Life Insurance in the UAE, Key Trends and Opportunities to 2019

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Published: January 29, 2016 Report Code: GD-IS1134MR-ST

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Although located in the Middle East, the UAE – a federation of seven states (emirates): Abu Dhabi; Dubai; Ajman; Fujairah; Ras al Khaimah; Sharjah; and Umm al Qaiwain – tends not to experience the political distress and violence faced by other countries in the region. Moreover, the country’s central location as a trade link between Europe and Asia makes it an attractive business transit location. This has enabled the economy to diversify beyond oil exports, and expansion in the tourism and hospitality sector since 2000 has made it one of world’s most popular tourist destinations. All these factors have helped the country build international business confidence, attracting brands such as Microsoft, Americana Group and Mondelēz International.

According to GlobalData, the UAE insurance industry was the largest in the Gulf Cooperation Council (GCC) after Saudi Arabia in 2014. The industry’s gross written premium increased from AED19.0 billion (US$5.2 billion) in 2010 to AED28.7 billion (US$7.8 billion) in 2014, at a review period (2010 to 2014) CAGR of 10.8%. The life segment’s gross written premium grew from AED3.8 billion (US$1.0 billion) to AED7.5 billion (US$2.0 billion) over the same period, at a review period CAGR of 18.7%.

Scope

• An analysis of the various distribution channels in the UAE life insurance segment

• An overview of the competitive landscape of the life insurance segment in the UAE

• An examination of the key developments in the UAE life insurance segment

• The highlighting of new products launched by UAE life insurers

• The key trends, drivers and challenges for the UAE life insurance segment

• An exhaustive list of parameters in the life insurance industry in the UAE, including: written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions

• Profiles of the leading life insurance companies operating in the UAE life insurance segment

• A comprehensive overview of the UAE’s economy and associated demographics

• Historical values for the UAE life insurance segment for the report’s 2010 to 2014 review period, and projected figures up to 2019

• A detailed analysis of the key categories in the UAE life insurance segment, and market forecasts to 2019

Key Highlights

What forecast-period CAGR is the life insurance segment anticipated to post?

Which key demographic factors are stimulating the demand for life insurance products in the UAE?

What dominates the segment’s distribution network? How much of the segment’s new business gross written premium in 2014 did this domination account for?

What are the main growth drivers of life insurance in the UAE? What will one of these key drivers enable for the life insurance industry?

Reasons to Buy

• Make strategic business decisions in the UAE life insurance segment utilizing GlobalData’s in-depth historic and forecast market data

• Gain an in-depth understanding of the UAE life insurance market

• Assess the market dynamics and seek competitive advantage through the positioning of your products

• Identify the growth opportunities in key product categories in the UAE life insurance sector and align your sales and marketing accordingly

• Investigate key regulations governing the UAE life insurance industry to ensure your compliance to any legislative changes

• Evaluate the performance of key market drivers and current distribution channels to identify opportunities to increase your future participation

Oman Insurance Company
Abu Dhabi National Insurance Company
Orient Insurance Company
Emirates Insurance Company
Al Ain Ahlia Insurance Company
Al Buhaira National Insurance Company
Union Insurance Company
National General Insurance Company
Al Wathba National Insurance Company
Al-Sagr National Insurance Company

Table of Contents

1 Key Facts and Highlights

2 Executive Summary

3 Introduction

3.1 What is this Report About?

3.2 Definitions

3.3 Methodology

4 Economy and Demographics

5 Life Insurance Outlook

5.1 Key Drivers

5.2 Key Trends

5.3 Challenges

5.4 Life Insurance Growth Prospects by Category

5.5 Individual Life Insurance

5.5.1 Total non-linked insurance business

6 Analysis by Distribution Channel

6.1 Direct Marketing

6.2 Agencies

6.3 Brokers

7 Competitive Landscape and Strategic Insights

7.1 Overview

7.2 Leading Companies in the UAE Life Insurance Segment

7.2.1 Oman Insurance Company – company overview

7.2.2 Abu Dhabi National Insurance Company – company overview

7.2.3 Orient Insurance Company – company overview

7.2.4 Emirates Insurance Company – company overview

7.2.5 Al Ain Ahlia Insurance Company – company overview

7.2.6 Al Buhaira National Insurance Company – company overview

7.2.7 Union Insurance Company – company overview

7.2.8 National General Insurance Company – company overview

7.2.9 Al Wathba National Insurance Company – company overview

7.2.10 Al Sagr National Insurance Company – company overview

8 Governance, Risk and Compliance

8.1 Legislation Overview and Historical Evolution

8.2 Latest Changes in Regulations

8.3 Legislation and Market Practice by Type of Insurance

8.3.1 Life insurance

8.3.2 Property insurance

8.3.3 Motor insurance

8.3.4 Liability insurance

8.3.5 Marine, aviation and transit insurance

8.3.6 Personal accident and health insurance

8.4 Compulsory Insurance

8.4.1 Motor third-party liability insurance

8.4.2 Health insurance

8.4.3 Medical liability insurance

8.5 Supervision and Control

8.5.1 International Association of Insurance Supervisors

8.5.2 Insurance Authority

8.5.3 Dubai Financial Services Authority

8.5.4 Emirates Insurance Association

8.6 Non-Admitted Insurance Regulations

8.6.1 Overview

8.6.2 Intermediaries

8.6.3 Market practices

8.6.4 Fines and penalties

8.7 Company Registration and Operations

8.7.1 Types of insurance organization

8.7.2 Establishing a local company

8.7.3 Foreign ownership

8.7.4 Types of license

8.7.5 Capital requirements

8.7.6 Solvency margins

8.7.7 Reserve requirements

8.7.8 Investment regulations

8.7.9 Statutory return requirements

8.7.10 Fee structure

8.8 Taxation

8.8.1 Insurance premium or policy taxation

8.8.2 Withholding taxes on premium paid overseas

8.8.3 Corporate tax

8.8.4 VAT

8.8.5 Captives

8.9 Legal System

8.9.1 Introduction

8.9.2 Access to court

8.9.3 Alternative dispute resolution (ADR)

9 Appendix

9.1 Contact GlobalData

9.2 About GlobalData

9.3 GlobalData’s Services

9.4 Disclaimer

Table

Table 1: UAE Life Insurance – Key Facts, 2014

Table 2: Insurance Industry Definitions

Table 3: UAE Government Credit Ratings

Table 4: UAE Life Insurance – New Business Direct Written Premium (AED Billion), 2010–2014

Table 5: UAE Life Insurance – New Business Direct Written Premium (AED Billion), 2014–2019

Table 6: UAE Life Insurance – Sum Assured (AED Billion), 2010–2014

Table 7: UAE Life Insurance – Sum Assured (AED Trillion), 2014–2019

Table 8: UAE Life Insurance – Paid Claims (AED Billion), 2010–2014

Table 9: UAE Life Insurance – Paid Claims (AED Billion), 2014–2019

Table 10: UAE Life Insurance – Incurred Loss (AED Billion), 2010–2014

Table 11: UAE Life Insurance – Incurred Loss (AED Billion), 2014–2019

Table 12: UAE Life Insurance – Number of Policies per Capita, 2010–2014

Table 13: UAE Life Insurance – Number of Policies per Capita, 2014–2019

Table 14: UAE Life Insurance – Commissions and Expenses (AED Million), 2010–2014

Table 15: UAE Life Insurance – Commissions and Expenses (AED Million), 2014–2019

Table 16: UAE Life Insurance – Net Written Premium (% of GWP), 2010–2014

Table 17: UAE Life Insurance – Net Written Premium (Percentage of Gross Written Premium), 2014–2019

Table 18: UAE Life Insurance – Renewal Business Direct Written Premium (AED Billion), 2010–2014

Table 19: UAE Life Insurance – Renewal Business Direct Written Premium (AED Billion), 2014–2019

Table 20: UAE Life Insurance – Total Assets (AED Billion), 2010–2014

Table 21: UAE Life Insurance – Total Assets (AED Billion), 2014–2019

Table 22: UAE Life Insurance – Total Investment Income (AED Million), 2010–2014

Table 23: UAE Life Insurance – Total Investment Income (AED Billion), 2014–2019

Table 24: UAE Life Insurance – Net Written Premium (AED Billion), 2010–2014

Table 25: UAE Life Insurance – Net Written Premium (AED Billion), 2014–2019

Table 26: UAE Non-Linked Insurance Business – Number of Active Policies (Thousand), 2010–2014

Table 27: UAE Non-Linked Insurance Business – Number of Active Policies (Thousand), 2014–2019

Table 28: UAE Non-Linked Insurance Business – Gross Written Premium (AED Billion), 2010–2014

Table 29: UAE Non-Linked Insurance Business – Gross Written Premium (AED Billion), 2014–2019

Table 30: UAE Non-Linked Insurance Business – Direct Written Premium (AED Billion), 2010–2014

Table 31: UAE Non-Linked Insurance Business – Direct Written Premium (AED Billion), 2014–2019

Table 32: UAE Life Insurance – Direct Marketing New Business Direct Written Premium (AED Billion), 2010–2014

Table 33: UAE Life Insurance – Direct Marketing New Business Direct Written Premium (AED Billion), 2014–2019

Table 34: UAE Life Insurance – New Policies Sold Through Direct Marketing (Thousand), 2010–2014

Table 35: UAE Life Insurance – New Policies Sold Through Direct Marketing (Thousand), 2014–2019

Table 36: UAE Life Insurance – Agencies’ New Business Direct Written Premium (AED Billion), 2010–2014

Table 37: UAE Life Insurance – Agencies’ New Business Direct Written Premium (AED Billion), 2014–2019

Table 38: UAE Life Insurance – New Policies Sold Through Agencies (Thousand), 2010–2014

Table 39: UAE Life Insurance – New Policies Sold Through Agencies (Thousand), 2014–2019

Table 40: UAE Life Insurance – Brokers’ New Business Direct Written Premium (AED Million), 2010–2014

Table 41: UAE Life Insurance – Brokers’ New Business Direct Written Premium (AED Billion), 2014–2019

Table 42: UAE Life Insurance – New Policies Sold Through Brokers (Thousand), 2010–2014

Table 43: UAE Life Insurance – New Policies Sold Through Brokers (Thousand), 2014–2019

Table 44: Life Insurance – Segment Shares (%), 2014

Table 45: Oman Insurance Company – Key Facts

Table 46: Oman Insurance Company – Key Financials (AED Million), 2010–2014

Table 47: Abu Dhabi National Insurance Company – Key Facts

Table 48: Abu Dhabi National Insurance Company – Key Financials (AED Million), 2010–2014

Table 49: Orient Insurance Company – Key Facts

Table 50: Orient Insurance Company – Key Financials (AED Million), 2010–2014

Table 51: Emirates Insurance Company – Key Facts

Table 52: Emirates Insurance Company – Key Financials (AED Million), 2010–2014

Table 53: Al Ain Ahlia Insurance Company – Key Facts

Table 54: Al Ain Ahlia Insurance Company – Key Financials (AED Million), 2010–2014

Table 55: Al Buhaira National Insurance Company – Key Facts

Table 56: Al Buhaira National Insurance Company – Key Financials (AED Million), 2010–2014

Table 57: Union Insurance Company – Key Facts

Table 58: Union Insurance Company – Key Financials (AED Million), 2010–2014

Table 59: National General Insurance Company – Key Facts

Table 60: National General Insurance Company – Key Financials (AED Million), 2010–2014

Table 61: Al Wathba National Insurance Company – Key Facts

Table 62: Al Wathba National Insurance Company – Key Financials (AED Million), 2010–2014

Table 63: Al-Sagr National Insurance Company – Key Facts

Table 64: Al-Sagr National Insurance Company – Key Financials (AED Million), 2010–2014

Table 65: UAE – Insurance Regulatory Framework Key Features

Table 66: UAE – Life Insurance Regulatory Framework

Table 67: UAE – Property Insurance Regulatory Framework

Table 68: UAE – Motor Insurance Regulatory Framework

Table 69: UAE – Liability Insurance Regulatory Framework

Table 70: UAE – Maximum Limits for Investments in Various Assets by Insurers

Figures

Figure 1: UAE Real GDP (US$ Billion), 2010–2019

Figure 2: AED–US$ Exchange Rate, 2010–2019

Figure 3: UAE Consumer Price Inflation, 2010–2019

Figure 4: UAE Current Account Balance as Percentage of GDP (%), 2010–2019

Figure 5: UAE Unemployment Rate, 2010–2019

Figure 6: UAE Population by Age Group, 1990–2025

Figure 7: UAE – Population Distribution (%), 2014

Figure 8: UAE – Population Composition by Age Group (%), 2010–2014

Figure 9: UAE Life Insurance – New Business Direct Written Premium (AED Billion), 2010–2014

Figure 10: UAE Life Insurance – New Business Direct Written Premium (AED Billion), 2014–2019

Figure 11: UAE Life Insurance – Sum Assured (AED Trillion), 2010–2014

Figure 12: UAE Life Insurance – Sum Assured (AED Trillion), 2014–2019

Figure 13: UAE Life Insurance – Paid Claims (AED Billion), 2010–2014

Figure 14: UAE Life Insurance – Paid Claims (AED Billion), 2014–2019

Figure 15: UAE Life Insurance – Incurred Loss (AED Billion), 2010–2014

Figure 16: UAE Life Insurance – Incurred Loss (AED Billion), 2014–2019

Figure 17: UAE Life Insurance – Number of Policies per Capita, 2010–2014

Figure 18: UAE Life Insurance – Number of Policies per Capita, 2014–2019

Figure 19: UAE Life Insurance – Commissions and Expenses (AED Million), 2010–2014

Figure 20: UAE Life Insurance – Commissions and Expenses (AED Million), 2014–2019

Figure 21: UAE Life Insurance – Net Written Premium (% of GWP), 2010–2014

Figure 22: UAE Life Insurance – Net Written Premium (Percentage of Gross Written Premium), 2014–2019

Figure 23: UAE Life Insurance – Renewal Business Direct Written Premium (AED Billion), 2010–2014

Figure 24: UAE Life Insurance – Renewal Business Direct Written Premium (AED Billion), 2014–2019

Figure 25: UAE Life Insurance – Total Assets (AED Billion), 2010–2014

Figure 26: UAE Life Insurance – Total Assets (AED Billion), 2014–2019

Figure 27: UAE Life Insurance – Total Investment Income (AED Million), 2010–2014

Figure 28: UAE Life Insurance – Total Investment Income (AED Billion), 2014–2019

Figure 29: UAE Life Insurance – Net Written Premium (AED Billion), 2010–2014

Figure 30: UAE Life Insurance – Net Written Premium (AED Billion), 2014–2019

Figure 31: UAE Life Insurance – Investment Portfolio (AED Billion), 2010–2014

Figure 32: UAE Life Insurance – Investment Portfolio, 2010 and 2014

Figure 33: UAE Life Insurance – Penetration (Ratio of Direct Premium to GDP), 2010–2014

Figure 34: UAE Life Insurance – Density (Direct Premium per Capita), 2010–2014

Figure 35: UAE Life Insurance – Number of Active Policies (Thousand), 2010–2014

Figure 36: UAE Life Insurance – Number of Active Policies (Thousand), 2014–2019

Figure 37: UAE Life Insurance – Number of New Policies Sold (Thousand), 2010–2014

Figure 38: UAE Life Insurance – Number of New Policies Sold (Thousand), 2014–2019

Figure 39: UAE Life Insurance – Total Investments (AED Billion), 2010–2014

Figure 40: UAE Non-Linked Insurance Business – Number of Active Policies (Thousand), 2010–2014

Figure 41: UAE Non-Linked Insurance Business – Number of Active Policies (Thousand), 2014–2019

Figure 42: UAE Non-Linked Insurance Business – Gross Written Premium (AED Billion), 2010–2014

Figure 43: UAE Non-Linked Insurance Business – Gross Written Premium (AED Billion), 2014–2019

Figure 44: UAE Non-Linked Insurance Business – Direct Written Premium (AED Billion), 2010–2014

Figure 45: UAE Non-Linked Insurance Business – Direct Written Premium (AED Billion), 2014–2019

Figure 46: UAE Life Insurance – New Business Gross Written Premium by Distribution Channel (Percentage Share), 2014 and 2019

Figure 47: UAE Life Insurance – Direct Marketing New Business Direct Written Premium (AED Billion), 2010–2014

Figure 48: UAE Life Insurance – Direct Marketing New Business Direct Written Premium (AED Billion), 2014–2019

Figure 49: UAE Life Insurance – New Policies Sold Through Direct Marketing (Thousand), 2010–2014

Figure 50: UAE Life Insurance – New Policies Sold Through Direct Marketing (Thousand), 2014–2019

Figure 51: UAE Life Insurance – Agencies’ New Business Direct Written Premium (AED Billion), 2010–2014

Figure 52: UAE Life Insurance – Agencies’ New Business Direct Written Premium (AED Billion), 2014–2019

Figure 53: UAE Life Insurance – New Policies Sold Through Agencies (Thousand), 2010–2014

Figure 54: UAE Life Insurance – New Policies Sold Through Agencies (Thousand), 2014–2019

Figure 55: UAE Life Insurance – Brokers’ New Business Direct Written Premium (AED Million), 2010–2014

Figure 56: UAE Life Insurance – Brokers’ New Business Direct Written Premium (AED Billion), 2014–2019

Figure 57: UAE Life Insurance – New Policies Sold Through Brokers (Thousand), 2010–2014

Figure 58: UAE Life Insurance – New Policies Sold Through Brokers (Thousand), 2014–2019

Figure 59: UAE Life Insurance – Segment Shares (%), 2014

Figure 60: UAE – Insurance Supervision and Control at Various Levels

Figure 61: UAE – Insurance Regulatory Frameworks for Company Registration and Operation

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