UAE Life Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2027

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UAE Life Insurance Market Overview

The gross written premium of UAE life insurance market was AED7.5 billion ($2.3 billion) in 2022 and is expected to achieve a CAGR of more than 4% during 2023-2027. Group life and individual life insurance products drive the life insurance sector. The life insurance sector in the UAE is also driven by a growing population and increased awareness around financial protection.

The UAE life insurance market research report provides in-depth market analysis, information, insights, and a detailed outlook by product category for UAE life 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 Life Insurance Market Outlook, 2022-2027 (AED Billion)

UAE Life 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 the UAE economy and demographics, and provides detailed information on the competitive landscape in the country. It 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) AED7.5 billion ($2.3 billion)
CAGR (2023-2027) >4%
Forecast Period 2023-2027
Historical Period 2018-2022
Key Lines of Business ·       General Annuity

·       Other Life Insurance

Key Distribution Channels ·       Insurance Broker

·       Bancassurance

·       Agencies

·       Other Distribution Channels

Leading Companies ·       Orient Insurance

·       Oman Insurance

·       Emirates Insurance

·       Ras Al Khaimah National Insurance

·       National General Insurance

Market Trends ·       Digitization

·       Health & Wellness Products

·       Artificial Intelligence (AI)

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UAE Life Insurance Market Trends

Digitization, health & wellness products, and Artificial Intelligence (AI) are some of the key market trends driving the UAE kife insurance sector. Customers are more inclined towards maintaining health and wellness especially post the pandemic. For this purpose, in November 2022, Dubai National Insurance collaborated with Wellx and launched Wellx Fit, a health insurance policy that provides policyholders with a Fitbit device to track their activities and maintain a healthy lifestyle.

Insurers in the UAE are also focused on increasing life insurance penetration through digital transformation. For instance, life insurers such as Oman Insurance, Abu Dhabi National Insurance, Axa Gulf, and Union Insurance have adopted digitization in policy management, claims processing, and customer engagement.

UAE Life Insurance Market Segmentation by Lines of Business

The key lines of business in the UAE life insurance industry are general annuity and other life insurance. General annuity was the highest contributing line in 2022 primarily driven by group life and individual life insurance products.

UAE Life Insurance Market Analysis by Lines of Business, 2022 (%)

UAE Life Insurance Market Analysis by Lines of Business, 2022 (%)

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UAE Life Insurance Market Segmentation by Distribution Channel

The key distribution channels in the UAE life insurance industry are insurance broker, bancassurance, agencies, and other distribution channels. Insurance brokers accounted for the major share of new business direct written premiums (DWP) in 2022 in the country, followed by banks. However, with increased access to the internet, the usage of ecommerce channels for insurance distribution is expected to increase.

UAE Life Insurance Market Analysis by Distribution Channel, 2022 (%)

UAE Life Insurance Market Analysis by Distribution Channel, 2022 (%)

For more distribution channel insights into the UAE life insurance market, download a free report sample

UAE Life Insurance Market - Competitive Landscape

The leading life insurance companies in UAE are Orient Insurance, Oman Insurance, Emirates Insurance, Ras Al Khaimah National Insurance, and National General Insurance among others. Orient Insurance was the leading insurer in 2021, followed by Oman Insurance and Ras Al Khaimah National Insurance.

UAE Life Insurance Market Analysis by Companies, 2021 (%)

UAE Life Insurance Market Analysis by Companies, 2021 (%)

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UAE Life Insurance Market Segments

UAE Life Insurance Market Lines of Business Outlook (Value, AED Billion, 2018-2027)

  • Pension
  • Other Life Insurance

UAE Life Insurance Market Distribution Channel Outlook (Value, AED Billion, 2018-2027)

  • Insurance Broker
  • Bancassurance
  • Agencies
  • Other Distribution Channels

Scope

This report provides:

  • A comprehensive analysis of the life insurance segment in UAE
  • Historical values for the UAE life insurance segment for the report’s review period and projected figures for the forecast period
  • Profiles of the top life insurance companies in UAE and outlines the key regulations affecting them.

Key Highlights

  • Key insights and dynamics of the UAE life 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 life insurance segment’s market structure giving details of lines of business.
  • The UAE life reinsurance business’ market structure gives details of premium ceded along with cession rates.
  • Distribution channels deployed by the UAE life 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 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.

Orient Insurance
Abu Dhabi National Insurance
Oman Insurance
Dubai Insurance
Emirates Insurance
Union Insurance
Al Buhaira National Insurance
Dar Al Takaful

Table of Contents

Executive Summary

Economy Overview

Regulatory and Compliance

Key Market Trends

Trends and KPIs

By Line of Business

Distribution Channels

Competitive Landscape

Competitor Profiles

Reinsurance

Appendix

Frequently asked questions

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