The Emirati insurance market dominates the region

Dubai Chamber of Commerce and Industry © Imre Solt, CC BY-SA 3.0 (modified picture)

The 61 insurers and the two reinsurers listed in the country reported in 2012 a premiums volume of 7.2 billion USD, that is 45% of the turnover posted by the entire zone, and which amounts to 16.3 billion USD. The insurance penetration rate is of 2% representing one of the best performances in the region.

The annual average growth rate of the industry between 2007 and 2012 is of 17%, compared to 16.8% in the GCC. Globally, the insurance business in the GCC region remains insignificant, accounting for only 0.4% of global premiums, the equivalent rate of the Portuguese market.