Summary
Driven by factors such as low insurance penetration levels and favorable demographic profile, the UAE insurance industry has been witnessing noteworthy upsurge for the past few years. The huge untapped insurance market in the country has been providing tremendous opportunities for expansion to the existing as well as new players.
According to our new research report "UAE Insurance Market Forecast to 2012", the industry witnessed a CAGR of around 30.5% during 2006-2009, and we anticipate that the future prospects of the industry will also remain buoyant, owing to strong economic growth and government initiatives like separate licenses for life and non-life insurance products. Moreover, high demand for various insurance products, like life insurance, motor insurance, engineering insurance and home insurance, will also provide the impetus for the growth of the industry. In this regard, we have done extensive research and analysis of the UAE insurance industry and its various segments.
Our research also indicates that the non-life segment of the insurance industry will show significant growth in coming years. The baseline for optimistic future projection of the market is created by more underwriting funds to promote new non-life products in the market. Besides this, takaful insurance, private pension funds and bancassurance will also pave the way for the growth of the UAE insurance market over the forecast period (2010-2013).
Our report also emphasizes that the future growth trend, to some extent, will be impacted by the financial turmoil and credit squeeze. Nevertheless, the overall trend will remain positive over the forecast period. The government has been taking various initiatives for the promotion of the insurance sector. As the medical insurance has been made compulsory from 2010, it is expected that the premiums from the medical insurance segment will make a significant contribution to the non-life insurance sector.
"UAE Insurance Market Forecast to 2012" provides a rational analysis and reliable statistics of the insurance industry in UAE. The report thoroughly examines current market trends, industrial developments and competitive landscape to enable clients understand the market structure and its progress in coming years. Besides this, the report also provides brief overview of the key market players in the UAE insurance industry.
Table of Contents
1. Analyst View
2. Macro Economic Overview
3. Market Drivers
3.1 Demographic Indicators
3.2 Labor Market & Emerging Products
3.3 Government Initiatives
3.4 Low Penetration
4. Insurance Market Structure
5. Market Performance
5.1 Investments
5.2 Premiums
5.2.1 Life Insurance
5.2.2 Non-life Insurance
5.2.2.1 Accident and Liability
5.2.2.2 Fire
5.2.2.3 Marine, Aviation & Inland and Transport
5.2.2.4 Medical Insurance
6. Regulatory Environment
7. Industry Restraints
7.1 Corporate Governance
7.2 Awareness & Skilled Professionals
8. Growth Avenues
8.1 Islamic/Takaful Insurance
8.2 Private Pension Funds
9. Emerging Market Trends
9.1 Consolidation of the Industry
9.2 Geographic Expansion
9.3 Diversified Product Launches
10. Key Players
10.1 Emirates Insurance Company
10.2 Abu Dhabi National Insurance Company
10.3 Al Ain Ahlia
10.4 Dubai Insurance Company
List of Figures:
Figure 2-1: Real GDP Growth (%), 2009-2014
Figure 2-2: Per Capita Income ('000 AED), 2006-2008
Figure 2-3: Forecast for Nominal Deposit Interest Rate (%), 2010-2014
Figure 4-1: Market Share of Insurance Companies (2009)
Figure 4-2: Insurance Premium by City (%), 2009
Figure 5-1: Insurance Sector's Investments (Billion AED), 2006 & 2008
Figure 5-2: Break-up of Insurance Sector's Investments (%), 2008
Figure 5-3: Insurance Premium (Billion AED), 2006-2009
Figure 5-4: Share of Life and Non-life Insurance Premium (2009)
Figure 5-5: Life Insurance Premium (Billion AED), 2006-2009
Figure 5-6: Share of Local and Foreign Firms in Life Insurance Premium (2008)
Figure 5-7: Forecast for Life Insurance Premium (Billion AED), 2010-2013
Figure 5-8: Non-life Insurance Premium (Billion AED), 2006-2009
Figure 5-9: Share of Local Non-life Insurance Firms in Retention of Premium by Segment (2008)
Figure 5-10: Forecast for Non-life Insurance Premium (Billion AED), 2010-2013
Figure 5-11: Non-life Insurance Premium by Segment (%), 2008
Figure 5-12: Accident and Liability Insurance Premium (Billion AED), 2006-2009
Figure 5-13: Forecast for Accident and Liability Insurance Premium (Billion AED), 2010-2013
Figure 5-14: Fire Insurance Premium (Billion AED), 2006-2009
Figure 5-15: Forecast for Fire Insurance Premium (Billion AED), 2010-2013
Figure 5-16: Marine, Aviation & Inland and Transport Insurance Premium (Billion AED), 2006-2009
Figure 5-17: Forecast for Marine, Aviation & Inland and Transport Insurance Premium (Billion AED), 2010-2013
Figure 5-18: Medical Insurance Premium (Billion AED), 2006-2009
Figure 5-19: Forecast for Medical Insurance Premium (Billion AED), 2010-2013
List of Tables:
Table 3-1: Demographic Characteristics (2007-2009)
Table 4-1: Number of Insurance Companies (2008)
Table 10-1: Emirates Insurance Company-Strengths & Weaknesses
Table 10-2: Abu Dhabi National Insurance Company-Strengths & Weaknesses
Table 10-3: Al Ain Ahlia-Strengths & Weaknesses
Table 10-4: Dubai Insurance Company-Strengths & Weaknesses
