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Features of UAE insurance market
- Regulatory authority: Central Bank (CBUAE)
- Life and non-life premiums (2023): 14 531 millions USD
- Insurance density (2023): 1 526.9 USD
- Penetration ratio (2023): 2.9%
Structure of the UAE insurance market in 2023
Market players | Number |
|---|---|
Insurance companies | 60 |
Insurance brokers | 163 |
Insurance agents | 26 |
Insurance consultants | 52 |
Other | 258 |
Total | 559 |
Identity
- Area: 83 600 Km2
- Population (1) (2023) : 9 516 871inhabitants
- GDP (1) (2023) : 504.17 billions USD
- GDP per capita (2023): 52 976.8 USD
- GDP growth rate (1) (2023): 3.4%
- Inflation rate (1) (2022): 4.8%
- Main sectors of activity: Oil and gas production and export, manufacturing industries, luxury tourism, services.
Main cities (2)
(by number of inhabitants) (2024)
- Dubai: 3 478 300
- Abu Dhabi (capital): 1 807 000
- Sharjah: 1 274 749
- Al Ain City: 846 747
(1) Source: World Bank
(2) Source: Worldomerters.info
UAE insurance market: evolution of premiums per life and non-life insurance (2019-2023)
Figures in thousands USD
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Total | 11 982 906 | 11 568 477 | 12 063 982 | 12 862 372 | 14 531 050 |
| Non-life | 9 514 054 | 9 394 059 | 9 622 225 | 10 769 498 | 12 704 705 |
| Life | 2 468 852 | 2 174 418 | 2 441 757 | 2 092 874 | 1 826 345 |
Read also | Top 20 insurance companies in UAE
UAE insurance market: turnover per class of business
Figures in thousands USD
| Class of Business | Turnover | 2023 shares | |
|---|---|---|---|
| Non-life total | 12 704 705 | 10 769 498 | 87.43% |
| Life total | 1 826 345 | 2 092 874 | 12.57% |
| Grand total | 14 531 050 | 12 862 372 | 100% |
| 2023 | 2022 | ||
| Health | 7 049 952 | 5 919 034 | 48.52% |
| Motor | 1 602 499 | 1 295 552 | 11.03% |
| Fire | 1 233 105 | 1 171 539 | 8.49% |
| Engineering. Construction & Energy | 902 991 | 877 340 | 6.21% |
| Marine & Aviation | 603 205 | 495 295 | 4.15% |
| Other | 1 311 323 | 1 009 183 | 9.02% |
| Reinsurance ‐ Property & Liability | 1 630 | 1 555 | 0.01% |
| Individual Life | 1 382 717 | 1 578 907 | 9.52% |
| Group Credit Life | 277 750 | 248 530 | 1.91% |
| Group Life | 152 771 | 225 536 | 1.05% |
| Annuities & Fund Accumulation | 13 107 | 39 901 | 0.09% |
UAE insurance market: net written premiums by class of business
Figures in thousands USD
| Classes of business | 2023 | 2022 | 2022-2023 evolution (1) |
|---|---|---|---|
| Grand total | 7 833 931 | 7 057 121 | 10% |
| Health | 4 134 496 | 3 555 442 | 34.93% |
| Motor | 1 290 168 | 1 004 661 | 5.01% |
| Fire | 259 833 | 217 730 | 31.97% |
| Engineering (2) | 174 267 | 143 087 | 34.71% |
| Marine (3) | 136 777 | 114 105 | 39.45% |
| Other risks | 360 745 | 278 357 | 74.73% |
| Reinsurance acceptances | 490 | 1 120 | - |
| Total non-life | 6 356 776 | 5 314 502 | 29.11% |
| Total life | 1 477 155 | 1 742 619 | -32.81% |
(1) Growth rate in local currency
(2) Including construction and energy
(3) Including aviation
UAE insurance market: net earned premiums by class of business
Figures in thousands USD
| Classes of business | 2023 | 2022 | 2022-2023 evolution (1) |
|---|---|---|---|
| Grand total | 7 317 403 | 6 882 194 | 2.33% |
| Health | 3 920 360 | 3 428 267 | 27.76% |
| Motor | 1 090 473 | 974 515 | -15.72% |
| Fire | 252 123 | 223 118 | 24.77% |
| Engineering (2) | 160 004 | 135 660 | 19.27% |
| Marine (3) | 125 057 | 114 884 | 33.08% |
| Other risks | 311 196 | 254 768 | 62.17% |
| Reinsurance acceptances | 655 | 661 | - |
| Total non-life | 5 859 868 | 5 131 873 | 17.56% |
| Total life | 1 457 535 | 1 750 321 | -32.72% |
(1) Growth rate in local currency
(2) Including construction and energy
(3) Including aviation
UAE insurance market: net incurred losses by non-life class of business
Figures in thousands USD
| Classes of business | 2023 | 2022 | 2022-2023 evolution (1) |
|---|---|---|---|
| Total non-life | 4 380 537 | 3 611 622 | 31.36% |
| Health | 3 253 690 | 2 746 039 | 37.36% |
| Motor | 861 012 | 662 820 | 20.83% |
| Fire | 108 499 | 51 667 | 54.61% |
| Engineering (2) | 50 631 | 66 236 | -40.06% |
| Marine (3) | 56 709 | 47 587 | 1.03% |
| Other risks | 49 522 | 37 032 | 15.91% |
| Reinsurance acceptances | 474 | 241 | - |
(1) Growth rate in local currency
(2) Including construction and energy
(3) Including aviation
UAE insurance market: net loss ratio by non-life class of business
| Classes of business | 2023 | 2022 |
|---|---|---|
| Total non-life | 74.8% | 70.4% |
| Health | 83.0% | 80.1% |
| Motor | 79.0% | 68.0% |
| Fire | 43.0% | 23.2% |
| Engineering (1) | 31.6% | 48.8% |
| Marine (2) | 45.4% | 41.4% |
| Other risks | 15.9% | 14.5% |
| Reinsurance acceptances | 72.4% | 36.5% |
(1) Growth rate in local currency
(2) Including construction and energy
(3) Including aviation
UAE insurance market: net management expenses ratio by non-life class of busines
| Classes of business | 2023 | 2022 |
|---|---|---|
| Total non-life | 20.8% | 19.7% |
| Health | 16.9% | 19.3% |
| Motor | 32.1% | 33.9% |
| Fire | 34.4% | 28.7% |
| Engineering (1) | 38.0% | 23.4% |
| Marine (2) | 45.0% | 36.3% |
| Other risks | 37.3% | 47.1% |
| Reinsurance acceptances | 97.0% | 102.9% |
(1) Including construction and energy
(2) Including aviation
UAE insurance market: net combined ratio by non-life class of businesss
| Classes of business | 2023 | 2022 |
|---|---|---|
| Total non-life | 95.6% | 90.1% |
| Health | 99.9% | 99.4% |
| Motor | 111.1% | 101.9% |
| Fire | 77.4% | 51.9% |
| Engineering (1) | 69.6% | 72.2% |
| Marine (2) | 90.3% | 77.7% |
| Other risks | 53.2% | 61.6% |
| Reinsurance acceptances | 169.3% | 139.4% |
(1) Including construction and energy
(2) Including aviation
Exchange rate as at 31/12/2023: 1 AED = 0.27223 USD; at 31/12/2022: 1 AED = 0.27224 USD; at 31/12/2021: 1 AED = 0.27222 USD; at 31/12/2020: 1 AED = 0.27222 USD; at 31/12/2019: 1 AED = 0.27221 USD
