UAE Life & Non-Life Insurance Market Size
| Study Period | 2020-2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR (2024 - 2029) | 4.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
UAE Life & Non-Life Insurance Market Analysis
The UAE Life & Non-Life Insurance Market is expected to register a CAGR of greater than 4% during the forecast period.
The UAE Life & Non-Life Insurance Market is expected to register a CAGR of more than 4% during the forecast period.
The COVID-19 pandemic did not stop insurance regulators in UAE from taking steps to strengthen the industry. It enacted new life insurance regulations in October 2020 to better control market dynamics and ensure customer rights. One of the regulations’ main changes was a substantial decrease in first-year life insurance commissions for long-term contracts – a change promoted as part of a package of new rules to reduce misselling and improve customer transparency.
In early 2021, the Central Bank of the UAE launched its merger with the country’s Insurance Authority to raise the efficiency of the insurance sector and the competitiveness of the local markets. Any increase in regulatory capital requirements could drive market consolidation. Insurers are currently required to hold minimum capital of AED 100 million. Raising this requirement would mean several smaller insurers could need to raise extra capital, or merge with competitors, to meet the new requirements.
Currently, 40% of listed non-life insurers (excluding health insurers) hold less than AED 250 million of capital. UAE has limited opportunities to grow its health insurance sector, characterized by well-established sub-sector penetration with around 50% of non-life premiums from health insurance. Medical inflation remains significant, and insurance companies to struggle to produce underwriting profits on their health business lines over the next few years.
UAE Life & Non-Life Insurance Market Trends
Health Insurance is Dominating the Non-life Segment in UAE
The health segment has been the fastest-growing insurance product in the region since the implementation of compulsory coverage in the UAE in 2005. Under the 'Thiqa' program, the Abu Dhabi Government provides full medical coverage for all UAE nationals living in Abu Dhabi. Citizens get a Thiqa card, which gives them complete access to many private and public healthcare providers registered within Daman's network. It also includes broader geographical coverage and extra health benefits.
Digitalization Driving Growth in Insurance Industry in UAE
The pandemic helped the insurance industry get out of its acceptable market practice complacency, as companies were forced to jump into the present and start actively looking forward actively. COVID-19 has accelerated the transformation of the insurance industry in multiple aspects.
Most day-to-day digitalization and automation needs have been accomplished. Life and health companies are focusing on the next step: Facilitating greater standardization of products and simplifying process flows for online buyers. Multiple companies in the Middle East are actively working with insurers on a range of initiatives, from third-party digital distribution platforms to integrating cutting-edge technologies such as artificial intelligence, machine learning, and predictive analytics to strengthen the drive to transformative modernization.
UAE Life & Non-Life Insurance Industry Overview
The report covers major international players operating in the UAE Life & Non-Life Insurance Market. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and product innovation, domestic to international companies are increasing their market presence by securing new contracts and tapping new markets. It has major players, including Orient Insurance, AIG, MetLife, AXA, Allianz, etc.
UAE Life & Non-Life Insurance Market Leaders
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Orient Insurance
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AXA
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MetLife
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AIG
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Alliance Insurance
*Disclaimer: Major Players sorted in no particular order
UAE Life & Non-Life Insurance Market News
- 11 October 2022: United Arab Emirates launched an unemployment insurance scheme on Tuesday as part of reforms aimed at attracting more talent and investment to the regional business hub amid rising competition. Originally announced in May, the new scheme offers compensation for up to three months for public and private sector employees who lose their jobs.
- 07 June 2022: IFZA Dubai, the dynamic and internationally oriented Free Zone in the United Arab Emirates (UAE), announced the launch of an exclusive health insurance service for IFZA Free Zone Companies under the umbrella of the IFZA Life division. In partnership with Prime Insurance Brokers (PIB) and National Life & General Insurance Company (NLGIC), IFZA Life provides bespoke medical insurance solutions for IFZA Free Zone Licensees, Professional Partners, and Employees with exceptional benefits at competitive premiums across five tiers.
UAE Life & Non-Life Insurance Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.3 Market Restraints
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4.4 Industry Attractiveness - Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitutes
- 4.4.5 Intensity of Competitive Rivalry
- 4.5 Insights on Various Regulatory Landscape
- 4.6 Insights on Impact of Technology and Innovation in the Market
- 4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
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5.1 By Type
- 5.1.1 Life insurance
- 5.1.1.1 Individual
- 5.1.1.2 Group
- 5.1.2 Non- life insurance
- 5.1.2.1 Motor
- 5.1.2.2 Home
- 5.1.2.3 Marine
- 5.1.2.4 Other insurance
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5.2 By Distribution channel
- 5.2.1 Direct
- 5.2.2 Agents
- 5.2.3 Banks
- 5.2.4 Other distribution channels
6. COMPETITIVE LANDSCAPE
- 6.1 Market Concentration Overview
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6.2 Company Profiles
- 6.2.1 Orient Insurance
- 6.2.2 Abu Dhabi National Insurance Co.
- 6.2.3 MetLife
- 6.2.4 AIG
- 6.2.5 Tokio Marine & Nichido Fire Insurance Co. (TMNF)
- 6.2.6 Salama Insurance
- 6.2.7 Alliance Insurance
- 6.2.8 AXA
- 6.2.9 National General Insurance
- 6.2.10 Aon
- 6.2.11 Zurich*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
** Subject To AvailablityUAE Life & Non-Life Insurance Industry Segmentation
Life insurance provides a lump sum amount of the sum assured at the time of maturity or in case of the death of the policyholder. Non-life insurance policies offer financial protection to a person for health issues or losses due to damage to an asset.
The UAE Life & Non-Life Insurance Market is segmented by insurance type (Life Insurance (Individual and Group), Non-Life Insurance (Motor, Home, and Other Non-Life Insurances)), and by distribution channel (Direct, Agency, Banks, and Other Distribution Channels). The report offers market size and forecasts for UAE Life & Non-Life Market in value (USD Billion) for all the above segments.
| By Type | Life insurance | Individual |
| Group | ||
| By Type | Non- life insurance | Motor |
| Home | ||
| Marine | ||
| Other insurance | ||
| By Distribution channel | Direct | |
| Agents | ||
| Banks | ||
| Other distribution channels |
UAE Life & Non-Life Insurance Market Research FAQs
What is the current UAE Life & Non-Life Insurance Market size?
The UAE Life & Non-Life Insurance Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in UAE Life & Non-Life Insurance Market?
Orient Insurance, AXA, MetLife, AIG and Alliance Insurance are the major companies operating in the UAE Life & Non-Life Insurance Market.
What years does this UAE Life & Non-Life Insurance Market cover?
The report covers the UAE Life & Non-Life Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the UAE Life & Non-Life Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
UAE Life & Non-Life Insurance Industry Report
Statistics for the 2024 UAE Life & Non-Life Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. UAE Life & Non-Life Insurance analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
