United Arab Emirates insurance market: 2013-2014 results
The United Arab Emirates insurance market improved by 13.66% in 2014. It went from 8.03 billion USD in 2013 to 9.13 billion USD twelve months later.
Despite a slight increase of two points, the life sector represents only 25.8% of the total production. The UAE insurance market remains dominated by national companies that account for 60% of the turnover which is slightly decreasing compared to 2013. The incurred losses for all classes of business increased by 25% in one year.
The UAE insurance market: Turnover per company and per class of business: 2013-2014
in thousands USD| Years | National companies (1) | Foreign compagnies(2) | Grand total | Market shares | |
|---|---|---|---|---|---|
Accident and third party liability | 2013 | 1 407 716 | 600 911 | 2 008 627 | 25% |
| 2014 | 1 613 109 | 626 557 | 2 239 666 | 24.6% | |
Fire | 2013 | 416 210 | 177 570 | 593 780 | 7.4% |
| 2014 | 420 425 | 190 778 | 611 203 | 6.7% | |
Marine(3) | 2013 | 338 172 | 127 676 | 465 848 | 5.8% |
| 2014 | 341 403 | 112 524 | 453 927 | 4.9% | |
Other risks | 2013 | 275 945 | 79 632 | 355 577 | 4.4% |
| 2014 | 337 940 | 121 399 | 456 339 | 5% | |
Health | 2013 | 2 113 359 | 582 278 | 2 695 637 | 33.6% |
| 2014 | 2 367 937 | 645 240 | 3 013 177 | 33% | |
Total non life | 2013 | 4 551 402 | 1 568 067 | 6 119 469 | 76.2% |
| 2014 | 5 080 814 | 1 696 498 | 6 777 312 | 74.2% | |
Life | 2013 | 417 463 | 1 496 987 | 1 914 450 | 23.8% |
| 2014 | 425 729 | 1 928 555 | 2 354 284 | 25.8% | |
Grand total | 2013 | 4 968 865 | 3 065 054 | 8 033 919 | 100% |
| 2014 | 5 506 543 | 3 625 053 | 9 131 596 | 100% |
(2) 26 companies
(3) including maritime, aviation and land transport
United Arab Emirates: market shares per class of business and per type of company in 2014
The UAE insurance market: Gross incurred losses per type of company and per class of business: 2013-2014
in thousands USD| Years | National companies(1) | Foreign companies(2) | Grand total | % per class of business | |
|---|---|---|---|---|---|
Accident and third party liability | 2013 | 902 970 | 413 518 | 1 316 488 | 29.1% |
| 2014 | 1 019 267 | 334 394 | 1 353 661 | 24.1% | |
Fire | 2013 | 156 411 | 99 490 | 255 901 | 5.7% |
| 2014 | 333 114 | 184 665 | 517 779 | 9.2% | |
Marine(3) | 2013 | 73 444 | 77 422 | 150 866 | 3.3% |
| 2014 | 164 480 | 46 459 | 210 939 | 3.8% | |
Other risks | 2013 | 146 757 | 85 112 | 231 869 | 5.1% |
| 2014 | 167 401 | 121 135 | 288 536 | 5.1% | |
Health | 2013 | 1 628 496 | 351 333 | 1 979 829 | 43.8% |
| 2014 | 2 041 601 | 492 373 | 2 533 974 | 45% | |
Total non life | 2013 | 2 908 078 | 1 026 875 | 3 934 953 | 87% |
| 2014 | 3 725 863 | 1 179 026 | 4 904 889 | 87.2% | |
Life | 2013 | 131 843 | 451 065 | 582 908 | 13% |
| 2014 | 202 571 | 516 499 | 719 070 | 12.8% | |
Grand total | 2013 | 3 039 921 | 1 477 940 | 4 517 861 | 100% |
| 2014 | 3 928 434 | 1 695 525 | 5 623 959 | 100% |
(2) 26 companies
(3) including maritime ,air and land transport
UAE: incurred losses per class of business and per type of company in 2014
Source: The United Arab Emirates Insurance Authority (IA) Exchange rate AED/USD as at 31/12 | 2013 | 2014 |
0.2723 | 0.27231 |
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