UAE – 10% growth expected in insurance sector
Tuesday, 08 23 2016, Category: Insurance and Reinsurance, Country: U.A.E
Mr. Osama Abdeen the Chief Executive Officer of Abu Dhabi National Takaful Company expects the insurance sector in the UAE to grow by 10% during the full year 2016. And he estimates the market size in the country last year at AED 34 billion.
He added in an interview with the “Economic Al Bayan” that the insurance market in the country is enjoying remarkable growth given that it relies on regional markets and not exclusively the local market. Therefore, this generates additional liquidity and revenues in the local market.
He added that the insurance sector in the UAE is considered to be the largest, first and best regulated market in the Arab world. It has the largest premiums, largest underwriting capacity, better diversity in classes of business. Therefore, the UAE became the leading international insurance center by providing insurance services not just locally but to the countries of the region in general.
Source: Al Bayan - UAE