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

United Arab Emirates insurance premiums forecast to increase by 10.1% CAGR over the next few years


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2014-08-21 00:21:01 - The Insurance Industry in the UAE, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com

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 (2008−2012) 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.

The United Arab Emirates (UAE) has the largest insurance industry in the Gulf Cooperation Council (GCC) region

The nation´s real estate market is expanding and, along with the infrastructure projects, will be a significant driver of the property insurance category

There are a total of 61 insurers and two reinsurers operating in the UAE´s insurance industry in 2012

In 2008, the regulator stopped issuing licenses for new foreign insurers to establish their branches in the country

The Insurance Authority stipulated in 2010 that all UAE insurers were required to have a minimum subscribed or paid-up capital of AED100 (US$27.2 million)

Publicly listed insurers dominated the country´s insurance industry

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