Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.
Axco’s United Arab Emirates Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.
The Life & Benefits Report for the United Arab Emirates includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics
Real GDP growth (%)
Insurance Penetration (%)
The United Arab Emirates (UAE) is a federation of seven emirates (Abu Dhabi, Dubai, Ras Al Khaimah, Sharjah, Ajman, Umm Al Quwain and Fujairah) with a total area of 30,000 square miles (77,700 square kilometres). The total population in 2020 was estimated at 9.89 million.
Independence from Britain was gained in 1971 when the United Arab Emirates was formed. In 1981 the UAE joined Oman, Qatar, Saudi Arabia, Bahrain and Kuwait to form the Gulf Cooperation Council (GCC).
The regulator reported in its 2018 report that there were 62 licensed insurance companies in the market, of which 35 were majority locally owned and 27 were branches of foreign companies. There were 15 majority locally owned composites, two foreign company composites and 15 foreign non-life only insurance companies. There was also one company writing export credit business and 12 takaful operators (all of which are majority locally owned).
It should be noted that the sectors specifically affected in the UAE by the hardening trends in the reinsurance market are principally those where facultative reinsurance capacity is required.