United Arab Emirates Motor Insurance market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

United Arab Emirates Motor Insurance market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Key Highlights

• The United Arab Emirates Motor Insurance market is estimated to grow at a CAGR of approximately 3% during the forecast period.
• The insurance sector in the United Arab Emirates is one of the most active sectors because of its vital role in serving the national economy, which is reflected in the growth rate of its contribution to GDP that reached 3% for 2018. The sector of financial activities and insurance have together achieved contribution to the GDP (Gross domestic product) percentage at 9.2% and with a growth rate of 4.5% as compared to 2017.
• In 2018, The gross written premium in all the classes of property and liability insurance is 15.1 AED Billion, out of that the Gross Written Premium of Car and other vehicle insurance was at 6.71 AED Billion. The number of policies for motor and transportation was at 3,456,521 in 2018. Motor insurance is mandatory across the country and in 2017, the motor insurance policies unification system came into force and a new system was developed with respect to the resolution of motor insurance disputes.

Key Market TrendsGrowing Fintech in United Arab Emirates:

The United Arab Emirates ranks among the countries in the Middle East with the largest number of financial technology (Fintech) start-ups to date. The UAE is home to one-third of fintech startups in the Middle East and North Africa (Mena), the largest community in the region. Dubai ranked eighth in the Global Financial Centres Index (GFCI) and recognized as one of the world's top ten fintech hubs, the Middle East and North Africa (Mena) startup ecosystem is growing quickly, with USD 517 million invested in 354 deals in 2019 thus far, indicating an increase of 30% compared to the same period of 2018 in investments, with a 3% increase in the number of deals, The UAE continued to account for the largest share of total funding, 62% in the 2019 year to date.

Growing Insurance sector:

The United Arab Emirates and Saudi Arabia retained their position as the two largest insurance markets, accounting for 44.3% and 33.6% of the region’s GWP (Gross Written Premium) in 2018. UAE maintained its position as the region’s leading insurance market with its sustained and diversified expatriate population base, favorable demographics and business-friendly environment. Additionally, the country has maintained its strong infrastructure pipeline to diversify its revenues away from the petrochemical sector. UAE has the highest penetration rate in GCC countries at 2.9% and UAE having the highest at USD 1,194.7. Moreover, strong government-led infrastructure stimulus and increased construction activities, and Expo 2020, have been indicating growth for the industry.

Competitive Landscape

The report covers the major players operating in the UAE Motor Insurance market. The market is Consolidated, and the market is expected to grow during the forecast due to expo 2020 and growing fintech industry and other few factors.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
Fubon Life insurance co. Ltd
Cathay Century Insurance Co., Ltd.
Shin kong insurance
Msig Mingtai insurance co. ltd
Tokio Marine Newa Insurance Co., Ltd.
Union Insurance
South China Insurance
Taian Insurance
Chung kuo insurance
The First Insurance Co., Ltd.

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