UAE – 79.4% share of foreign companies in life insurance
Wednesday, 10 19 2016, Category: Insurance and Reinsurance, Country: U.A.E
Two experts in the insurance sector said that share of business achieved by foreign insurance companies operating in the country is 79.4%, which is the largest in term of life insurance premiums in the local market. This is due to their large experience in marketing issues compared to national companies in addition to their long term investment products and programs, which focus on individual life insurance that has higher premiums than group life insurance. They indicated that these companies are also reinsurance companies, which means they retain premiums internally. However, national companies cede their business to international reinsurers with respect to life insurance.
They mentioned to “Emarat Al Youm” that most workers in the UAE from different nationalities prefer to enroll in a life insurance program offered by a well-known company, that has a branch in their homeland in order to continue the coverage in case they leave the country.
Source: Emarat Al Youm