New Study: United Arab Emirates Insurance Report Q3 2016
New Financial Services market report from Business Monitor International: "United Arab Emirates Insurance Report Q3 2016"
[ClickPress, Fri Jul 22 2016] The UAE's insurance sector will grow at a solid, if slowing, pace over the next five years, on the back of generally stable economic fundamentals and demand from the large expatriate workforce. We see the mild consolidation as a consequence of heavy competition in the sector which is putting downward pressure on premium prices. However, growth will be pretty strong over 2016-2017, due to two key drivers. Firstly, there will be a bounce back, after a mild overall contraction in gross premiums written in 2015. The second factor will be a surge in health insurance premiums due to recent legislation , which makes health insurance compulsory for foreign residents. Life insurance is less established, and again demand is primarily driven by foreign workers unable to access generous state benefits provided to nationals.
Key Updates And Forecasts
Gross premiums written in the life sector underwent a bigger contraction in 2015 than we had earlier estimated, at a rate of 31.8% y-o-y. However, there will be a robust return to growth in the life sector in 2016, at a rate of 13.9% in local currency terms, according to our latest quarterly forecasts, with double digit growth in percentage terms then set to be registered each year until the end of our core forecast period, in 2020. This return to growth in the life sector will be the key to the return to growth in the insurance market as a whole, due to the relative size of the life market.
Full Report Details at
The non-life sector will return to double digit growth in 2016, at a rate of 10.8% y-o-y in local currency terms, according to our forecasts, after a relatively disappointing 8.5% in 2015.
The United Arab Emirates Insurance Report has been researched at source and features BMI Research's independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.
BMI's United Arab Emirates Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Emirati insurance industry.
Benchmark BMI's independent insurance industry forecasts for United Arab Emirates to test other views - a key input for successful budgeting and strategic business planning in United Arab Emirates's insurance market.
Target business opportunities and risks in United Arab Emirates through our reviews of latest industry trends, regulatory changes and major deals, investments and macroeconomic developments.
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