Insurance
From The Report: Dubai 2018
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Intense competition, low penetration rates and a strong bias towards non-life products characterises Dubai’s insurance sector, with ratings agencies agreeing that there is robust medium-term growth potential for the emirate’s underwriters. S&P Global ratings predicts 10% per annum growth in gross written premiums for the UAE insurance sector in 2017 and 2018, compared to anticipated GDP growth over the same period of 3-3.5%. AM Best, a US-based ratings agency, noted an improvement in earnings coupled with solid premium growth when it compared the performance of listed companies in 2016 to the previous year. Among the key drivers of premium growth have been new federal regulations on motor insurance, as well as the introduction of compulsory health insurance for all residents of the emirate.

Articles from this Chapter

Overview

Building blocks: A well-regulated and robust sector continues to see steady growth
OBG
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Intense competition, low penetration rates and a strong bias towards non-life products characterises Dubai’s insurance sector, with ratings agencies agreeing that there is robust medium-term growth potential for the emirate’s underwriters. S&P Global ratings predicts 10% per annum growth in gross written premiums (GWPs) for the UAE insurance sector in 2017 and 2018, compared to anticipated GDP growth over the same period of 3-3.5%. AM Best, a US-based ratings agency, noted an improvement…

Analysis

A compelling narrative: Mandatory health coverage reshapes the domestic market
OBG
plus

The introduction of compulsory health cover in Dubai has been one of the key drivers of demand in the insurance industry in the emirate. The sector is regulated by Dubai Health Authority (DHA), which is working to ensure there is comprehensive cover in place for the 2.46m expatriates who live in the emirate, as well as their dependants and those families with Dubai visas living in other emirates. Rollout The health insurance programme is tied to the visas issued to residents, and was rolled…