The Emirati insurance market dominates the region

The United Arab Emirates makes up the most important insurance market in the whole region of the Gulf Cooperation Council (GCC).
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.

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