UAE insurance market: non-life premiums set to grow by 13.2% in 2023

GlobalData is expecting the Emirati non-life insurance market to record a 13.2% turnover increase. The premium volume is projected to reach 39.2 billion AED (10.7 billion USD) in 2023, against 34.6 billion AED (9.4 billion USD) in 2022.

This performance would be driven by regulatory developments, notably the introduction of compulsory health insurance in all the country's emirates.

This premium growth would also depend on developments in the personal accident and health (PA&H) and property damage classes of business, which account for respective market shares of 57.6% and 16.2% in 2022.