From The Report: Dubai 2020
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The UAE’s insurance market is the largest in the GCC, and Dubai-based institutions, whether catering to the domestic sphere or serving the region from the emirate’s renowned financial free zone, play a central role in it. Dubai has a growing and multi-tiered insurance sector, with a conventional market as well as an offshore segment that features specialists and reinsurers that cover other markets in the region. A challenging economic environment sparked by low oil prices and an ongoing process of regulatory reform have slowed premium growth over the past year, but an increasingly efficient sector has succeeded in maintaining aggregate profitability levels. Both regulatory reform and market volatility remain factors that will significantly affect growth prospects in 2020.