Noida, UP -- (SBWIRE) -- 07/08/2010 -- RNCOS has recently added a new Market Research Report titled, “UAE Insurance Market Forecast to 2012” to its report gallery. Driven by factors such as low insurance penetration levels and favorable demographic profile, the UAE insurance industry has been witnessing noteworthy upsurge for the past few years. The huge untapped insurance market in the country has been providing tremendous opportunities for expansion to the existing as well as new players.
According to our new research report “UAE Insurance Market Forecast to 2012”, the industry witnessed a CAGR of around 30.5% during 2006-2009, and we anticipate that the future prospects of the industry will also remain buoyant, owing to strong economic growth and government initiatives like separate licenses for life and non-life insurance products. Moreover, high demand for various insurance products, like life insurance, motor insurance, engineering insurance and home insurance, will also provide the impetus for the growth of the industry. In this regard, we have done extensive research and analysis of the UAE insurance industry and its various segments.
Our research also indicates that the non-life segment of the insurance industry will show significant growth in coming years. The baseline for optimistic future projection of the market is created by more underwriting funds to promote new non-life products in the market. Besides this, takaful insurance, private pension funds and bancassurance will also pave the way for the growth of the UAE insurance market over the forecast period (2010-2013).
Our report also emphasizes that the future growth trend, to some extent, will be impacted by the financial turmoil and credit squeeze. Nevertheless, the overall trend will remain positive over the forecast period. The government has been taking various initiatives for the promotion of the insurance sector. As the medical insurance has been made compulsory from 2010, it is expected that the premiums from the medical insurance segment will make a significant contribution to the non-life insurance sector.
“UAE Insurance Market Forecast to 2012” provides a rational analysis and reliable statistics of the insurance industry in UAE. The report thoroughly examines current market trends, industrial developments and competitive landscape to enable clients understand the market structure and its progress in coming years. Besides this, the report also provides brief overview of the key market players in the UAE insurance industry.
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About RNCOS:
RNCOS specializes in Industry intelligence and creative solutions for contemporary business segments. Our professionals study and analyze the industry and its various components, with comprehensive study of the changing market behavior. Our accuracy and data precision proves beneficial in terms of pricing and time management that assist the consultants in meeting their objectives in a cost-effective and timely manner.