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