UAE insurance market in 2017: ranking of companies and turnover per class of business
Features of UAE insurance market
- Regulatory authority: Ministry of Economy and Trade, Insurance Authority
- Life and non-life premiums (2017): 12.2 billion USD
- Insurance density (2017): 1 298 USD
- Penetration ratio (2017): 3.19%
Structure of the UAE insurance market in 2017
Market players | Number |
---|---|
Insurance companies | 62 |
Insurance agents | 18 |
Insurance brokers | 160 |
Total | 240 |
Identity
- Area: 83 600 Km2
- Population (1) (2017) : 9 400 145 in habitants
- GDP (1) (2017) : 382.575 billion USD
- GDP per capita (2017): 40 699 USD
- GDP growth rate (2017): 0.79%
- Inflation rate (1) (2017): 1.97%
- Main economic sectors: Production and export of oil and gas, manufacturing industries, luxury tourism, and services.
Main cities
(per capita)
- Abu Dhabi (capital): 2 918 702
- Dubai: 2 690 555
- Sharjah: 890 669
(1) Source World Bank
UAE insurance market: Evolution of premiums per life and non-life insurance (2013-2017)
Figures in thousands USD2013 | 2014 | 2015 | 2016 | 2017 | |
---|---|---|---|---|---|
Life | 1 914 450 | 2 354 284 | 2 584 204 | 2 336 557 | 2 656 232 |
Non-life | 6 119 469 | 6 777 312 | 7 479 770 | 8 558 735 | 9 548 509 |
Total | 8 033 919 | 9 131 596 | 10 063 974 | 10 895 292 | 12 204 741 |
Related article | UAE: top 30 insurance companies in 2019
UAE insurance market in 2017: ranking of the top 25 companies
Figures in thousandsTurnover 2017 | Turnover 2016 | 2017 shares | 2016-2017 evolution (2) | |||
---|---|---|---|---|---|---|
In AED (1) | In USD | In AED | In USD | |||
Daman National Health (3) | 5 504 848 | 1 498 860 | 5 235 261 | 1 425 666 | 12.28% | 5.15% |
Orient Insurance | 4 026 961 | 1 096 461 | 2 673 121 | 727 944 | 8.98% | 50.65% |
Oman Insurance | 3 718 241 | 1 012 403 | 3 555 282 | 968 174 | 8.30% | 4.58% |
Abu Dhabi National Insurance. ADNIC | 2 643 297 | 719 717 | 2 375 475 | 646 889 | 5.90% | 11.27% |
Al Ain Ahlia Insurance | 1 388 497 | 378 060 | 964 242 | 262 582 | 3.10% | 44.00% |
Emirates Insurance | 1 077 434 | 293 364 | 1 021 859 | 278 273 | 2.40% | 5.44% |
Union Insurance | 1 049 218 | 285 681 | 877 105 | 238 853 | 2.34% | 19.62% |
Salama Islamic Arab Insurance | 808 669 | 220 184 | 779 711 | 212 331 | 1.80% | 3.71% |
Takaful Emarat Insurance | 583 618 | 158 908 | 568 167 | 154 723 | 1.30% | 2.72% |
Al Buhaira National Insurance | 537 401 | 146 324 | 684 995 | 186 538 | 1.20% | -21.55% |
Dubai Insurance | 476 394 | 129 713 | 400 173 | 108 975 | 1.06% | 19.05% |
RAK Insurance | 471 737 | 128 445 | 415 923 | 113 264 | 1.05% | 13.42% |
Al Dhafra Insurance | 415 281 | 113 073 | 336 263 | 91 571 | 0.93% | 23.50% |
Al Sagr National Insurance. ASNIC | 396 287 | 107 901 | 378 776 | 103 148 | 0.88% | 4.62% |
Dar Al Takaful | 389 638 | 106 091 | 300 005 | 81 697 | 0.87% | 29.88% |
Dubai Islamic Insurance & Reinsurance. AMAN | 380 831 | 103 693 | 414 457 | 112 865 | 0.85% | -8.11% |
Abu Dhabi National Takaful | 373 639 | 101 734 | 320 505 | 87 280 | 0.83% | 16.58% |
Dubai National Ins. & Reins. | 323 461 | 88 072 | 260 124 | 70 837 | 0.72% | 24.35% |
Alliance Insurance | 289 989 | 78 958 | 301 692 | 82 157 | 0.65% | -3.88% |
National Takaful. Watania | 271 228 | 73 850 | 200 167 | 54 509 | 0.61% | 35.50% |
Al Wathba National Insurance | 237 169 | 64 576 | 294 782 | 80 275 | 0.53% | -19.54% |
Arabian Scandinavian Insurance. ASCANA | 233 736 | 63 642 | 165 406 | 45 043 | 0.52% | 41.31% |
Al Fujairah National Insurance. AFNIC | 226 862 | 61 770 | 195 531 | 53 247 | 0.51% | 16.02% |
Insurance House | 219 465 | 59 756 | 159 835 | 43 526 | 0.49% | 37.31% |
Al Khazna Insurance | 104 308 | 28 401 | 236 809 | 64 488 | 0.24% | -55.95% |
Total 25 compagnies | 26 148 209 | 7 119 634 | 23 115 666 | 6 294 858 | 58.34% | 13.12% |
Reste du marché (4) | 18 676 019 | 5 085 106 | 16 893 485 | 4 600 434 | 41.66% | 10.55% |
Total market (5) | 44 824 228 | 12 204 741 | 40 009 151 | 10 895 292 | 100% | 12.03% |
(1) AED: United Arab Emirates dirham (2) Growth rate in local currency (3) Source Al Bayan (4) 37 companies (5) Source: Emirates Insurance Association
UAE insurance market: turnover per class of business (2016-2017)
Figures in thousandsTurnover 2017 | Turnover 2016 | 2016-2017 evolution (1) | 2017 market shares | |||
---|---|---|---|---|---|---|
In AED | In USD | In AED | In USD | |||
Fire | 2 861 485 | 779 126 | 2 730 690 | 743 622 | 4.79% | 6.38% |
Marine and aviation | 1 235 901 | 336 511 | 1 280 766 | 348 778 | -3.50% | 2.76% |
Motor | 7 548 005 | 2 055 171 | 6 478 704 | 1 764 281 | 16.50% | 16.84% |
Engineering and energy | 2 208 328 | 601 283 | 1 925 349 | 524 312 | 14.70% | 4.93% |
Other risks | 1 822 508 | 496 233 | 1 831 732 | 498 817 | -0.50% | 4.07% |
Health | 19 392 487 | 5 280 185 | 17 181 718 | 4 678 925 | 12.87% | 43.26% |
Total non-life | 35 068 714 | 9 548 509 | 31 428 959 | 8 558 735 | 11.58% | 78.24% |
Total life | 9 755 514 | 2 656 232 | 8 580 192 | 2 336 557 | 13.70% | 21.76% |
Grand total | 44 824 228 | 12 204 741 | 40 009 151 | 10 895 292 | 12.03% | 100% |
(1) Growth rate in local currency
UAE insurance market: turnover per class of business of national companies (2016-2017)
Figures in thousandsTurnover 2017 | Turnover 2016 | 2016-2017 evolution (1) | 2017 market shares | |||
---|---|---|---|---|---|---|
In AED | In USD | In AED | In USD | |||
Fire | 2 135 620 | 581 487 | 2 003 957 | 545 718 | 6.57% | 7.59% |
Marine and aviation | 924 831 | 251 813 | 984 477 | 268 093 | -6.06% | 3.29% |
Motor | 5 375 845 | 1 463 735 | 4 424 327 | 1 204 833 | 21.51% | 19.10% |
Engineering and energy | 1 838 179 | 500 499 | 1 636 033 | 445 525 | 12.36% | 6.53% |
Other risks | 1 366 872 | 372 172 | 1 400 945 | 381 505 | -2.43% | 4.86% |
Health | 14 429 603 | 3 928 892 | 12 433 584 | 3 385 913 | 16.05% | 51.27% |
Total non-life | 26 070 950 | 7 098 598 | 22 883 323 | 6 231 587 | 13.93% | 92.64% |
Total life | 2 072 615 | 564 332 | 2 012 219 | 547 967 | 3% | 7.36% |
Grand total | 28 143 565 | 7 662 930 | 24 895 542 | 6 779 554 | 13.05% | 100% |
Brakdown of turnover per class of business of national companies in 2017
UAE insurance market: turnover per class of business of foreign companies (2016-2016)
Figures in thousandsTurnover 2017 | Turnover 2016 | 2016-2017 evolution (1) | 2017 market shares | |||
---|---|---|---|---|---|---|
In AED | In USD | In AED | In USD | |||
Fire | 725 865 | 197 639 | 726 733 | 197 904 | -0.12% | 4.35% |
Marine and aviation | 311 070 | 84 698 | 296 289 | 80 685 | 4.99% | 1.86% |
Motor | 2 172 160 | 591 436 | 2 054 377 | 559 448 | 5.73% | 13.02% |
Engineering and energy | 370 149 | 100 784 | 289 316 | 78 787 | 27.94% | 2.22% |
Other risks | 455 636 | 124 061 | 430 787 | 117 312 | 5.77% | 2.74% |
Health | 4 962 884 | 1 351 293 | 4 748 134 | 1 293 012 | 4.52% | 29.75% |
Total non-life | 8 997 764 | 2 449 911 | 8 545 636 | 2 327 148 | 5.29% | 53.94% |
Total life | 7 682 899 | 2 091 900 | 6 567 973 | 1 788 590 | 16.98% | 46.06% |
Grand total | 16 680 663 | 4 541 811 | 15 113 609 | 4 115 738 | 10.37% | 100% |
Breakdown of turnover per class of business of foreign companies in 2017
UAE insurance market: gross loss ratio 2017
Figures in thousandsGross incurred losses | Gross earned premiums | Gross loss ratio | |||
---|---|---|---|---|---|
In AED | In USD | In AED | In USD | ||
Fire | 5 484 821 | 1 493 407 | 6 934 806 | 1 888 209 | 79% |
Marine and aviation | 2 199 664 | 598 925 | 2 793 531 | 760 623 | 79% |
Motor | 999 103 | 272 036 | 1 311 583 | 357 118 | 76% |
Engineering and energy | 4 542 918 | 1 236 945 | 2 128 705 | 579 604 | 213% |
Other risks | 955 861 | 260 262 | 1 721 751 | 468 798 | 56% |
Health | 15 129 064 | 4 119 341 | 17 688 378 | 4 816 192 | 86% |
Total non-life | 29 311 431 | 7 980 916 | 32 578 754 | 8 870 544 | 90% |
Total life | 8 180 389 | 2 227 356 | 9 622 357 | 2 619 975 | 85% |
Grand total | 37 491 820 | 10 208 272 | 42 201 111 | 11 490 519 | 89% |
UAE insurance market: gross combined ratio 2017
Figures in thousandsGross loss ratio | Gross management expenses ratio | Gross combined ratio | |
---|---|---|---|
Motor | 79% | 23% | 102% |
Fire | 79% | 22% | 101% |
Marine and aviation | 76% | 21% | 97% |
Engineering and energy | 213% | 20% | 233% |
Other risks | 56% | 22% | 78% |
Health | 86% | 15% | 101% |
Total | 90% | 22% | 112% |
Source: Insurance Authority, United Arab Emirates
Exchange rate as at 31/12 AED/USD | 2013 | 2014 | 2015 | 2016 | 2017 |
0.27230 | 0.27231 | 0.27234 | 0.27232 | 0.27228 |
Read also | UAE insurance market in 2019
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