United Arab Emirates Insurance Report Q3 2013: New research report available at Fast Market Research

From: Fast Market Research, Inc.
Published: Wed Aug 28 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.

Full Report Details at
- http://www.fastmr.com/prod/648295_united_arab_emirates_insurance_report_q3_2013.aspx?afid=303

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.

We remain of the view that some kind of consolidation will take place in the competitive landscape. The largest UAE insurers - such as Salama, Oman Insurance Company and Abu Dhabi National Insurance Company (ADNIC) write annual premiums of around US$600-800mn. By this metric, they are roughly half the size of Tawuniya, the largest insurance company in Saudi Arabia and would rank as no more than medium-sized players in most other countries outside the MENA region. Many of their competitors in the UAE are much smaller.

About Fast Market Research

Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available.

For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156.

You may also be interested in these related reports:

- United Arab Emirates Commercial Banking Report Q3 2013
- Egypt Insurance Report Q3 2013
- United Arab Emirates Shipping Report Q3 2013
- United Arab Emirates Freight Transport Report Q4 2013
- United Arab Emirates Food & Drink Report Q3 2013

Company: Fast Market Research, Inc.
Contact Name: Bill Thompson
Contact Email: press@fastmr.com
Contact Phone: 1-413-485-7001

Visit website »