Country Profile

United Arab Emirates

Industry heading in the right direction

The regulatory reforms launched in the past four years have been paying off with GWP growing and profitability improving in the last 18 months for the UAE, the largest insurance market in MENA. Despite the large number of players and intense competition, the introduction of mandatory healthcare insurance and increasing motor insurance tariffs have helped insurers grow and thrive. Nonetheless, going forward, providers need to seek new growth trajectories, take advantage of technology in growing their client base and be prepared for the next wave of regulatory reforms.

The best is yet to come: Association

The positive indicators of growth for life and non-life insurance businesses suggest that the UAE market is on track to reach a developed stage, says Emirates Insurance Association (EIA) secretary general Fareed Lutfi.

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Keeping up with the tech shift

Digital innovations will continue to change the face of the insurance industry. Insurers need to invest in the right systems as the industry will be fully automated in the next five years, predicts Mr Shadi Sa’adeh of ESKADENIA Software, UAE.

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