UAE’s insurance industry to witness pickup in growth

UAE’s insurance industry to witness pickup in growth

Regional insurance companies are now focusing on developing new business models and introducing innovative products

The GCC insurance market is projected to grow at an annualised growth rate of 3.2 per cent from $26.5 billion in 2021 to $31.1 billion in 2026

Published: Sun 13 Feb 2022, 1:47 PM

The UAE’s insurance industry is expected to pick up on the back of projected rebound in the economy, reviving business confidence, and robust diversification plans.

The nation continues to remain the largest insurance market in the Mena region and ranked 36th globally in terms of gross written premium (GWP) during 2020, according to UAE-based investment banking advisory firm, Alpen Capital’s latest GCC Insurance Industry report.

Over the last decade, the UAE has established itself as a well-diversified economy with strong demographics, including a high proportion of expatriate population - 88.5 per cent of the total population.

“Reopening of the tourism sector and mega events such as the Expo 2020 Dubai and the FIFA World Cup 2022 are likely to provide additional boost to growth going forward. The pandemic has brought a shift in consumer behaviours leading to demand for innovative, customised and convenient solutions. This is likely to compel insurance firms in the region to either develop