Recently published research from Business Monitor International, "United Arab Emirates Insurance Report Q3 2013", is now available at Fast Market Research
Boston, MA -- (SBWIRE) -- 08/14/2013 -- BMI Industry View
Key Insights And Key Risks
As of mid- 2013, data confirm our view that the UAE is one of the largest and most dynamic of the insurance markets of the Middle East and North Africa (MENA) region. The published accounts of the larger listed insurance companies in relation to 2011 indicate that both segments grew at (low) double-digit rates in terms of gross written premiums. However, premium growth appears to have slowed in 2012. The latest data from Salama, the multinational takaful operator based in the UAE, suggest takaful will not contribute to the overall growth of the sector in 2012.
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Importantly, much of the newsflow through 2012 indicated that the UAE's insurers are responding proactively to the competitive and often difficult conditions, particularly in the non-life segment. During 2011 and 2012, several insurers allowed premiums and profits to contract as they focused on writing business that would contribute to profitability over the medium to long term. Various partnerships have been announced to exploit areas of opportunity, such as health insurance. Retention rates have risen. New products have been developed.
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