Life Insurance & Pension in United Arab Emirates
Summary
Life Insurance & Pension in United Arab Emirates industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value and volume 2018-23, and forecast to 2028). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.
Key Highlights
- Life insurance & pension is the financial cover for a contingency linked with human life, like death, disability, accident, retirement etc. Human life is subject to risks of death and disability due to natural and accidental causes. When human life is lost or a person is disabled permanently or temporarily, there is loss of income to the household.
- The Emirati life insurance & pension market recorded gross written premiums of $1.8 billion in 2023, representing a negative compound annual growth rate (CAGR) of 6.8% between 2018 and 2023.
- The life insurance segment accounted for the market's largest proportion in 2023, with total gross written premiums of $1.8 billion, equivalent to 98.5% of the market's overall value.
- The growth of Takaful (Islamic insurance) has contributed to the decline in conventional life insurance by intensifying competition and attracting customers who prefer Sharia-compliant financial products. According to GlobalData, Takaful operators now represent over 8.0% of the combined insurance and Takaful market.
- Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the life insurance & pension market in United Arab Emirates
- Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the life insurance & pension market in United Arab Emirates
- Leading company profiles reveal details of key life insurance & pension market players’ global operations and financial performance
- Add weight to presentations and pitches by understanding the future growth prospects of the United Arab Emirates life insurance & pension market with five year forecasts by both value and volume
- What was the size of the United Arab Emirates life insurance & pension market by value in 2023?
- What will be the size of the United Arab Emirates life insurance & pension market in 2028?
- What factors are affecting the strength of competition in the United Arab Emirates life insurance & pension market?
- How has the market performed over the last five years?
- Who are the top competitors in United Arab Emirates' life insurance & pension market?
- 1 Executive Summary
- 1.1. Market value
- 1.2. Market value forecast
- 1.3. Category segmentation
- 1.4. Geography segmentation
- 1.5. Market rivalry
- 1.6. Competitive landscape
- 2 Market Overview
- 2.1. Market definition
- 2.2. Market analysis
- 3 Market Data
- 3.1. Market value
- 4 Market Segmentation
- 4.1. Category segmentation
- 4.2. Geography segmentation
- 5 Market Outlook
- 5.1. Market value forecast
- 6 Five Forces Analysis
- 6.1. Summary
- 6.2. Buyer power
- 6.3. Supplier power
- 6.4. New entrants
- 6.5. Threat of substitutes
- 6.6. Degree of rivalry
- 7 Competitive Landscape
- 7.1. Who are the leading players?
- 7.2. What are the strengths and strategies of the leading players?
- 7.3. What are the recent developments in the market?
- 8 Company Profiles
- 8.1. Mashreqbank PSC
- 8.2. Orient Insurance PJSC
- 8.3. Abu Dhabi National Insurance Company PSC
- 8.4. Emirates Islamic Bank
- 9 Macroeconomic Indicators
- 9.1. Country data
- 10 Appendix
- 10.1. Methodology
- 10.2. Industry associations
- 10.3. Related MarketLine research
- 10.4. About MarketLine
- List of Tables
- Table 1: United Arab Emirates life insurance & pension market value: $ billion, 2018-23
- Table 2: United Arab Emirates life insurance & pension market category segmentation: % share, by value, 2018-23
- Table 3: United Arab Emirates life insurance & pension market category segmentation: $ billion, 2018-23
- Table 4: United Arab Emirates life insurance & pension market geography segmentation: $ billion, 2023
- Table 5: United Arab Emirates life insurance & pension market value forecast: $ billion, 2023-28
- Table 6: Mashreqbank PSC: Key Facts
- Table 7: Mashreqbank PSC: Annual Financial Ratios
- Table 8: Mashreqbank PSC: Key Employees
- Table 9: Orient Insurance PJSC: Key Facts
- Table 10: Orient Insurance PJSC: Annual Financial Ratios
- Table 11: Orient Insurance PJSC: Key Employees
- Table 12: Abu Dhabi National Insurance Company PSC: Key Facts
- Table 13: Abu Dhabi National Insurance Company PSC: Annual Financial Ratios
- Table 14: Abu Dhabi National Insurance Company PSC: Key Employees
- Table 15: Emirates Islamic Bank: Key Facts
- Table 16: Emirates Islamic Bank: Annual Financial Ratios
- Table 17: Emirates Islamic Bank: Key Employees
- Table 18: United Arab Emirates Size of Population (million), 2019-23
- Table 19: United Arab Emirates Real GDP (Constant 2010 Prices, $ Billion), 2019-23
- Table 20: United Arab Emirates GDP (Current Prices, $ Billion), 2019-23
- Table 21: United Arab Emirates Inflation, 2019-23
- Table 22: United Arab Emirates Consumer Price Index (Absolute), 2019-23
- Table 23: United Arab Emirates Exchange Rate, 2018-23
- List of Figures
- Figure 1: United Arab Emirates life insurance & pension market value: $ billion, 2018-23
- Figure 2: United Arab Emirates life insurance & pension market category segmentation: $ billion, 2018-23
- Figure 3: United Arab Emirates life insurance & pension market geography segmentation: % share, by value, 2023
- Figure 4: United Arab Emirates life insurance & pension market value forecast: $ billion, 2023-28
- Figure 5: Forces driving competition in the life insurance & pension market in United Arab Emirates, 2023
- Figure 6: Drivers of buyer power in the life insurance & pension market in United Arab Emirates, 2023
- Figure 7: Drivers of supplier power in the life insurance & pension market in United Arab Emirates, 2023
- Figure 8: Factors influencing the likelihood of new entrants in the life insurance & pension market in United Arab Emirates, 2023
- Figure 9: Factors influencing the threat of substitutes in the life insurance & pension market in United Arab Emirates, 2023
- Figure 10: Drivers of degree of rivalry in the life insurance & pension market in United Arab Emirates, 2023
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