2013-02-19 10:07:44 - New Financial Services research report from Business Monitor International is now available from Fast Market Research
Key Insights And Key Risk
This UAE Insurance Report considers the prospects for both life and non-life insurers in the country. As of late 2012, data confirm our view that the UAE is one of the largest and most dynamic of the insurance markets of the Middle East and North Africa (MENA) region. The published accounts of the larger listed insurance companies in relation to 2011 indicate that both segments grew at (low) double-digit rates in terms of gross written premiums. However, premium growth appears to have slowed in H112. The latest data from Salama, the multinational takaful operator based in the UAE, suggest takaful will not contribute to the overall growth of the sector in 2012.
Importantly, much of the newsflow
through H112 indicated that the UAE's insurers are responding proactively to the competitive and often difficult conditions, particularly in the non-life segment. During 2011 and H112, several insurers allowed premiums and profits to contract as they focused on writing business that would contribute to profitability over the medium-to-long term. Various partnerships have been announced to exploit areas of opportunity, such as health insurance. Retention rates have risen. New products have been developed.
Full Report Details at
- www.fastmr.com/prod/536384_united_arab_emirates_insurance_report ..
HDFC Life, the largest private sector life company in India, has established an operation in Dubai that focuses, not unreasonably, on wealthier non-resident Indians (NRIs). The majority of companies in the UAE's insurance sector were largely unaffected by the volatility of global financial markets through 2011.
We remain of the view that some kind of consolidation will take place in the competitive landscape. The largest UAE insurers - such as Salama, Oman Insurance Company and Abu Dhabi National Insurance Company (ADNIC) write annual premiums of around US$600-800mn. By this metric, they are roughly half the size of Tawuniya, the largest insurance company in Saudi Arabia and would rank as no more than medium-sized players in most other countries outside the MENA region. Many of their competitors in the UAE are much smaller.
Over the last quarter, BMI has made the following changes to this industry report:
* The analysis incorporates BMI's latest forecasts for the UAE's economy, including details in relation to auto sales and trends in the healthcare sector.
* The analysis takes into account company comments in relation to H112 and Q113.
Report Table of Contents:
BMI Industry View
- UAE Insurance
- Executive Summary
- Table: Total Premiums, 2010-2017
- Business Environment
- MEA Life Sector Overview
- Middle East & North Africa Life Sector Overview
- Table: Middle East And Africa Life Premiums, 2010-2017 (US$mn)
- MEA Non Life Sector Overview
- Middle East & North Africa Non-Life Sector Overview
- Table: Middle East And Africa Non-Life Premiums, 2010-2017 (US$mn)
- Table: Life Premiums, 2010-2017
- Non Life
- Non-Life Insurance Industry Forecast Scenario
- Table: Total Non-Life Premiums 2010-2017
- Life Sector Update
- Non Life Sector Update
Industry Trends And Developments
- Life Growth Drivers And Risk Management Projections
- Table: Insurance Key Drivers, Demographics, 2010-2017
- Non Life Growth Drivers And Risk Management Projections
- Macroeconomic Outlook
- Political Stability Outlook
- Table: Middle East And Africa Defence & Security Ratings
- Healthcare Insurance
- Table: Insurance Key Drivers, Disease Adjusted Life Years 2010-2017
- Islamic Insurance
Industry Risk Reward Ratings
- Insurance Risk Reward Ratings
- Table: UAE's Insurance Risk/Reward Ratings
- Table: Middle East And Africa Insurance Risk/Reward Ratings
- UAE Q1 2013
- Abu Dhabi National Insurance Company (ADNIC)
- Alliance Insurance Company
- Arab Orient Insurance Company (AOIC)
- Friends Provident International (FPI)
- Gulf Insurance Company
- Life Insurance Corporation of India
- MetLife ALICO
- Royal London 360deg
- Islamic Arab Insurance Company (Salama)
- Skandia International
- The New India Assurance Company
- Zurich Insurance Group
- ACE Group
- Arabia Insurance s.a.l
- United Arab Emirates Demographic Data
- Table: United Arab Emirates' Population By Age Group, 1990-2020 ('000)
- Table: United Arab Emirates' Population By Age Group, 1990-2020
- Table: United Arab Emirates' Key Population Ratios, 1990-2020
- Table: United Arab Emirates' Rural And Urban Population, 1990-2020
- BMI Insurance Methodology
- Insurance Risk/Reward Ratings
- Table: Insurance Risk/Reward Ratings Indicators And Rationale
- Table: Weighting Of Indicators
About Business Monitor International
Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets. BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports. Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including in-depth quarterly Country Forecast Reports. View more research from Business Monitor International at www.fastmr.com/catalog/publishers.aspx?pubid=1010
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