Uae Life and Annuity Insurance Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The UAE life and annuity insurance market is one of the biggest contributors to GCC and is expected to witness a CAGR of over 4.9% during the forecast period, 2022-2027.
The life insurance industry is expected to grow, especially since COVID-19 has raised consumer awareness of financial and health concerns. As a result, demand for life insurance and related products has risen. Despite the rise in demand, COVID-19 had a major impact on the intermediate side of the industry's distribution operations, which depended on face-to-face interaction, an impractical approach during the pandemic. As a result, the pandemic has re-emphasized the importance of being able to engage consumers directly through digital platforms. On a macroeconomic level, the UAE is forecasting typical growth rates, which would support demand growth in the retail and group insurance segments.
The Orient insurance company's net profit value in the United Arab Emirates (UAE) insurance market was predicted to be over USD 100 million in 2021. Five insurance companies had a profit of more than USD 27 million.
The gross written premium (GWP) value of the UAE insurance market was around USD 6.6 billion in 2020, an increase from 2019. Since 2016, the GWP in the UAE insurance market has been growing steadily.
In 2021, the life insurance sector held 13% of the UAE insurance market's share, whereas the non-life insurance sector held 87% of the market share.
UAE Life & Annuity Insurance Market TrendsCOVID-19 Impact Driving the Market to New Flexible Business ModelsThe UAE Life and Annuity Insurance Market is highly consolidated, with major players like Orient, ADNIC, and OIC taking up 64.8% share in the market.
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