Mergers in the insurance industry are necessary

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The Emirati insurance business counts 61 insurance companies, 34 of which are local ones and 27 subsidiaries are foreign operators. There are also 20 insurance companies specialized in the health class of business. The overall companies count 200 branches or outlets scattered around the seven emirates, in addition to 16 consultants, 40 claim expertise firms and 35 actuarial experts.

These figures showcase the congestion of the insurance market. The growing number of players is prompting a fierce competition, especially in the motor and health classes of business where prices are cut by more than 50%. This context has pushed the authorities to advocate rapprochement between the players.

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Fri, 16/12/2016 - 14:54
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