The UAE insurance market

Photo credit: US Gov / CIA World Factbook

Insurance market figures

  • Regulatory authority: Ministry of Economy and Trade
  • 2002 written premiums: 1 082.3 millions USD
  • Insurance density: 328 USD
  • Insurance penetration ratio: 1.52%
  • Number of insurance companies: 45 (as at 31/12/2003)

Market structure in 2003

  • Local companies: 21
  • Foreign companies: 24

Identity

  • Area: 82 880 Km²
  • Emirates : Abu Dhabi, Dubai, Sharjah, Ras al-Khaimah, Ajman, Fujairah and Umm al-Qaiwain
  • Population (2002): 3 300 000 inhabitants
  • GDP (2002): 71 billion USD
  • GDP per capita (2002): 21 515 USD
  • GDP growth rate (2002): 1.8%
  • Inflation rate (2002): 2.8%
  • Main economic sectors: Petrochemicals, sea products, tourism, and services

Major towns

(in thousands of inhabitants)
  • Abu Dhabi : 1 100
  • Dubai : 760
  • Sharjah : 450
  • Ras Al Khaimah : 155
 

Market turnover evolution

in thousands USD

2002 market turnover by class of business and by emirate

in thousands USD
Class of businessDubaiAbu DhabiSharjahRas Al KhaimahOther EmiratesTotal
Motor
171 934114 89827 4894 8859 005328 211
Life
105 37160 6697 745752173 844
Fire
50 55165 6039 2471 3661 724128 491
Marine
55 64425 8298 5378171 02191 848
Theft
1 02839112453301 626
Accident, miscellaneous
159 390162 51931 6713 5741 126358 280
Total
543 918 429 909 84 813 10 702 12 958 1 082 300
Source: United Arab Emirates - Ministry of Plan

2002 market turnover split by class of business

List of insurance companies operating in the Emirates by nationality

NationalityNumber of companiesNombre of branches
Emirati
21101
American
14
English
413
Italian
11
Pakistani
25
Jordanian
13
Bahraini
25
Lebanese
39
Qatari
22
German
11
Indian
23
Swiss
11
Japanese
23
Iranian
16
French
12
Total
45 159

2002 turnover breakdown by source & by class of business

in thousands USD
Class of businessLocal companiesForeign companiesTotal
Motor
201 359126 852328 211
Life
58 052115 792173 844
Fire
102 73025 761128 491
Marine
66 75225 09691 848
Theft
1 1504761 626
Miscellaneous accident
258 45299 828358 280
Total
688 495 393 805 1 082 300
Source: United Arab Emirates, Ministry of Plan & Emirates Insurance Association

List of insurance companies members of "The Emirates Insurance Association"

Company nameAdressPhone*Fax*
1
Abu Dhabi National Insurance Co.
Sh. Khalifa Street - Abu Dhabi
02.626 400002.626 8600 
2
Adamjee Insurance Co. Ltd.
P.O Box 4256 - Dubai
04.222409804.2285600 
3
Assicurazioni Generali S.P.A.
Khalid Bin Walid Street - Dubai
04.397522004.3975422 
4
Islamic Arab Insurance Co.
Makawai Bldg - Bur Dubai
04.335530004.3356223 
5
AXA Insurance E.C.
Saif Al Ghobash Bldg - Abu Dhabi
02.644233204.6443342 
6
Al Ittihad Al Watani.
Al Qarood Centre - Dubai
04.282326604.2823490 
7
Arabian Scandinavian Insurance Co. Ltd.
Al Kazim Bldg, Deira - Dubai
04.282440304.2825585 
8
Qatar General Insurance and Reinsurance Co.
Al Wuhaida Street - Dubai
04.268868804.2688118 
9
National General Insurance Co. Ltd.
Al Maktoum Street - Dubai
04.222277204.2280601 
10
Allianz Versicherungs Aktiengesellschaft.
P.O Box 7659 - Dubai
04.332992904.3329166 
11
American Life Insurance Co.
P.O Box 5984 - Sharjah
06.556256606.5562577 
12
Eagle Star International Life Limited.
Khalid Bin Walid Street - Dubai
04.397444404.3974443 
13
Dubai National Insurance & Reinsurance Co.
Al ittihad road, Deira - Dubai
04.269130004.2692000 
14
The Tokio Marine and Fire Insurance Co.
Deira City Center—Dubai
04.295169304.2952205 
15
The Northern Assurance Co. Ltd.
City Tower 2 - Dubai
04.331910004.3329150 
16
The Oriental Insurance Co. Ltd.
P.O Box 478 - Dubai
04.353868804.3531722 
17
The New India Assurance Co. Ltd.
P.O Box 46743 - Dubai
04.678910004.6789783 
18
Royal & Sun Alliance Insurance (M.E)
P.O Box 28648 - Dubai
04.334447404.3377230 
19
Royal International Insurance Holdings Ltd.
P.O Box 1076 - Dubai
04.336655104.3366757 
20
State Life Insurance Corporation of Pakistan.
P.O Box 11278 - Dubai
04.272906104.2729051 
21
Emirates Insurance Co.
Emirates Ins. Bldg - Abu Dhabi
02.644040002.6445227 
22
Union Insurance Co.
Badr Street - Ajman
06.746699606.7466997 
23
Al Buhaira National Insurance Co.
Al Borj Avenue - Sharjah
06.568400006.5685000 
24
Jordan Insurance Co.
P.O Box 2197 - Abu Dhabi
02.634480002.6330495 
25
Saudi Arabian Insurance Co. Ltd.
P.O Box 1100 - Dubai
04.295888104.2957779 
26
Arabia Insurance Co.
P.O Box 1050 - Dubai
04.228002204.2270022 
27
United Insurance Co.
P.O Box 1010 - Ras Al Khaimah
07.235158407.2353213
28
Al Khazna Insurance Co.
Al Khazna Tower - Abu Dhabi
02.676700002.6768500
29
Sharjah Insurance Co. S.P.C.
Al Borj Avenue - Sharjah
06.568669006.5686545 
30
Al Sagr National Insurance Co. P.S.C.
Al Hilal Bldg, Garhoud road - Dubai
04.282788004.2821873 
31
Compagnie Libanaise d'Assurances S.A.L.
Al Maktoum Street - Dubai
04.222532304.2217215 
32
Al Dhafra Insurance Co. S.A.
P.O Box 319 - Abu Dhabi
02.672144402.6729833
33
Al Ain Ahlia Insurance Co.
Airport Road - Abu Dhabi
02.445990002.4456685
34
Al Fujairah National Insurance Co.
P.O Box 319 - Fujaïrah
09.224200009.2224344 
35
Alliance Insurance Co.
Warba centre, Deira - Dubai
04.605111104.6051112 
36
Arab Orient Insurance Co. (P.S.L.)
P.O Box 27966 - Dubai
04.295342504.2955701 
37
Al Wathba National Insurance Co.
Hamdan Street - Abu Dhabi
02.677056602.6776628 
38
Dubai Insurance Co. (P.S.C)
Al Regga Street - Dubai
04.269303004.2693727 
39
Ras Al Khaimah National Insurance Co.
P.O Box 506 - Ras Al Khaimah
07.227300007.2288500 
40
Zurich Life Insurance Co. Ltd.
P.O Box 7596 - Dubai
04.397444104.3974499 
41
Iran Insurance Co.
Al Maktoum Street - Dubai
04.221474704.2217660 
42
Qatar Insurance Co.
P.O Box 4066 - Dubai
04.222381904.2238974 
43
Oman Insurance Co.
P.O Box 5209 - Dubai
04.262400004.2690110 
44
Mitsui Sumitomo Insurance Co. Ltd.
P.O Box 43040 - Abu Dhabi
02.627483402.6275115 
45
Norwich Union Insurance Gulf B.S.C.
P.O Box 290 - Dubai
04.324343404.3248687
Source: Emirates Insurance Association * Emirates international dialing prefix = (971) Exchange rate as at 31/12/2002 : 1USD = 3.67 AED
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