Insurance
From The Report: Abu Dhabi 2020
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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.

Articles from this Chapter

Overview

Steady progress: Long-term growth prospects look strong as updated regulations encourage stability
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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. Market…

Interview

Assured growth: Ebrahim Obaid Al Zaabi, Director-General, UAE Insurance Authority (IA), on widening sector offerings
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Interview:Ebrahim Obaid Al Zaabi To what extent could greater consolidation in the insurance sector help lower pressure on margins, and could regulatory reform help in this regard? EBRAHIM OBAID AL ZAABI: The desire of investors and international insurance companies to operate in the UAE reflects the strength and solvency of the local market. After the full implementation of the financial regulations from the beginning of 2018, it is expected that there will be a number of mergers between…

Overview

Digital disruption: Insurance technology (insurtech) taps large premium growth potential in emerging markets
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Two of the biggest trends in global insurance in recent years are premium growth in emerging markets and the rising importance of technology across the supply chain. The latter has come to be referred to as insurtech, a potentially disruptive trend that heralds both threats to and opportunities for incumbents and newcomers alike. While technological solutions are being applied along the length of the insurance supply chain in advanced markets, their focus in emerging markets has primarily been on driving premium growth. Stronger growth in emerging and developing economies since the turn of the century has given rise to a swelling middle…