Market Trends of UAE Life & Non-Life Insurance Industry
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.
