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Life Insurance in the UAE, Key Trends and Opportunities to 2019

Life Insurance in the UAE, Key Trends and Opportunities to 2019


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Executive Summary

Timetric's 'Life Insurance in the UAE, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers and challenges in the UAE life insurance segment.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2010-2014) and forecast period (2014-2019).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the UAE economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary

Timetric's 'Life Insurance in the UAE, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the UAE life insurance segment, including:

The UAE life insurance segment's growth prospects by life insurance category

Key trends, drivers and challenges for the life insurance segment

A comprehensive overview of the UAE economy and demographics

The various distribution channels in the UAE life insurance segment

Details of the competitive landscape in the life insurance segment in the UAE

Details of regulatory policy applicable to the UAE insurance industry

Scope

This report provides a comprehensive analysis of the life insurance segment in the UAE:

It provides historical values for the UAE life insurance segment for the report's 2010-2014 review period, and projected figures for the 2014-2019 forecast period.

It offers a detailed analysis of the key categories in the UAE life insurance segment, and market forecasts to 2019.

It analyzes the various distribution channels for life insurance products in the UAE.

It profiles the top life insurance companies in the UAE, and outlines the key regulations affecting them.

Reasons To Buy

Make strategic business decisions using in-depth historic and forecast market data related to the UAE life insurance segment, and each category within it.

Understand the demand-side dynamics, key market trends and growth opportunities in the UAE life insurance segment.

Assess the competitive dynamics in the life insurance segment.

Identify growth opportunities and market dynamics in key product categories.

Gain insights into key regulations governing the UAE insurance industry, and their impact on companies and the industry's future.

Key Highlights

The life segment is anticipated to post a forecast-period CAGR of 18.7%.

A number of demographic factors, such as a rising expatriate population, greater life expectancy, and a large working population stimulated the demand for life insurance products.

The segment's distribution network was primarily dominated by agencies and direct marketing, which together accounted for 88.1% of the segment's new business gross written premium in 2014.

The main growth drivers are population growth and regulatory changes, and the new regulations will help ensure the solvency of insures risk exposure.

1 Key Facts and Highlights

2 Executive Summary

3 Introduction

3.1 What is this Report About?

3.2 Definitions

3.3 Methodology

4 Economy and Demographics

5 Life Insurance Outlook

5.1 Key Drivers

5.2 Key Trends

5.3 Challenges

5.4 Life Insurance Growth Prospects by Category

5.5 Individual Life Insurance

5.5.1 Total non-linked insurance business

6 Analysis by Distribution Channel

6.1 Direct Marketing

6.2 Agencies

6.3 Brokers

7 Competitive Landscape and Strategic Insights

7.1 Overview

7.2 Leading Companies in the UAE Life Insurance Segment

7.2.1 Oman Insurance Company - company overview

7.2.2 Abu Dhabi National Insurance Company - company overview

7.2.3 Orient Insurance Company - company overview

7.2.4 Emirates Insurance Company - company overview

7.2.5 Al Ain Ahlia Insurance Company - company overview

7.2.6 Al Buhaira National Insurance Company - company overview

7.2.7 Union Insurance Company - company overview

7.2.8 National General Insurance Company - company overview

7.2.9 Al Wathba National Insurance Company - company overview

7.2.10 Al Sagr National Insurance Company - company overview

8 Governance, Risk and Compliance

8.1 Legislation Overview and Historical Evolution

8.2 Latest Changes in Regulations

8.3 Legislation and Market Practice by Type of Insurance

8.3.1 Life insurance

8.3.2 Property insurance

8.3.3 Motor insurance

8.3.4 Liability insurance

8.3.5 Marine, aviation and transit insurance

8.3.6 Personal accident and health insurance

8.4 Compulsory Insurance

8.4.1 Motor third-party liability insurance

8.4.2 Health insurance

8.4.3 Medical liability insurance

8.5 Supervision and Control

8.5.1 International Association of Insurance Supervisors

8.5.2 Insurance Authority

8.5.3 Dubai Financial Services Authority

8.5.4 Emirates Insurance Association

8.6 Non-Admitted Insurance Regulations

8.6.1 Overview

8.6.2 Intermediaries

8.6.3 Market practices

8.6.4 Fines and penalties

8.7 Company Registration and Operations

8.7.1 Types of insurance organization

8.7.2 Establishing a local company

8.7.3 Foreign ownership

8.7.4 Types of license

8.7.5 Capital requirements

8.7.6 Solvency margins

8.7.7 Reserve requirements

8.7.8 Investment regulations

8.7.9 Statutory return requirements

8.7.10 Fee structure

8.8 Taxation

8.8.1 Insurance premium or policy taxation

8.8.2 Withholding taxes on premium paid overseas

8.8.3 Corporate tax

8.8.4 VAT

8.8.5 Captives

8.9 Legal System

8.9.1 Introduction

8.9.2 Access to court

8.9.3 Alternative dispute resolution (ADR)

9 Appendix

9.1 Contact Timetric

9.2 About Timetric

9.3 Timetric's Services

9.4 Disclaimer

Figure 1: UAE Real GDP (US$ Billion), 2010-2019

Figure 2: AED-US$ Exchange Rate, 2010-2019

Figure 3: UAE Consumer Price Inflation, 2010-2019

Figure 4: UAE Current Account Balance as Percentage of GDP (%), 2010-2019

Figure 5: UAE Unemployment Rate, 2010-2019

Figure 6: UAE Population by Age Group, 1990-2025

Figure 7: UAE - Population Distribution (%), 2014

Figure 8: UAE - Population Composition by Age Group (%), 2010-2014

Figure 9: UAE Life Insurance - New Business Direct Written Premium (AED Billion), 2010-2014

Figure 10: UAE Life Insurance - New Business Direct Written Premium (AED Billion), 2014-2019

Figure 11: UAE Life Insurance - Sum Assured (AED Trillion), 2010-2014

Figure 12: UAE Life Insurance - Sum Assured (AED Trillion), 2014-2019

Figure 13: UAE Life Insurance - Paid Claims (AED Billion), 2010-2014

Figure 14: UAE Life Insurance - Paid Claims (AED Billion), 2014-2019

Figure 15: UAE Life Insurance - Incurred Loss (AED Billion), 2010-2014

Figure 16: UAE Life Insurance - Incurred Loss (AED Billion), 2014-2019

Figure 17: UAE Life Insurance - Number of Policies per Capita, 2010-2014

Figure 18: UAE Life Insurance - Number of Policies per Capita, 2014-2019

Figure 19: UAE Life Insurance - Commissions and Expenses (AED Million), 2010-2014

Figure 20: UAE Life Insurance - Commissions and Expenses (AED Million), 2014-2019

Figure 21: UAE Life Insurance - Net Written Premium (% of GWP), 2010-2014

Figure 22: UAE Life Insurance - Net Written Premium (Percentage of Gross Written Premium), 2014-2019

Figure 23: UAE Life Insurance - Renewal Business Direct Written Premium (AED Billion), 2010-2014

Figure 24: UAE Life Insurance - Renewal Business Direct Written Premium (AED Billion), 2014-2019

Figure 25: UAE Life Insurance - Total Assets (AED Billion), 2010-2014

Figure 26: UAE Life Insurance - Total Assets (AED Billion), 2014-2019

Figure 27: UAE Life Insurance - Total Investment Income (AED Million), 2010-2014

Figure 28: UAE Life Insurance - Total Investment Income (AED Billion), 2014-2019

Figure 29: UAE Life Insurance - Net Written Premium (AED Billion), 2010-2014

Figure 30: UAE Life Insurance - Net Written Premium (AED Billion), 2014-2019

Figure 31: UAE Life Insurance - Investment Portfolio (AED Billion), 2010-2014

Figure 32: UAE Life Insurance - Investment Portfolio, 2010 and 2014

Figure 33: UAE Life Insurance - Penetration (Ratio of Direct Premium to GDP), 2010-2014

Figure 34: UAE Life Insurance - Density (Direct Premium per Capita), 2010-2014

Figure 35: UAE Life Insurance - Number of Active Policies (Thousand), 2010-2014

Figure 36: UAE Life Insurance - Number of Active Policies (Thousand), 2014-2019

Figure 37: UAE Life Insurance - Number of New Policies Sold (Thousand), 2010-2014

Figure 38: UAE Life Insurance - Number of New Policies Sold (Thousand), 2014-2019

Figure 39: UAE Life Insurance - Total Investments (AED Billion), 2010-2014

Figure 40: UAE Non-Linked Insurance Business - Number of Active Policies (Thousand), 2010-2014

Figure 41: UAE Non-Linked Insurance Business - Number of Active Policies (Thousand), 2014-2019

Figure 42: UAE Non-Linked Insurance Business - Gross Written Premium (AED Billion), 2010-2014

Figure 43: UAE Non-Linked Insurance Business - Gross Written Premium (AED Billion), 2014-2019

Figure 44: UAE Non-Linked Insurance Business - Direct Written Premium (AED Billion), 2010-2014

Figure 45: UAE Non-Linked Insurance Business - Direct Written Premium (AED Billion), 2014-2019

Figure 46: UAE Life Insurance - New Business Gross Written Premium by Distribution Channel (Percentage Share), 2014 and 2019

Figure 47: UAE Life Insurance - Direct Marketing New Business Direct Written Premium (AED Billion), 2010-2014

Figure 48: UAE Life Insurance - Direct Marketing New Business Direct Written Premium (AED Billion), 2014-2019

Figure 49: UAE Life Insurance - New Policies Sold Through Direct Marketing (Thousand), 2010-2014

Figure 50: UAE Life Insurance - New Policies Sold Through Direct Marketing (Thousand), 2014-2019

Figure 51: UAE Life Insurance - Agencies' New Business Direct Written Premium (AED Billion), 2010-2014

Figure 52: UAE Life Insurance - Agencies' New Business Direct Written Premium (AED Billion), 2014-2019

Figure 53: UAE Life Insurance - New Policies Sold Through Agencies (Thousand), 2010-2014

Figure 54: UAE Life Insurance - New Policies Sold Through Agencies (Thousand), 2014-2019

Figure 55: UAE Life Insurance - Brokers' New Business Direct Written Premium (AED Million), 2010-2014

Figure 56: UAE Life Insurance - Brokers' New Business Direct Written Premium (AED Billion), 2014-2019

Figure 57: UAE Life Insurance - New Policies Sold Through Brokers (Thousand), 2010-2014

Figure 58: UAE Life Insurance - New Policies Sold Through Brokers (Thousand), 2014-2019

Figure 59: UAE Life Insurance - Segment Shares (%), 2014

Figure 60: UAE - Insurance Supervision and Control at Various Levels

Figure 61: UAE - Insurance Regulatory Frameworks for Company Registration and Operation

Table 1: UAE Life Insurance - Key Facts, 2014

Table 2: Insurance Industry Definitions

Table 3: UAE Government Credit Ratings

Table 4: UAE Life Insurance - New Business Direct Written Premium (AED Billion), 2010-2014

Table 5: UAE Life Insurance - New Business Direct Written Premium (AED Billion), 2014-2019

Table 6: UAE Life Insurance - Sum Assured (AED Billion), 2010-2014

Table 7: UAE Life Insurance - Sum Assured (AED Trillion), 2014-2019

Table 8: UAE Life Insurance - Paid Claims (AED Billion), 2010-2014

Table 9: UAE Life Insurance - Paid Claims (AED Billion), 2014-2019

Table 10: UAE Life Insurance - Incurred Loss (AED Billion), 2010-2014

Table 11: UAE Life Insurance - Incurred Loss (AED Billion), 2014-2019

Table 12: UAE Life Insurance - Number of Policies per Capita, 2010-2014

Table 13: UAE Life Insurance - Number of Policies per Capita, 2014-2019

Table 14: UAE Life Insurance - Commissions and Expenses (AED Million), 2010-2014

Table 15: UAE Life Insurance - Commissions and Expenses (AED Million), 2014-2019

Table 16: UAE Life Insurance - Net Written Premium (% of GWP), 2010-2014

Table 17: UAE Life Insurance - Net Written Premium (Percentage of Gross Written Premium), 2014-2019

Table 18: UAE Life Insurance - Renewal Business Direct Written Premium (AED Billion), 2010-2014

Table 19: UAE Life Insurance - Renewal Business Direct Written Premium (AED Billion), 2014-2019

Table 20: UAE Life Insurance - Total Assets (AED Billion), 2010-2014

Table 21: UAE Life Insurance - Total Assets (AED Billion), 2014-2019

Table 22: UAE Life Insurance - Total Investment Income (AED Million), 2010-2014

Table 23: UAE Life Insurance - Total Investment Income (AED Billion), 2014-2019

Table 24: UAE Life Insurance - Net Written Premium (AED Billion), 2010-2014

Table 25: UAE Life Insurance - Net Written Premium (AED Billion), 2014-2019

Table 26: UAE Non-Linked Insurance Business - Number of Active Policies (Thousand), 2010-2014

Table 27: UAE Non-Linked Insurance Business - Number of Active Policies (Thousand), 2014-2019

Table 28: UAE Non-Linked Insurance Business - Gross Written Premium (AED Billion), 2010-2014

Table 29: UAE Non-Linked Insurance Business - Gross Written Premium (AED Billion), 2014-2019

Table 30: UAE Non-Linked Insurance Business - Direct Written Premium (AED Billion), 2010-2014

Table 31: UAE Non-Linked Insurance Business - Direct Written Premium (AED Billion), 2014-2019

Table 32: UAE Life Insurance - Direct Marketing New Business Direct Written Premium (AED Billion), 2010-2014

Table 33: UAE Life Insurance - Direct Marketing New Business Direct Written Premium (AED Billion), 2014-2019

Table 34: UAE Life Insurance - New Policies Sold Through Direct Marketing (Thousand), 2010-2014

Table 35: UAE Life Insurance - New Policies Sold Through Direct Marketing (Thousand), 2014-2019

Table 36: UAE Life Insurance - Agencies' New Business Direct Written Premium (AED Billion), 2010-2014

Table 37: UAE Life Insurance - Agencies' New Business Direct Written Premium (AED Billion), 2014-2019

Table 38: UAE Life Insurance - New Policies Sold Through Agencies (Thousand), 2010-2014

Table 39: UAE Life Insurance - New Policies Sold Through Agencies (Thousand), 2014-2019

Table 40: UAE Life Insurance - Brokers' New Business Direct Written Premium (AED Million), 2010-2014

Table 41: UAE Life Insurance - Brokers' New Business Direct Written Premium (AED Billion), 2014-2019

Table 42: UAE Life Insurance - New Policies Sold Through Brokers (Thousand), 2010-2014

Table 43: UAE Life Insurance - New Policies Sold Through Brokers (Thousand), 2014-2019

Table 44: Life Insurance - Segment Shares (%), 2014

Table 45: Oman Insurance Company - Key Facts

Table 46: Oman Insurance Company - Key Financials (AED Million), 2010-2014

Table 47: Abu Dhabi National Insurance Company - Key Facts

Table 48: Abu Dhabi National Insurance Company - Key Financials (AED Million), 2010-2014

Table 49: Orient Insurance Company - Key Facts

Table 50: Orient Insurance Company - Key Financials (AED Million), 2010-2014

Table 51: Emirates Insurance Company - Key Facts

Table 52: Emirates Insurance Company - Key Financials (AED Million), 2010-2014

Table 53: Al Ain Ahlia Insurance Company - Key Facts

Table 54: Al Ain Ahlia Insurance Company - Key Financials (AED Million), 2010-2014

Table 55: Al Buhaira National Insurance Company - Key Facts

Table 56: Al Buhaira National Insurance Company - Key Financials (AED Million), 2010-2014

Table 57: Union Insurance Company - Key Facts

Table 58: Union Insurance Company - Key Financials (AED Million), 2010-2014

Table 59: National General Insurance Company - Key Facts

Table 60: National General Insurance Company - Key Financials (AED Million), 2010-2014

Table 61: Al Wathba National Insurance Company - Key Facts

Table 62: Al Wathba National Insurance Company - Key Financials (AED Million), 2010-2014

Table 63: Al-Sagr National Insurance Company - Key Facts

Table 64: Al-Sagr National Insurance Company - Key Financials (AED Million), 2010-2014

Table 65: UAE - Insurance Regulatory Framework Key Features

Table 66: UAE - Life Insurance Regulatory Framework

Table 67: UAE - Property Insurance Regulatory Framework

Table 68: UAE - Motor Insurance Regulatory Framework

Table 69: UAE - Liability Insurance Regulatory Framework

Table 70: UAE - Maximum Limits for Investments in Various Assets by Insurers

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Oman Insurance Company

Abu Dhabi National Insurance Company

Orient Insurance Company

Emirates Insurance Company

Al Ain Ahlia Insurance Company

Al Buhaira National Insurance Company

Union Insurance Company

National General Insurance Company

Al Wathba National Insurance Company

Al-Sagr National Insurance Company

Life insurance

Economy and Demographics

Individual whole life insurance

Individual general annuity

Individual pension insurance

Individual endowment insurance

Individual term life insurance

Group life insurance

Group superannuation insurance

Linked insurance business

Non-linked insurance business

Distribution channels

Bancassurance

Agencies

Brokers

Leading companies

Legislation

Compulsory insurance

Supervision and control

Non-admitted insurance

Types of insurance organization


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