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United Arab Emirates Insurance Report Q1 2010
Market |
Finance and Banking |
Report Type |
Market Research |
Country |
United Arab Emirates |
Published |
26 January 2010 |
Number of Pages |
68 |
Download |
|
Immediate |
|
Publisher |
Business Monitor International |
This report differs from its predecessors in several respects. In our analysis of competitive conditions, we provide a much more comprehensive ranking of insurance companies in the major segments from the point of view of the organisation that is providing the data (almost always the national insurance regulator or the national insurance trade association). For instance, the Emirati insurance sector continues to be dominated by Oman Insurance Company (OIC), which accounts for about 20% of all premium revenue. The next two largest players are Abu Dhabi National Insurance Company (ADNIC) and Islamic Arab Insurance Company, which attract about 11% of the market each.
In this report, we also provide a breakdown of the insurance sector by line – from the point of view of the regulator or the trade association. The UAE’s insurance sector is dominated by accident liability products, which account for half of non-life products. Life products are limited and make up less than one-sixth of the market.
At the time of writing, in January 2010, we have been able to ensure that the report includes actual data for 2008. We have generally been able to use data that was published in 2009 to adjust our forecasts for the year as a whole. We have also extended the forecasts to 2014. We expect total premiums for 2009 of AED19,027mn, which includes non-life premiums of AED16,699mn and life premiums of AED2,329mn. In 2014, the corresponding figures should be AED37,330mn, AED301,766mn and AED6,554mn respectively. In terms of the key drivers that underpin our forecasts, we expect non-life penetration to rise from 1.98% in 2009 to 2.30% in 2014, and for life density to rise from US$135 to US$324.70 per capita. Our insurance industry Business Environment Rating for the UAE is 56.3.
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