United Arab Emirates Motor Insurance Market has generated a revenue of USD 1480 million in the current year and is poised to achieve a CAGR of 2% for the forecast period. 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.
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.
The fintech segment enables motor insurers to combine and come up with diversified product servings for the customers.
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.
UAE Motor Insurance market Trends
Growing 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 Sector
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 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.UAE Motor Insurance market Competitor Analysis
The 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. It has major players Oman Insurance Company PSC, Orient Insurance PJSC, Abu Dhabi National Insurance Company, Assicurazioni Generali S.P.A., National General Insurance Co. (P.S.C)Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Table of Contents
1 INTRODUCTION
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- ASSICURAZIONI GENERALI S.P.A.
- NATIONAL GENERAL INSURANCE CO. (P.S.C)
- OMAN INSURANCE COMPANY PSC
- ORIENT INSURANCE PJSC
- ABU DHABI NATIONAL INSURANCE COMPANY
- UNION INSURANCE CO
- EMIRATES INSURANCE COMPANY
- ISLAMIC ARAB INSURANCE COMPANY
- AL BUHAIRA NATIONAL INSURANCE CO.
- AL DHAFRA INSURANCE COMPANY
Methodology
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