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UAE insurance market in 2017: ranking of companies and turnover per class of business

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Magazine Issue: 
FANAF, an exemplary organization [3]
Magazine date: 
Mar 2019
Crédit photo: US Gov / CIA World Factbook

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 USD
 20132014201520162017
Life
1 914 4502 354 2842 584 2042 336 5572 656 232
Non-life
6 119 4696 777 3127 479 7708 558 7359 548 509
Total8 033 9199 131 59610 063 97410 895 29212 204 741

Related article | UAE: top 30 insurance companies in 2019 [4]

UAE insurance market in 2017: ranking of the top 25 companies

Figures in thousands
 Turnover 2017Turnover 20162017 shares2016-2017 evolution (2)
In AED (1)In USDIn AEDIn USD
Daman National Health (3)
5 504 8481 498 8605 235 2611 425 66612.28%5.15%
Orient Insurance
4 026 9611 096 4612 673 121727 9448.98%50.65%
Oman Insurance
3 718 2411 012 4033 555 282968 1748.30%4.58%
Abu Dhabi National Insurance. ADNIC
2 643 297719 7172 375 475646 8895.90%11.27%
Al Ain Ahlia Insurance
1 388 497378 060964 242262 5823.10%44.00%
Emirates Insurance
1 077 434293 3641 021 859278 2732.40%5.44%
Union Insurance
1 049 218285 681877 105238 8532.34%19.62%
Salama Islamic Arab Insurance
808 669220 184779 711212 3311.80%3.71%
Takaful Emarat Insurance
583 618158 908568 167154 7231.30%2.72%
Al Buhaira National Insurance
537 401146 324684 995186 5381.20%-21.55%
Dubai Insurance
476 394129 713400 173108 9751.06%19.05%
RAK Insurance
471 737128 445415 923113 2641.05%13.42%
Al Dhafra Insurance
415 281113 073336 26391 5710.93%23.50%
Al Sagr National Insurance. ASNIC
396 287107 901378 776103 1480.88%4.62%
Dar Al Takaful
389 638106 091300 00581 6970.87%29.88%
Dubai Islamic Insurance & Reinsurance. AMAN
380 831103 693414 457112 8650.85%-8.11%
Abu Dhabi National Takaful
373 639101 734320 50587 2800.83%16.58%
Dubai National  Ins. & Reins.
323 46188 072260 12470 8370.72%24.35%
Alliance Insurance
289 98978 958301 69282 1570.65%-3.88%
National Takaful. Watania
271 22873 850200 16754 5090.61%35.50%
Al Wathba National Insurance
237 16964 576294 78280 2750.53%-19.54%
Arabian Scandinavian Insurance. ASCANA
233 73663 642165 40645 0430.52%41.31%
Al Fujairah National Insurance. AFNIC
226 86261 770195 53153 2470.51%16.02%
Insurance House
219 46559 756159 83543 5260.49%37.31%
Al Khazna Insurance
104 30828 401236 80964 4880.24%-55.95%
Total 25 compagnies
26 148 2097 119 63423 115 6666 294 85858.34%13.12%
Reste du marché (4)
18 676 0195 085 10616 893 4854 600 43441.66%10.55%
Total market (5)44 824 22812 204 74140 009 15110 895 292100%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 thousands
 Turnover 2017Turnover 20162016-2017 evolution (1)2017 market shares
In AEDIn USDIn AEDIn USD
Fire
2 861 485779 1262 730 690743 6224.79%6.38%
Marine and aviation
1 235 901336 5111 280 766348 778-3.50%2.76%
Motor
7 548 0052 055 1716 478 7041 764 28116.50%16.84%
Engineering and energy
2 208 328601 2831 925 349524 31214.70%4.93%
Other risks
1 822 508496 2331 831 732498 817-0.50%4.07%
Health
19 392 4875 280 18517 181 7184 678 92512.87%43.26%
Total non-life
35 068 7149 548 50931 428 9598 558 73511.58%78.24%
Total life
9 755 5142 656 2328 580 1922 336 55713.70%21.76%
Grand total44 824 22812 204 74140 009 15110 895 29212.03%100%

(1) Growth rate in local currency

UAE insurance market: turnover per class of business of national companies (2016-2017)

Figures in thousands
 Turnover 2017Turnover 20162016-2017 evolution (1)2017 market shares
In AEDIn USDIn AEDIn USD
Fire
2 135 620581 4872 003 957545 7186.57%7.59%
Marine and aviation
924 831251 813984 477268 093-6.06%3.29%
Motor
5 375 8451 463 7354 424 3271 204 83321.51%19.10%
Engineering and energy
1 838 179500 4991 636 033445 52512.36%6.53%
Other risks
1 366 872372 1721 400 945381 505-2.43%4.86%
Health
14 429 6033 928 89212 433 5843 385 91316.05%51.27%
Total non-life
26 070 9507 098 59822 883 3236 231 58713.93%92.64%
Total life
2 072 615564 3322 012 219547 9673%7.36%
Grand total28 143 5657 662 93024 895 5426 779 55413.05%100%

Brakdown of turnover per class of business of national companies in 2017

Insurance national companies UAE

UAE insurance market: turnover per class of business of foreign companies (2016-2016)

Figures in thousands
 Turnover 2017Turnover 20162016-2017 evolution (1)2017 market shares
In AEDIn USDIn AEDIn USD
Fire
725 865197 639726 733197 904-0.12%4.35%
Marine and aviation
311 07084 698296 28980 6854.99%1.86%
Motor
2 172 160591 4362 054 377559 4485.73%13.02%
Engineering and energy
370 149100 784289 31678 78727.94%2.22%
Other risks
455 636124 061430 787117 3125.77%2.74%
Health
4 962 8841 351 2934 748 1341 293 0124.52%29.75%
Total non-life
8 997 7642 449 9118 545 6362 327 1485.29%53.94%
Total life
7 682 8992 091 9006 567 9731 788 59016.98%46.06%
Grand total16 680 6634 541 81115 113 6094 115 73810.37%100%

Breakdown of turnover per class of business of foreign companies in 2017

foreign insurance companie UAE

UAE insurance market: gross loss ratio 2017

Figures in thousands
 Gross incurred lossesGross earned premiumsGross loss ratio
In AEDIn USDIn AEDIn USD
Fire
5 484 8211 493 4076 934 8061 888 20979%
Marine and aviation
2 199 664598 9252 793 531760 62379%
Motor
999 103272 0361 311 583357 11876%
Engineering and energy
4 542 9181 236 9452 128 705579 604213%
Other risks
955 861260 2621 721 751468 79856%
Health
15 129 0644 119 34117 688 3784 816 19286%
Total non-life
29 311 4317 980 91632 578 7548 870 54490%
Total life
8 180 3892 227 3569 622 3572 619 97585%
Grand total37 491 82010 208 27242 201 11111 490 51989%

UAE insurance market: gross combined ratio 2017

Figures in thousands
 Gross loss ratioGross management expenses ratioGross 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%
Total90%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 [5]

Mon, 11/03/2019 - 18:16

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