE Non-Life Insurance – Investment Portfolio (AED Billion), 2014–2019

Table 22: UAE Non-Life Insurance – Gross Written Premium by Category (AED Billion), 2010–2014

Table 23: UAE Non-Life Insurance – Gross Written Premium by Category (AED Billion), 2014–2019

Table 24: UAE Property Insurance – Gross Written Premium by Sub-Category (AED Billion), 2010–2014

Table 25: UAE Property Insurance – Gross Written Premium by Sub-Category (AED Billion), 2014–2019

Table 26: UAE Property Insurance – Number of Policies Sold by Sub-Category (Thousand), 2010–2014

Table 27: UAE Property Insurance – Number of Policies Sold by Sub-Category (Thousand), 2014–2019

Table 28: UAE Property Insurance – Paid Claims (AED Million and US$ Million), 2010–2014

Table 29: UAE Property Insurance – Paid Claims (AED Million and US$ Million), 2014–2019

Table 30: UAE Property Insurance – Loss Ratio (%), 2010–2014

Table 31: UAE Property Insurance – Loss Ratio (%), 2014–2019

Table 32: UAE Motor Insurance – Gross Written Premium by Sub-Category (AED Billion), 2010–2014

Table 33: UAE Motor Insurance – Gross Written Premium by Sub-Category (AED Billion), 2014–2019

Table 34: UAE Motor Insurance – Number of Policies Sold by Sub-Category (Million), 2010–2014

Table 35: UAE Motor Insurance – Number of Policies Sold by Sub-Category (Million), 2014–2019

Table 36: UAE Motor Insurance – Paid Claims (AED Billion and US$ Billion), 2010–2014

Table 37: UAE Motor Insurance – Paid Claims (AED Billion and US$ Billion), 2014–2019

Table 38: UAE Motor Insurance – Loss Ratio (%), 2010–2014

Table 39: UAE Motor Insurance – Loss Ratio (%), 2014–2019

Table 40: UAE Liability Insurance – Gross Written Premium (AED Million), 2010–2014

Table 41: UAE Liability Insurance – Gross Written Premium (AED Million), 2014–2019

Table 42: UAE Liability Insurance – Number of Policies Sold (Thousand), 2010–2014

Table 43: UAE Liability Insurance – Number of Policies Sold (Thousand), 2014–2019

Table 44: UAE Liability Insurance – Paid Claims (AED Billion and US$ Billion), 2010–2014

Table 45: UAE Liability Insurance – Paid Claims (AED Billion and US$ Billion), 2014–2019

Table 46: UAE Liability Insurance – Loss Ratio (%), 2010–2014

Table 47: UAE Liability Insurance – Loss Ratio (%), 2014–2019

Table 48: UAE Marine, Aviation and Transit Insurance – Gross Written Premium (AED Billion), 2010–2014

Table 49: UAE Marine, Aviation and Transit Insurance – Gross Written Premium (AED Billion), 2014–2019

Table 50: UAE Marine, Aviation and Transit Insurance – Number of Policies Sold (Thousand), 2010–2014

Table 51: UAE Marine, Aviation and Transit Insurance – Number of Policies Sold (Thousand), 2014–2019

Table 52: UAE Marine, Aviation and Transit Insurance – Paid Claims (AED Million and US$ Million), 2010–2014

Table 53: UAE Marine, Aviation and Transit Insurance – Paid Claims (AED Million and US$ Million), 2014–2019

Table 54: UAE Marine, Aviation and Transit Insurance – Loss Ratio (%), 2010–2014

Table 55: UAE Marine, Aviation and Transit Insurance – Loss Ratio (%), 2014–2019

Table 56: UAE Non-Life Insurance – Direct Written Premium by Distribution Channel (AED Billion), 2010–2014

Table 57: UAE Non-Life Insurance – Direct Written Premium by Distribution Channel (AED Billion), 2014–2019

Table 58: UAE Non-Life Insurance – Percentage of Direct Written Premium Ceded, by Distribution Channel, 2010–2019

Table 59: UAE Life Insurance – Segment Shares (%), 2014

Table 60: Oman Insurance Company – Key Facts

Table 61: Oman Insurance Company – Key Financials (AED Million), 2010–2014

Table 62: Abu Dhabi National Insurance Company – Key Facts

Table 63: Abu Dhabi National Insurance Company – Key Financials (AED Million), 2010–2014

Table 64: Orient Insurance Company – Key Facts

Table 65: Orient Insurance Company – Key Financials (AED Million), 2010–2014

Table 66: Emirates Insurance Company – Key Facts

Table 67: Emirates Insurance Company – Key Financials (AED Million), 2010–2014

Table 68: Al Ain Ahlia Insurance Company – Key Facts

Table 69: Al Ain Ahlia Insurance Company – Key Financials (AED Million), 2010–2014

Table 70: Al Buhaira National Insurance Company – Key Facts

Table 71: Al Buhaira National Insurance Company – Key Financials (AED Million), 2010–2014

Table 72: Union Insurance Company – Key Facts

Table 73: Union Insurance Company – Key Financials (AED Million), 2010–2014

Table 74: National General Insurance Company – Key Facts

Table 75: National General Insurance Company – Key Financials (AED Million), 2010–2014

Table 76: Al Wathba National Insurance Company – Key Facts

Table 77: Al Wathba National Insurance Company – Key Financials (AED Million), 2010–2014

Table 78: Al-Sagr National Insurance Company – Key Facts

Table 79: Al-Sagr National Insurance Company – Key Financials (AED Million), 2010–2014

Table 80: UAE – Insurance Regulatory Framework Key Features

Table 81: UAE – Life Insurance Regulatory Framework

Table 82: UAE – Property Insurance Regulatory Framework

Table 83: UAE – Motor Insurance Regulatory Framework

Table 84: UAE – Liability Insurance Regulatory Framework

Table 85: UAE – Maximum Limits for Investments in Various Assets by Insurers

Table 86: UAE Insurance Industry – Policies and Premium, 2010–2014

Table 87: UAE Insurance Industry – Policies and Premium, 2014–2019

Table 88: UAE Non-Life Insurance – Policies and Premium, 2010–2014

Table 89: UAE Non-Life Insurance – Policies and Premium, 2014–2019

Table 90: UAE Non-Life Insurance – Property Insurance Policies and Premium, 2010–2014

Table 91: UAE Non-Life Insurance – Property Insurance Policies and Premium, 2014–2019

Table 92: UAE Non-Life Insurance – Motor Insurance Policies and Premium, 2010–2014

Table 93: UAE Non-Life Insurance – Motor Insurance Policies and Premium, 2014–2019

Table 94: UAE Non-Life Insurance – Liability Insurance Policies and Premium, 2010–2014

Table 95: UAE Non-Life Insurance – Liability Insurance Policies and Premium, 2014–2019

Table 96: UAE Non-Life Insurance – Marine, Aviation and Transit Insurance Policies and Premium, 2010–2014

Table 97: UAE Non-Life Insurance – Marine, Aviation and Transit Insurance Policies and Premium, 2014–2019

Table 98: UAE Non-Life Insurance – Gross Written Premium by Sub-Category (AED), 2010–2014

Table 99: UAE Non-Life Insurance – Gross Written Premium by Sub-Category (AED), 2014–2019

Table 100: UAE Non-Life Insurance – Direct Written Premium by Sub-Category (AED), 2010–2014

Table 101: UAE Non-Life Insurance – Direct Written Premium by Sub-Category (AED), 2014–2019

Table 102: UAE Non-Life Insurance – Penetration by Sub-Category (%), 2010–2014

Table 103: UAE Non-Life Insurance – Penetration by Sub-Category (%), 2014–2019

Table 104: UAE Non-Life Insurance – Number of Active Policies by Sub-Category (Thousand), 2010–2014

Table 105: UAE Non-Life Insurance – Number of Active Policies by Sub-Category (Thousand), 2014–2019

Table 106: Insurance Industry Definitions

Figures

Figure 1: UAE Real GDP (US$ Billion), 2010–2019

Figure 2: AED–US$ Exchange Rate, 2010–2019

Figure 3: UAE Consumer Price Inflation, 2010–2019

Figure 4: UAE Current Account Balance as Percentage of GDP (%), 2010–2019

Figure 5: UAE Unemployment Rate, 2010–2019

Figure 6: UAE Population by Age Group, 1990–2025

Figure 7: UAE Non-Life Insurance Penetration – Regional Comparison (%), 2014

Figure 8: UAE Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2014

Figure 9: UAE Non-Life Insurance – Gross Written Premium (AED Billion), 2010–2019

Figure 10: UAE Non-Life Insurance – Penetration (%), 2010–2019

Figure 11: UAE Non-Life Insurance – Premium per Capita (AED), 2010–2019

Figure 12: UAE Non-Life Insurance – Number of Policies Sold (Thousand), 2010–2019

Figure 13: UAE Non-Life Insurance – Paid Claims (AED Billion), 2010–2019

Figure 14: UAE Non-Life Insurance – Profitability Ratio (%), 2010–2019

Figure 15: UAE Non-Life Insurance – Total Assets (AED Billion), 2010–2019

Figure 16: UAE Non-Life Insurance – Total Investment Income (AED Billion), 2010–2019

Figure 17: UAE Non-Life Insurance – Investment Portfolio (AED Billion), 2010–2019

Figure 18: UAE Non-Life Insurance – Investment Portfolio Dynamics by Category, 2010–2019

Figure 19: UAE Non-Life Insurance – Gross Written Premium by Category (AED Billion and US$ Billion), 2010–2019

Figure 20: UAE Non-Life Insurance – Gross Written Premium Dynamics by Category, 2010–2019

Figure 21: UAE – Construction Output by Category (Percentage Share), 2010 and 2014

Figure 22: UAE Property Insurance – Gross Written Premium by Sub-Category (AED Billion), 2010–2019

Figure 23: UAE Property Insurance – Gross Written Premium Dynamics by Sub-Category, 2010–2019

Figure 24: UAE Property Insurance – Number of Policies Sold by Sub-Category (Thousand), 2010–2019

Figure 25: UAE Property Insurance – Paid Claims (AED Million), 2010–2019

Figure 26: UAE Property Insurance – Earned Premium, Incurred Loss and Loss Ratio (AED Billion and %), 2010–2019

Figure 27: Total Vehicle Sales by Category, 2010 and 2014

Figure 28: UAE Motor Insurance – Gross Written Premium by Sub-Category (AED Billion), 2010–2019

Figure 29: UAE Motor Insurance – Gross Written Premium Dynamics by Sub-Category, 2010–2019

Figure 30: UAE Motor Insurance – Number of Policies Sold by Sub-Category (Million), 2010–2019

Figure 31: UAE Motor Insurance – Paid Claims (AED Billion), 2010–2019

Figure 32: UAE Motor Insurance– Earned Premium, Incurred Loss and Loss Ratio (AED Billion and %), 2010–2019

Figure 33: UAE Liability Insurance – Gross Written Premium (AED Million), 2010–2019

Figure 34: UAE Liability Insurance – Number of Policies Sold (Thousand), 2010–2019

Figure 35: UAE Liability Insurance – Paid Claims (AED Billion), 2010–2019

Figure 36: UAE Liability Insurance – Earned Premium, Incurred Loss and Loss Ratio (AED Billion and %), 2010–2019

Figure 37: UAE Marine, Aviation and Transit Insurance – Gross Written Premium (AED Billion), 2010–2019

Figure 38: UAE Marine, Aviation and Transit Insurance – Number of Policies Sold (Thousand), 2010–2019

Figure 39: UAE Marine, Aviation and Transit Insurance – Paid Claims (AED Million), 2010–2019

Figure 40: UAE Marine, Aviation and Transit Insurance – Earned Premium, Incurred Loss and Loss Ratio (AED Billion and Percentage), 2010–2019

Figure 41: UAE Non-Life Insurance – Direct Written Premium by Distribution Channel (%), 2010, 2014 and 2019

Figure 42: UAE Life Insurance – Segment Shares (%), 2014

Figure 43: UAE – Insurance Supervision and Control at Various Levels

Figure 44: UAE – Insurance Regulatory Frameworks for Company Registration and Operation

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