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The Emirati insurance market dominates the region

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Magazine Issue: 
Reinsurance, a risky business [3]
Magazine date: 
Nov 2013
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 [4], CC BY-SA 3.0 (modified picture) [5]

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.

Wed, 04/12/2013 - 10:10

Source URL: https://www.atlas-mag.net/en/article/the-emirati-insurance-market-dominates-the-region

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