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

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


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Executive Summary

Timetric's 'Non-Life Insurance in the UAE, Key Trends and Opportunities to 2019' report provides a detailed outlook by product category for the UAE non-life insurance segment, and a comparison of the UAE insurance industry with its regional counterparts.

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, 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, explains the various types of natural hazard and their impact on the UAE insurance industry, 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 'Non-Life Insurance in the UAE, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the UAE non-life insurance segment, including:

The UAE non-life insurance segment's detailed outlook by product category

A comprehensive overview of the UAE economy and demographics

A comparison of the UAE insurance industry with its regional counterparts

Detailed analysis of natural hazards and their impact on the UAE insurance industry

Details of the competitive landscape in the non-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 non-life insurance segment in the UAE:

It provides historical values for the UAE non-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 non-life insurance segment, and market forecasts to 2019.

It profiles the top non-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 non-life insurance segment, and each category within it.

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

Assess the competitive dynamics in the non-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 UAE non-life segment registered growth of 1.1% during the review period.

Property insurance was the largest category in terms of gross written premium, and accounted for 43.1% of the segment's gross written premiums in 2014.

The motor gross written premium recorded a review-period CAGR of 4.0%.

Due to a lack of awareness and enforcement laws and a limited number of compulsory liability classes, growth in the category is expected to be low.

The slowdown in oil exports and a decline in international oil prices affected the marine insurance sub-category.

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Segment Outlook

4.1 Regional Comparison

4.2 Segment Indicators

4.2.1 Gross written premium and penetration

4.2.2 Policies sold

4.2.3 Claims

4.2.4 Profitability

4.2.5 Assets and investments

5 Outlook by Category

5.1 Property Insurance

5.1.1 Product overview

5.1.2 Premium

5.1.3 Policies

5.1.4 Claims

5.1.5 Profitability

5.2 Motor Insurance

5.2.1 Product overview

5.2.2 Premium

5.2.3 Policies

5.2.4 Claims

5.2.5 Profitability

5.3 Liability Insurance

5.3.1 Product overview

5.3.2 Premium

5.3.3 Policies

5.3.4 Claims

5.3.5 Profitability

5.4 Marine, Aviation and Transit Insurance

5.4.1 Product overview

5.4.2 Premium

5.4.3 Policies

5.4.4 Claims

5.4.5 Profitability

6 Distribution Channel Outlook

6.1 Analysis by Distribution Channel

6.1.1 Agencies

6.1.2 Brokers

6.1.3 Direct marketing

7 Natural Hazards

7.1 Earthquakes

7.2 Floods

7.3 Exposure

8 Competitive Landscape

8.1 Leading Companies in the UAE Non-life segment

8.1.1 Oman Insurance Company - company overview

8.1.2 Abu Dhabi National Insurance Company - company overview

8.1.3 Orient Insurance Company - company overview

8.1.4 Emirates Insurance Company - company overview

8.1.5 Al Ain Ahlia Insurance Company - company overview

8.1.6 Al Buhaira National Insurance Company - company overview

8.1.7 Union Insurance Company - company overview

8.1.8 National General Insurance Company - company overview

8.1.9 Al Wathba National Insurance Company - company overview

8.1.10 Al Sagr National Insurance Company - company overview

9 Governance, Risk and Compliance

9.1 Legislation Overview and Historical Evolution

9.2 Latest Changes in Regulations

9.3 Legislation and Market Practice by Type of Insurance

9.3.1 Life insurance

9.3.2 Property insurance

9.3.3 Motor insurance

9.3.4 Liability insurance

9.3.5 Marine, aviation and transit insurance

9.3.6 Personal accident and health insurance

9.4 Compulsory Insurance

9.4.1 Motor third-party liability insurance

9.4.2 Health insurance

9.4.3 Medical liability insurance

9.5 Supervision and Control

9.5.1 International Association of Insurance Supervisors

9.5.2 Insurance Authority

9.5.3 Dubai Financial Services Authority

9.5.4 Emirates Insurance Association

9.6 Non-Admitted Insurance Regulations

9.6.1 Overview

9.6.2 Intermediaries

9.6.3 Market practices

9.6.4 Fines and penalties

9.7 Company Registration and Operations

9.7.1 Types of insurance organization

9.7.2 Establishing a local company

9.7.3 Foreign ownership

9.7.4 Types of license

9.7.5 Capital requirements

9.7.6 Solvency margins

9.7.7 Reserve requirements

9.7.8 Investment regulations

9.7.9 Statutory return requirements

9.7.10 Fee structure

9.8 Taxation

9.8.1 Insurance premium or policy taxation

9.8.2 Withholding taxes on premium paid overseas

9.8.3 Corporate tax

9.8.4 VAT

9.8.5 Captives

9.9 Legal System

9.9.1 Introduction

9.9.2 Access to court

9.9.3 Alternative dispute resolution (ADR)

10 Databook

10.1 Policies and Premium

11 Definitions and Methodology

11.1 Definitions

11.2 Methodology

12 About Timetric

12.1 Contact Timetric

12.2 About Timetric

12.3 Timetric's Services

12.4 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 Non-Life Insurance Penetration - Regional Comparison (%), 2014

Figure 8: UAE Insurance Segment Direct Written Premium Shares - Regional Comparison (%), 2014

Figure 9: UAE Non-Life Insurance - Gross Written Premium (AED Billion), 2010-2019

Figure 10: UAE Non-Life Insurance - Penetration (%), 2010-2019

Figure 11: UAE Non-Life Insurance - Premium per Capita (AED), 2010-2019

Figure 12: UAE Non-Life Insurance - Number of Policies Sold (Thousand), 2010-2019

Figure 13: UAE Non-Life Insurance - Paid Claims (AED Billion), 2010-2019

Figure 14: UAE Non-Life Insurance - Profitability Ratio (%), 2010-2019

Figure 15: UAE Non-Life Insurance - Total Assets (AED Billion), 2010-2019

Figure 16: UAE Non-Life Insurance - Total Investment Income (AED Billion), 2010-2019

Figure 17: UAE Non-Life Insurance - Investment Portfolio (AED Billion), 2010-2019

Figure 18: UAE Non-Life Insurance - Investment Portfolio Dynamics by Category, 2010-2019

Figure 19: UAE Non-Life Insurance - Gross Written Premium by Category (AED Billion and US$ Billion), 2010-2019

Figure 20: UAE Non-Life Insurance - Gross Written Premium Dynamics by Category, 2010-2019

Figure 21: UAE - Construction Output by Category (Percentage Share), 2010 and 2014

Figure 22: UAE Property Insurance - Gross Written Premium by Sub-Category (AED Billion), 2010-2019

Figure 23: UAE Property Insurance - Gross Written Premium Dynamics by Sub-Category, 2010-2019

Figure 24: UAE Property Insurance - Number of Policies Sold by Sub-Category (Thousand), 2010-2019

Figure 25: UAE Property Insurance - Paid Claims (AED Million), 2010-2019

Figure 26: UAE Property Insurance - Earned Premium, Incurred Loss and Loss Ratio (AED Billion and %), 2010-2019

Figure 27: Total Vehicle Sales by Category, 2010 and 2014

Figure 28: UAE Motor Insurance - Gross Written Premium by Sub-Category (AED Billion), 2010-2019

Figure 29: UAE Motor Insurance - Gross Written Premium Dynamics by Sub-Category, 2010-2019

Figure 30: UAE Motor Insurance - Number of Policies Sold by Sub-Category (Million), 2010-2019

Figure 31: UAE Motor Insurance - Paid Claims (AED Billion), 2010-2019

Figure 32: UAE Motor Insurance- Earned Premium, Incurred Loss and Loss Ratio (AED Billion and %), 2010-2019

Figure 33: UAE Liability Insurance - Gross Written Premium (AED Million), 2010-2019

Figure 34: UAE Liability Insurance - Number of Policies Sold (Thousand), 2010-2019

Figure 35: UAE Liability Insurance - Paid Claims (AED Billion), 2010-2019

Figure 36: UAE Liability Insurance - Earned Premium, Incurred Loss and Loss Ratio (AED Billion and %), 2010-2019

Figure 37: UAE Marine, Aviation and Transit Insurance - Gross Written Premium (AED Billion), 2010-2019

Figure 38: UAE Marine, Aviation and Transit Insurance - Number of Policies Sold (Thousand), 2010-2019

Figure 39: UAE Marine, Aviation and Transit Insurance - Paid Claims (AED Million), 2010-2019

Figure 40: UAE Marine, Aviation and Transit Insurance - Earned Premium, Incurred Loss and Loss Ratio (AED Billion and Percentage), 2010-2019

Figure 41: UAE Non-Life Insurance - Direct Written Premium by Distribution Channel (%), 2010, 2014 and 2019

Figure 42: UAE Life Insurance - Segment Shares (%), 2014

Figure 43: UAE - Insurance Supervision and Control at Various Levels

Figure 44: UAE - Insurance Regulatory Frameworks for Company Registration and Operation

Table 1: UAE Non-Life Insurance - Key Facts, 2014

Table 2: UAE Non-Life Insurance - Segment Shares of the Top Insurers, 2014

Table 3: UAE Government Credit Ratings

Table 4: UAE Non-Life Insurance - Gross Written Premium (AED Billion and US$ Billion), 2010-2014

Table 5: UAE Non-Life Insurance - Penetration (%), 2010-2014

Table 6: UAE Non-Life Insurance - Gross Written Premium (AED Billion and US$ Billion), 2014-2019

Table 7: UAE Non-Life Insurance - Penetration (%), 2014-2019

Table 8: UAE Non-Life Insurance - Premium per Capita (AED and US$), 2010-2014

Table 9: UAE Non-Life Insurance - Premium per Capita (AED and US$), 2014-2019

Table 10: UAE Non-Life Insurance - Number of Policies Sold (Thousand), 2010-2014

Table 11: UAE Non-Life Insurance - Number of Policies Sold (Thousand), 2014-2019

Table 12: UAE Non-Life Insurance - Paid Claims (AED Billion and US$ Billion), 2010-2014

Table 13: UAE Non-Life Insurance - Paid Claims (AED Billion and US$ Billion), 2014-2019

Table 14: UAE Non-Life Insurance - Profitability Ratio (%), 2010-2014

Table 15: UAE Non-Life Insurance - Profitability Ratio (%), 2014-2019

Table 16: UAE Non-Life Insurance - Total Assets (AED Billion and US$ Billion), 2010-2014

Table 17: UAE Non-Life Insurance - Total Assets (AED Billion and US$ Billion), 2014-2019

Table 18: UAE Non-Life Insurance - Total Investment Income (AED Billion and US$ Billion), 2010-2014

Table 19: UAE Non-Life Insurance - Total Investment Income (AED Billion and US$ Billion), 2014-2019

Table 20: UAE Non-Life Insurance - Investment Portfolio (AED Billion), 2010-2014

Table 21: UAE Non-Life Insurance - Investment Portfolio (AED Billion), 2014-2019

Table 22: UAE Non-Life Insurance - Gross Written Premium by Category (AED Billion), 2010-2014

Table 23: UAE Non-Life Insurance - Gross Written Premium by Category (AED Billion), 2014-2019

Table 24: UAE Property Insurance - Gross Written Premium by Sub-Category (AED Billion), 2010-2014

Table 25: UAE Property Insurance - Gross Written Premium by Sub-Category (AED Billion), 2014-2019

Table 26: UAE Property Insurance - Number of Policies Sold by Sub-Category (Thousand), 2010-2014

Table 27: UAE Property Insurance - Number of Policies Sold by Sub-Category (Thousand), 2014-2019

Table 28: UAE Property Insurance - Paid Claims (AED Million and US$ Million), 2010-2014

Table 29: UAE Property Insurance - Paid Claims (AED Million and US$ Million), 2014-2019

Table 30: UAE Property Insurance - Loss Ratio (%), 2010-2014

Table 31: UAE Property Insurance - Loss Ratio (%), 2014-2019

Table 32: UAE Motor Insurance - Gross Written Premium by Sub-Category (AED Billion), 2010-2014

Table 33: UAE Motor Insurance - Gross Written Premium by Sub-Category (AED Billion), 2014-2019

Table 34: UAE Motor Insurance - Number of Policies Sold by Sub-Category (Million), 2010-2014

Table 35: UAE Motor Insurance - Number of Policies Sold by Sub-Category (Million), 2014-2019

Table 36: UAE Motor Insurance - Paid Claims (AED Billion and US$ Billion), 2010-2014

Table 37: UAE Motor Insurance - Paid Claims (AED Billion and US$ Billion), 2014-2019

Table 38: UAE Motor Insurance - Loss Ratio (%), 2010-2014

Table 39: UAE Motor Insurance - Loss Ratio (%), 2014-2019

Table 40: UAE Liability Insurance - Gross Written Premium (AED Million), 2010-2014

Table 41: UAE Liability Insurance - Gross Written Premium (AED Million), 2014-2019

Table 42: UAE Liability Insurance - Number of Policies Sold (Thousand), 2010-2014

Table 43: UAE Liability Insurance - Number of Policies Sold (Thousand), 2014-2019

Table 44: UAE Liability Insurance - Paid Claims (AED Billion and US$ Billion), 2010-2014

Table 45: UAE Liability Insurance - Paid Claims (AED Billion and US$ Billion), 2014-2019

Table 46: UAE Liability Insurance - Loss Ratio (%), 2010-2014

Table 47: UAE Liability Insurance - Loss Ratio (%), 2014-2019

Table 48: UAE Marine, Aviation and Transit Insurance - Gross Written Premium (AED Billion), 2010-2014

Table 49: UAE Marine, Aviation and Transit Insurance - Gross Written Premium (AED Billion), 2014-2019

Table 50: UAE Marine, Aviation and Transit Insurance - Number of Policies Sold (Thousand), 2010-2014

Table 51: UAE Marine, Aviation and Transit Insurance - Number of Policies Sold (Thousand), 2014-2019

Table 52: UAE Marine, Aviation and Transit Insurance - Paid Claims (AED Million and US$ Million), 2010-2014

Table 53: UAE Marine, Aviation and Transit Insurance - Paid Claims (AED Million and US$ Million), 2014-2019

Table 54: UAE Marine, Aviation and Transit Insurance - Loss Ratio (%), 2010-2014

Table 55: UAE Marine, Aviation and Transit Insurance - Loss Ratio (%), 2014-2019

Table 56: UAE Non-Life Insurance - Direct Written Premium by Distribution Channel (AED Billion), 2010-2014

Table 57: UAE Non-Life Insurance - Direct Written Premium by Distribution Channel (AED Billion), 2014-2019

Table 58: UAE Non-Life Insurance - Percentage of Direct Written Premium Ceded, by Distribution Channel, 2010-2019

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

Table 60: Oman Insurance Company - Key Facts

Table 61: Oman Insurance Company - Key Financials (AED Million), 2010-2014

Table 62: Abu Dhabi National Insurance Company - Key Facts

Table 63: Abu Dhabi National Insurance Company - Key Financials (AED Million), 2010-2014

Table 64: Orient Insurance Company - Key Facts

Table 65: Orient Insurance Company - Key Financials (AED Million), 2010-2014

Table 66: Emirates Insurance Company - Key Facts

Table 67: Emirates Insurance Company - Key Financials (AED Million), 2010-2014

Table 68: Al Ain Ahlia Insurance Company - Key Facts

Table 69: Al Ain Ahlia Insurance Company - Key Financials (AED Million), 2010-2014

Table 70: Al Buhaira National Insurance Company - Key Facts

Table 71: Al Buhaira National Insurance Company - Key Financials (AED Million), 2010-2014

Table 72: Union Insurance Company - Key Facts

Table 73: Union Insurance Company - Key Financials (AED Million), 2010-2014

Table 74: National General Insurance Company - Key Facts

Table 75: National General Insurance Company - Key Financials (AED Million), 2010-2014

Table 76: Al Wathba National Insurance Company - Key Facts

Table 77: Al Wathba National Insurance Company - Key Financials (AED Million), 2010-2014

Table 78: Al-Sagr National Insurance Company - Key Facts

Table 79: Al-Sagr National Insurance Company - Key Financials (AED Million), 2010-2014

Table 80: UAE - Insurance Regulatory Framework Key Features

Table 81: UAE - Life Insurance Regulatory Framework

Table 82: UAE - Property Insurance Regulatory Framework

Table 83: UAE - Motor Insurance Regulatory Framework

Table 84: UAE - Liability Insurance Regulatory Framework

Table 85: UAE - Maximum Limits for Investments in Various Assets by Insurers

Table 86: UAE Insurance Industry - Policies and Premium, 2010-2014

Table 87: UAE Insurance Industry - Policies and Premium, 2014-2019

Table 88: UAE Non-Life Insurance - Policies and Premium, 2010-2014

Table 89: UAE Non-Life Insurance - Policies and Premium, 2014-2019

Table 90: UAE Non-Life Insurance - Property Insurance Policies and Premium, 2010-2014

Table 91: UAE Non-Life Insurance - Property Insurance Policies and Premium, 2014-2019

Table 92: UAE Non-Life Insurance - Motor Insurance Policies and Premium, 2010-2014

Table 93: UAE Non-Life Insurance - Motor Insurance Policies and Premium, 2014-2019

Table 94: UAE Non-Life Insurance - Liability Insurance Policies and Premium, 2010-2014

Table 95: UAE Non-Life Insurance - Liability Insurance Policies and Premium, 2014-2019

Table 96: UAE Non-Life Insurance - Marine, Aviation and Transit Insurance Policies and Premium, 2010-2014

Table 97: UAE Non-Life Insurance - Marine, Aviation and Transit Insurance Policies and Premium, 2014-2019

Table 98: UAE Non-Life Insurance - Gross Written Premium by Sub-Category (AED), 2010-2014

Table 99: UAE Non-Life Insurance - Gross Written Premium by Sub-Category (AED), 2014-2019

Table 100: UAE Non-Life Insurance - Direct Written Premium by Sub-Category (AED), 2010-2014

Table 101: UAE Non-Life Insurance - Direct Written Premium by Sub-Category (AED), 2014-2019

Table 102: UAE Non-Life Insurance - Penetration by Sub-Category (%), 2010-2014

Table 103: UAE Non-Life Insurance - Penetration by Sub-Category (%), 2014-2019

Table 104: UAE Non-Life Insurance - Number of Active Policies by Sub-Category (Thousand), 2010-2014

Table 105: UAE Non-Life Insurance - Number of Active Policies by Sub-Category (Thousand), 2014-2019

Table 106: Insurance Industry Definitions

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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

Non-life insurance

Economy and demographics

Motor insurance

Motor hull insurance

Motor third-party insurance

Property insurance

Fire and allied perils insurance

Engineering insurance

Agriculture insurance

Liability insurance

Marine insurance

Aviation insurance

Transit insurance

Distribution channels

Direct Marketing

E-commerce

Bancassurance

Natural hazards

Leading companies

Legislation

Compulsory insurance

Supervision and control

Non-admitted insurance

Types of insurance organization


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