United Arab Emirates (UAE) Life Insurance Market Size, Trends by Line of Business (General Annuity and Others), Distribution Channel, Competitive Landscape and Forecast, 2022-2026
The net earned premium of the general insurance market in the UAE was $2.0 billion in 2021. It is estimated to grow at a CAGR of less than 4% during 2020 to 2025. An aging society and low fertility curbed the segment’s growth during the review period. Moreover, the economic slowdown and uncertainty triggered by the COVID-19 pandemic restricted consumer spending. The individual and group life insurance line of business contributed significantly to the total life insurance GWP in 2020, followed by a general annuity. The UAE life insurance report offers a detailed analysis of the key categories in the UAE life insurance segment and market forecasts for 2025. The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the UAE economy and demographics, and provides detailed information on the competitive landscape in the country.
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Key Trends in the UAE Life Insurance Industry
The Dubai International Financial Center (DIFC) signed an agreement with the Busan Finance Center of South Korea to improve cooperation in the areas of environment, social and governance (ESG), financial technology (FinTech), and trade finance. The agreement intends to assist in implementing ESG principles and FinTech financially.
The Abu Dhabi Global Market stated to implement sustainable financing to achieve the objectives of Net-Zero 2050. The statement stipulates the key deliverables such as strengthening sustainability disclosure, establishing a taxonomy for sustainable activities instructing shorter goals timely, and fostering sustainability-focused corporate governance.
Oman Insurance launched a new unit for individual life and workspace savings to increase the protection needs of individuals. Additionally, this unit integrates the whole value chain under one leadership, such as underwriting, product management, life actuarial, and distribution functions.
Key Segments in the UAE Life Insurance Industry
The line of business in the UAE life insurance is classified into life & pension non-categorized (includes individual and group life products), general annuity, and other life insurance. The individual and group life insurance line of business accounted for the largest share of total life insurance GWP in 2020, followed by a general annuity.
The UAE Life Insurance Industry, By Key Segments
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Key Distribution Channels in the UAE Life Insurance Industry
The UAE insurers use a multi-channel distribution strategy to distribute insurance products. The key distribution channels in the UAE life insurance segment are insurance brokers, bancassurance, agencies, and other distribution channels. Insurance brokers dominate the UAE’s life insurance distribution channel.
The COVID-19 outbreak has stimulated the need for digital transformation in the insurance sector. Insurers are gradually shifting to digital channels for insurance distribution and claims process. Additionally, many insurance companies are moving towards digitalization in life insurance and health insurance as well as expanding their services to other lines of business.
The UAE Life Insurance Industry, By Distribution Channels
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Key Competitors in the UAE Life Insurance Industry
The UAE life insurance market was concentrated, with the top five insurers accounting for a majority percentage of the market share in 2020, in terms of GWP. The top insurers in the UAE life insurance industry were Orient Insurance, Abu Dhabi National Insurance, Oman Insurance, and Al Ain Ahlia Insurance among others.
The UAE Life Insurance Industry, By Key Competitors
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The UAE Life Insurance Industry Overview
| Market Size 2021 | $2.0 billion |
| CAGR % (2020-2025) | <4% |
| Key Segments by LoB | Life & Pension Non-Categorized, General Annuity, and Other Life Insurance Products |
| Key Distribution Channels | Insurance Brokers, Bancassurance, Agencies, and Other Distribution Channels |
| Key Competitors | Orient Insurance, Abu Dhabi National Insurance, Oman Insurance, and Al Ain Ahlia Insurance |
Scope
This report provides a comprehensive analysis of the life insurance segment in the UAE –
- It provides historical values for the UAE life insurance segment for the report’s 2016-2020 review period and projected figures for the 2020-2025 forecast period.
- It profiles the top life insurance companies in the UAE and outlines the key regulations affecting them.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the UAE life insurance segment.
- Understand the demand-side dynamics, key market trends and growth opportunities in the UAE life insurance segment.
- Assess the competitive dynamics in the life insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
Key Players
Table of Contents
Frequently Asked Questions
The market size of the UAE life insurance industry was $2.0 billion in 2021.
The UAE life insurance industry forecasts to grow at a CAGR of less than 4% during 2020-2025.
The key segments in the UAE life insurance industry by LoB are life & pension non-categorized, general annuity, and other life insurance products.
The key distribution channels in the UAE life insurance industry are insurance brokers, bancassurance, agencies, and other distribution channels.
The key competitors in the UAE life insurance industry are Orient Insurance, Abu Dhabi National Insurance, and Oman Insurance among others.
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