United Arab Emirates Insurance Report Q2 2016

Date: March 9, 2016
Pages: 51
US$ 1,295.00
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)
ID: U1415D76201EN

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BMI View: The UAE's insurance sector will grow at a solid, if slowing, pace over the next five years, on the back of stable economic fundamentals and demand from the large expatriate workforce. We see the mild consolidation as a consequence of heavy competition in the sector which is putting downward pressure on premium prices. Growth will be particularly intense over 2016-2017, due in large part to a surge in health insurance premiums due to recent legislation making health insurance compulsory for foreign residents. Life insurance is less established, and again demand is primarily driven by foreign workers unable to access generous state benefits provided to nationals

Key Updates And Forecasts
  • We maintain our forecasts for 2016, with the roll-out of mandatory health insurance in the UAE continuing to be the main source of premium growth. The government also recently passed a resolution that will enable emergency healthcare providers to charge insurance companies for emergency treatment in the country.
  • Qatar Insurance Company (QIC) is launching in the retail (personal) non-life market, providing motor, travel and home insurance alongside the corporate products it has provided in the UAE since 1968.
  • We expect premiums in the non-life market to grow by around 10.7% in 2016, to reach USD8.1bn up from USD7.3bn in 2015.
  • Following a short-term contraction, premiums in the smaller life sector are expected to grow by 16.2% in 2016 to reach gross premiums written of USD2.0bn in, up from USD1.7bn in 2015.
BMI Industry View
  Table: Headline Insurance Forecasts (United Arab Emirates 2013-2020)
Industry Forecast
Life Premiums Forecast
  Table: Life Premiums (United Arab Emirates 2013-2020)
  Table: Life Insurance Claims (United Arab Emirates 2008-2015)
Non-Life Premiums Forecast
  Table: Non-Life Premiums (United Arab Emirates 2013-2020)
  Table: Non-Life Insurance Claims (United Arab Emirates 2009-2015)
Non-Life Sub-Sector Forecast
  Table: Non-Life Insurance Premiums by Product Line (United Arab Emirates 2013-2020)
Industry Risk Reward Ratings
MENA Insurance Risk/Reward Index
  Table: MENA Insurance Risk/Reward Index - Q216
Market Overview
Life Market Overview
The Product Offering
The Competitive Landscape
Non-Life Market Overview
The Product Offering
The Competitive Landscape
Company Profile
Abu Dhabi National Insurance Company (ADNIC)
Alliance Insurance Company
Islamic Arab Insurance Company (Salama)
Industry Forecast Methodology
Risk/Reward Index Methodology
  Table: Indicators
  Table: Weighting of Indicators
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