In terms of gross written premium (GWP), the UAE’s insurance market has ranked first within the MENA region since 2008. In 2018 it had the highest insurance penetration and density levels in the GCC, at 2.9% of GDP and $1195, respectively. Abu Dhabi’s insurers play an important role in the sector, but as of 2020 they faced a number of changes to the domestic business environment, including new regulations and accountancy standards considered essential to the industry’s long-term sustainability. Alpen Capital, a prominent financial adviser based in Dubai, forecast a compound annual growth rate of 4.2% between 2019 and 2024 for the country’s insurance market. In terms of potential changes to the composition of GWP in Abu Dhabi and the wider UAE, any notable shifts are likely to be caused by the broadening of compulsory insurance.
This chapter contains an interview with Ebrahim Obaid Al Zaabi, Director-General, UAE Insurance Authority.