United Arab Emirates Motor Insurance Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
United Arab Emirates was one of the least impacted regions due to the COVID-19 outbreak, thus did not witness a severe halt in motor insurance activities. Despite COVID-19 repercussions, UAE accounted for USD XX billion in total insurance premiums.
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. There has been a consistent increase in GWP in the UAE insurance market since 2016.
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) startups 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 is recognized as one of the world's top ten fintech hubs. It is estimated that 465 fintech firms in the UAE will raise about USD 2 billion in investment capital funding compared to USD 80 million in 2017.
The fintech segment enables motor insurers to combine and come up with diversified product servings for the customers.
Growth in Insurance SectorUAE 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 has the highest at USD 1,194.7. Moreover, a strong government-led infrastructure stimulus increased construction activities has indicated growth for the industry. There has been a consistent increase in GWP in the UAE insurance market since 2016.
Competitive LandscapeThe report covers the major players operating in the UAE motor insurance market. In terms of market share, the market is moderately consolidated with a large number of players operating in the market studied due to an increase in automobile sales. Companies have been focusing more on providing customized solutions to attract more customers and also enhance their product portfolio.
Additional Benefits:- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
- 1 INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
- 2 RESEARCH METHODOLOGY
- 3 EXECUTIVE SUMMARY
- 4 MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.3 Market Restraints
- 4.4 Value Chain / Supply Chain Analysis
- 4.5 Porters 5 Force Analysis
- 4.5.1 Threat of New Entrants
- 4.5.2 Bargaining Power of Buyers/Consumers
- 4.5.3 Bargaining Power of Suppliers
- 4.5.4 Threat of Substitute Products
- 4.5.5 Intensity of Competitive Rivalry
- 4.6 Impact of Government Regulations and Initiatives on the Insurance Industry
- 4.7 Impact of COVID-19 on the Market
- 5 MARKET SEGMENTATION
- 5.1 By Insurance Type
- 5.1.1 Third Party Liability
- 5.1.2 Comprehensive
- 5.2 By Distribution Channel
- 5.2.1 Agents
- 5.2.2 Brokers
- 5.2.3 Banks
- 5.2.4 Online
- 5.2.5 Other Distribution Channels
- 6 COMPETITIVE LANDSCAPE
- 6.1 Market Concentration Overview
- 6.2 Company Profiles
- 6.2.1 ASSICURAZIONI GENERALI S.P.A.
- 6.2.2 NATIONAL GENERAL INSURANCE CO. (P.S.C)
- 6.2.3 OMAN INSURANCE COMPANY PSC
- 6.2.4 ORIENT INSURANCE PJSC
- 6.2.5 ABU DHABI NATIONAL INSURANCE COMPANY
- 6.2.6 UNION INSURANCE CO
- 6.2.7 EMIRATES INSURANCE COMPANY
- 6.2.8 ISLAMIC ARAB INSURANCE COMPANY
- 6.2.9 AL BUHAIRA NATIONAL INSURANCE CO.
- 6.2.10 AL DHAFRA INSURANCE COMPANY*
- 7 MARKET OPPORTUNITIES AND FUTURE TRENDS
- 8 DISCLAIMER AND ABOUT US
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