UAE – Ins. premiums rise to AED 57.3 bn in 2024
Monday, 11 25 2019, Category: Insurance and Reinsurance, Country: U.A.E
Alpen Capital, the financial advisory firm, expects the UAE to maintain its position as the largest insurance market in the GCC, and expects the insurance sector in the UAE market to grow at a CAGR of 4.2% to reach $ 15.6 billion (AED 57.3 billion) by 2024, driven by increasing population and economic growth.
The company said in its report on the insurance industry in the UAE and the Gulf Cooperation Council for 2019, during a press conference in Dubai yesterday, it expects that the general insurance segment «non-life» in the UAE to account for 76.9% of the total written premiums, to reach 12 Billion dollars (44 billion dirhams) in 2024.
She explained that the growth of this segment in the UAE is due to several factors, most notably the extensive development of infrastructure, the implementation of the compulsory health insurance plan, as well as the growing awareness of the importance of risk coverage.
In contrast, the company expects the life insurance category to grow in the domestic market at an annual rate of 4.9%, to reach $ 3.7 billion (more than 13.5 billion dirhams) by 2024, driven by increasing population and awareness.
Source: Teller Report