United Arab Emirates Insurance Report Q3 2012
Business Monitor International, July 2012, Pages: 66
The United arab emirates Insurance Report provides industry professionals and strategists, corporate analysts, insurance associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on united arab emirates's insurance industry.
As of March 2012, recent developments and the latest data serve to 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.
As was the case in Q112, we continue to see the development of takaful, which has been led by Islamic Arab Insurance Company (Salama) as a key driver of growth for the entire sector. Importantly, much of the newsflow through the later part of Q411 and Q112 indicated that the UAE’s insurers are responding proactively to the competitive and often difficult conditions prevailing in the nonlife segment (especially). During 2011, 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. Meanwhile, HDFC Life, the largest private sector life company in India, has established an operation in Dubai that focuses, not unreasonably, on wealthier non-resident Indians (NRIs). As was the case three months ago, it appears that the majority of companies in the UAE’s insurance sector were largely unaffected by the volatility of global financial markets through 2011. Looking forward, 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$600-800mn. By this metric, they are roughly half the size of Tawuniya, the largest insurance company in Saudi Arabia and would rate as no more than medium-sized players in most other countries outside the MENA region. Many of their competitors in the UAE are much smaller.
Executive Summary 5
Table: Total Premiums, 2008-2016 5
Key Insights And Key Risks 5
SWOT Analysis 7
UAE Insurance Industry SWOT 7
UAE Political SWOT 8
UAE Economic SWOT 8
UAE Business Environment SWOT 9
Life Sector 10
Middle East Life Sector Overview 10
Table: Middle East And Africa Life Premiums, 2008-2016 (US$mn) 10
UAE Life Sector Update 12
Life Insurance Industry Forecast Scenario 13
Table: Life Premiums, 2008-2016 13
Growth Drivers And Risk Management Projections 14
Population 14
Table: Insurance Key Drivers, Demographics, 2008-2016 14
Non-Life Sector 16
Middle East Non-Life Sector Overview 16
Table: Middle East And Africa Non-Life Premiums, 2008-2016 (US$mn) 16
UAE Non-Life Sector Update 18
Non-Life Insurance Industry Forecast Scenario 21
Table: Non-Life Premiums, 2008-2016 21
Growth Drivers And Risk Management Projections 22
Macroeconomic Outlook 22
Table: UAE Economic Activity, 2011-2016 24
Political Stability Outlook 25
Table: Middle East And Africa Defence And Security Ratings 26
Healthcare 27
Epidemiology 33
Motor 35
Islamic Finance 36
Insurance Risk/Reward Ratings 38
Table: UAE’s Insurance Risk/Reward Ratings 38
Table: Middle East And Africa Insurance Risk/Reward Ratings 39
Competitive Landscape 40
Competitive Landscape Analysis 40
Major Players In The UAE’s Insurance Sector 40
Table: Ranking Of Companies By Premiums, 2009-2010 42
Regional Company Profiles 45
Allianz 45
Arab Insurance Group (ARIG) 47
UAE Insurance Report Q3 2012
© Business Monitor International Ltd
Page 4
Aviva 48
AXA 49
Chartis 50
MAPFRE 52
MetLife ALICO 53
RSA 55
Zurich Insurance Group 56
Demographic Outlook 57
Table: Population By Age Group, 1990-2020 ('000) 58
Table: Population By Age Group, 1990-2020 59
Table: Key Population Ratios, 1990-2020 60
Table: Rural And Urban Population, 1990-2020 60
BMI Methodology 61
Insurance Risk/Reward Ratings 63
Table: Insurance Risk/Reward Indicators And Rationale 64
Table: Weighting Of Indicators 65
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