The Insurance Industry in the UAE, Key Trends and Opportunities to 2017

Date: 2015-09

The United Arab Emirates (UAE) has the largest insurance industry in the Gulf Cooperation Council (GCC) region. The gross written premium registered by the industry increased at a review-period (2008โˆ’2012) compound annual growth rate (CAGR) of 9.5%. This is further expected to rise at a CAGR of 10.1%. As of December 2012, there were 61 insurers operating in the Emirati insurance industry, of which 34 were national companies and 27 were foreign. The non-life insurance segment accounted for the highest value of gross written premium in the industry. Foreign insurers are permitted to own a maximum stake of 25% in an Emirati insurer. Emirati insurers cede considerable proportions of their premiums to reinsurers; national insurers ceded 44.7% of their property and liability insurance premium to reinsurers in 2012. Brokers and agents are the principal distribution channels in the industry.

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