UAE General Insurance Market Size, Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2027
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UAE General Insurance Market Report Overview
The gross written premium of the UAE general insurance market was AED34 billion ($9.2 billion) in 2022 and is expected to achieve a CAGR of more than 8% during 2023-2027. The UAE general insurance market research report provides in-depth market analysis, information, insights, and a detailed outlook by product category for the UAE general insurance segment. It also provides values for key performance indicators such as gross written premium, penetration, and premium ceded and cession rates during the review period and forecast period.
UAE General Insurance Market Outlook, 2022-2027 (AED Billion)
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The report analyzes distribution channels operating in the segment, gives a comprehensive overview of UAE’s economy and demographics, and provides detailed information on the competitive landscape in the country. The report also gives insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.
Market Size (2022) | AED34 billion ($9.2 billion) |
CAGR (2023-2027) | >8% |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Lines of Business | · Property
· Motor · MAT · General Insurance PA&H · Miscellaneous |
Key Distribution Channels | · Insurance Brokers
· Agencies · Bancassurance · E-Commerce |
Leading Companies | · Orient Insurance
· Abu Dhabi National Insurance · Oman Insurance · Dubai Insurance · Emirates Insurance |
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UAE General Insurance Market Trends
- Non-life insurers in the UAE are focusing on digital transformation in the areas of claims processing, policy management, and customer interaction.
- Using big data and machine learning has helped in insurance product innovation and personalization.
- AI is leaving a huge impact on the UAE healthcare sector. It is getting increasingly technologically advanced. With the use of patient data and hospital networks, personalized care and service centers are operated in UAE. Accordingly, health apps and wearable gadgets are helping insurance companies to base their coverage on data and evidence. Moreover, big data and AI allow for an easier process of claims settlement.
UAE General Insurance Market Segmentation by Line of Business
Health insurance has been made mandatory across the UAE in the first quarter of 2023 which might result in the insurance line playing a major role in driving the overall general insurance growth starting in 2023.
The key lines of business in the UAE general insurance market are property, motor, MAT, general insurance PA&H, and miscellaneous. General insurance PA&H had the highest market share in the UAE general insurance market in 2022. The health insurance premium increased due to the growth in claims following COVID-19 and high inflation in the country while travel insurance posted an increase due to the relaxation of COVID-19 restrictions.
UAE General Insurance Market Analysis by Lines of Business, 2022 (%)
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UAE General Insurance Market Segmentation by Distribution Channel
Insurance brokers are expected to continue to be the major channel for distribution till 2027.
The key distribution channels in the UAE general insurance market are insurance brokers, agencies, bancassurance, e-commerce, and other distribution channels. The insurance distribution channel in the country was majorly driven by insurance brokers in 2022.
UAE General Insurance Market Analysis by Distribution Channels, 2022 (%)
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UAE General Insurance Market - Competitive Landscape
Orient Insurance was the leading insurer in 2021, followed by Abu Dhabi National and Oman Insurance.
Some of the leading insurers in the UAE are:
- Orient Insurance
- Abu Dhabi National Insurance
- Oman Insurance
- Dubai Insurance
- Emirates Insurance
Orient Insurance was the leading insurer in 2021, followed by Abu Dhabi National and Oman Insurance. Dubai Insurance was the fastest-growing insurer during 2017-2021. M&A activities that gained traction in 2022 are expected to continue in 2023 making the general insurance sector more competitive. Relaxation in the FDI rules is expected to encourage investments in the sector contributing to the competitive landscape of the UAE.
UAE General Insurance Market Analysis by Companies, 2021 (%)
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UAE General Insurance Market - Latest Developments
- In April 2023, the DIFC proposed amendments to the Data Protection Regulations 2020 framework in areas of personal data breach obligations and the usage and collection of personal data for marketing and communications.
- On February 16, 2023, the Department of Health announced the launch of a flexible health insurance option in cooperation with the Abu Dhabi Department of Economic Development for companies and investors in Abu Dhabi.
Segments Covered in the Report
UAE General Insurance Market Lines of Business Outlook (Value, AED Billion, 2018-2027)
- Property
- Motor
- MAT
- General Insurance PA&H
- Miscellaneous
UAE General Insurance Distribution Channel Outlook (Value, AED Billion, 2018-2027)
- Insurance Brokers
- Agencies
- Bancassurance
- E-Commerce
Scope
This report provides:
- A comprehensive analysis of the general insurance segment in the UAE.
- Historical values for the UAE general insurance segment for the report’s review period and projected figures for the forecast period.
- Profiles of the top general insurance companies in the UAE and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of the UAE general insurance segment.
- A comprehensive overview of the UAE economy, government initiatives, and investment opportunities.
- The UAE insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- The UAE general insurance industry’s market structure gives details of lines of business.
- The UAE general reinsurance business’ market structure gives details of premium ceded along with cession rates.
- Distribution channels deployed by the UAE general insurers.
- Details of the competitive landscape and competitors’ profiles.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the UAE general insurance segment.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the UAE general insurance segment.
- Assess the competitive dynamics in the general insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
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Table of Contents
Frequently asked questions
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What was the UAE general insurance market gross written premium in 2022?
The gross written premium of the UAE general insurance market was AED34 billion ($9.2 billion) in 2022.
-
What is the UAE general insurance market growth rate?
The general insurance market in UAE is expected to achieve a CAGR of more than 8% during 2023-2027.
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Which line of business held the largest share of the UAE general insurance market in 2022?
General insurance PA&H was the leading general insurance line in the UAE general insurance market in 2022.
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Which distribution channel held the highest share in the UAE general insurance market in 2022?
Insurance brokers was the leading distribution channel in 2022 in the UAE general insurance market.
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Which are the key companies operating in the UAE general insurance market?
Some of the leading insurers in the UAE are general insurance market are Orient Insurance, Abu Dhabi National Insurance, Oman Insurance, Dubai Insurance, and Emirates Insurance.
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