Please Wait.....
Report
Uae Life and Annuity Insurance Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
Market Report I 2023-01-23 I 150 Pages I Mordor Intelligence
The UAE life and annuity insurance market is one of the biggest contributors to GCC and is expected to witness a CAGR of over 4.9% during the forecast period, 2022-2027.
The life insurance industry is expected to grow, especially since COVID-19 has raised consumer awareness of financial and health concerns. As a result, demand for life insurance and related products has risen. Despite the rise in demand, COVID-19 had a major impact on the intermediate side of the industry's distribution operations, which depended on face-to-face interaction, an impractical approach during the pandemic. As a result, the pandemic has re-emphasized the importance of being able to engage consumers directly through digital platforms. On a macroeconomic level, the UAE is forecasting typical growth rates, which would support demand growth in the retail and group insurance segments.
The Orient insurance company's net profit value in the United Arab Emirates (UAE) insurance market was predicted to be over USD 100 million in 2021. Five insurance companies had a profit of more than USD 27 million.
The gross written premium (GWP) value of the UAE insurance market was around USD 6.6 billion in 2020, an increase from 2019. Since 2016, the GWP in the UAE insurance market has been growing steadily.
In 2021, the life insurance sector held 13% of the UAE insurance market's share, whereas the non-life insurance sector held 87% of the market share.
UAE Life & Annuity Insurance Market Trends
COVID-19 Impact Driving the Market to New Flexible Business Models
Life insurance and annuity industries are impacted by the COVID-19 outbreak and the resulting market instability. Given the unusual level of uncertainty, we estimate that insurers will confront both short- and long-term challenges in maintaining business continuity and profitability.
If individuals are unable or unwilling to pay premiums to keep their policies active, life insurers may see an increase in policy lapses in certain parts of their business. This pattern may continue until the economy begins to improve. Companies that can identify lapsed policyholders who are most likely to repurchase insurance may have a competitive edge in regaining business.
In the long run, the shift to a virtual workforce may provide an opportunity for businesses to speed up their future-of-work projects. Flexible workforce models and remote capabilities are gaining real-world experience for businesses.
Despite the impact of the pandemic, the life insurance market generated a market value of USD 3.04 billion and 3.2 billion in 2020 and 2021, respectively.
In 2020, the gross written premium (GWP) value of the UAE insurance market was around USD 6.6 billion, an increase from the GWP value of USD 6.4 billion in 2019.
While the reinsurance implications of the current economy will become evident in the coming quarters, life insurance and annuity companies should assess reinsurance strategies and decide if changes in conditions influence risk tolerance based on past events, such as the credit crisis.
Government Regulations and Economic Diversification Initiatives
The UAE Vision 2021 was aimed at diversifying the country's economy in non-oil sectors, away from its oil-focused activities.
The government is taking numerous initiatives to reduce the reliance on oil-based sectors. Public-private partnerships are being encouraged, and 100% foreign ownership is being allowed in 13 sectors.
The eligible sectors are expected to offer new economic opportunities for international investors looking to explore the UAE market, particularly for projects involving e-commerce, research laboratories, advancement in biotechnology, logistics, and supply chain, production of solar panels, hybrid powerplants, and green technology.
As the diversification efforts are thriving strongly, the immigrant population in the country, who migrate for work purposes, will gradually increase with bigger projects being undertaken. There is a huge opportunity for the insurance sector since the United Arab Emirates mandates employers to provide all employees with insurance.
An increase in employment levels in all these sectors may open up opportunities for insurance providers.
The government is also making efforts to ease residency policies in the country, which will attract the high-net-worth and immigrant population to stay back for longer durations, helping the economy. Regulations are focused on attracting students and specialists. A 10-year residence visa was introduced for highly skilled workers and investors who can increase opportunities for the insurance sector, in the belief that a longer stay duration may motivate ex-pats to invest in insurance.
UAE Life & Annuity Insurance Market Competitor Analysis
The UAE Life and Annuity Insurance Market is highly consolidated, with major players like Orient, ADNIC, and OIC taking up 64.8% share in the market.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
2.1 Analysis Methodology
2.2 Research Phases
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Value Chain / Supply Chain Analysis
4.4 Industry Policies and Regulations
4.5 Technological Developments in the Sector
4.6 Industry Attractiveness - Porter's Five Forces Analysis
4.7 Impact of COVID - 19 on the Market
5 MARKET SEGMENTATION
5.1 By Insurance Type
5.1.1 Individual Insurance
5.1.2 Annuity Insurance
5.1.3 Endowment Insurance
5.1.4 Whole Life Insurance
5.1.5 Other Insurance Types
6 COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Orient Insurance Company
6.2.2 Abu Dhabi National Insurance Company
6.2.3 Oman Insurance Company
6.2.4 Al Ain Ahlia Insurance
6.2.5 SALAMA
6.2.6 Emirates Insurance Company
6.2.7 Dubai Insurance Company
6.2.8 Union Insurance Company
6.2.9 Dubai National Insurance & Reinsurance PSC
6.2.10 AXA Green Crescent Insurance
7 FUTURE OF THE UAE LIFE AND ANNUITY INSURANCE MARKET
- Not Sure / Need Reassuring
- Confirm Content
-
Content is provided by our partners and every effort is made to make Market Report details as clear as possible. If you are not sure the exact content you require is included in this study you can Contact us to double check. To do this you can:
Use the ‘? ASK A QUESTION’ below the license / prices and to the right of this box. This will come directly to our team who will work on dealing with your request as soon as possible.
Write to directly on support@scotts-international.com with details. Please include as much information as possible including the name of report or link so our staff will be able to work on you request.
Telephone us directly on 0048 603 394 346 and an experienced member of team will be on hand to answer.
-
- Sample Pages
-
With the vast majority of our partners we can obtain Sample Pages to support your decision. This is something we can arrange without revealing your personal details.
It is important to note that we will not be able to provide you the exact data or statistics such as Market Size and Forecasts. Sample pages usually confirm the layout or the Categories included in Charts and Graphs, excluding specific data.
To ask for Sample Pages by contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Check for Alternatives
-
Whilst we try to make our online platform as easy to use as possible there is always the possibility that a better alternative has not been found in your search.
To avoid this possibility Contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346 and a Senior Team Member can review your requirements and send a list of possibilities with opinions and recommendations.
-
- Confirm Content
- Prices / Formats / Delivery
- Prices
-
All prices are set by our partners and should be exactly the same as those listed on their own websites. We work on a Revenue share basis ensuring that you never pay more than what is offered elsewhere.
Should you find the price cheaper on another platform we recommend you to Contact us as we should be able to match this price. You can Contact us though through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Discounts
-
As we work in close partnership with our Partners from time to time we can secure discounts and assist with negotiations, this is part of our personalised service to you.
Discounts can sometimes be arranged for speedily placed orders; multiple report purchases or Higher License purchases.
To check if a Discount is possible please Contact our experienced team through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Available Currencies
-
Most Market Reports on our platform are listed in USD or EURO based on the wishes of our Partners. To avoid currency fluctuations and potential price differentiations we do not offer the possibility to change the currency online.
Should you wish to pay in a different currency to that advertised online we do accept payments in USD, EURO, GBP and PLN. The price will be calculated based on the relevant exchange rate taken from our National Bank.
To pay in a different above currency to that advertised online please Contact our team and a quotation will be sent within a couple of hours with payment details.
-
- Licenses
-
License options vary from Partner to Partner as is usually based on the number of Users that will benefitting from the report. It is very important that License ordered is not breached as this could have potential negative consequences for you individually or your employer.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Global Site License
-
The Global Site License is the most comprehensive license available. By selecting this license, the Market Report can be shared with other ‘Allowed Users’ and any other member of staff from the same organisation regardless of geographic location.
It is important to note that this may exclude Parent Companies or Subsidiaries.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Formats
-
The most common format is PDF, however in certain circumstances data may be present in Excel format or Online, especially in the case of Database or Directories. In addition, for certain higher license options a CD may also be provided.
If you have questions or need clarification about the specific formats we recommend you to Contact us and a detailed explanation will be provided.
-
- Delivery
-
Delivery is fulfilled by our partners directly. Once an order has been placed we inform the partner by sharing the delivery email details given in the order process.
Delivery is usually made within 24 hours of an order being placed, however it may take longer should your order be placed prior to the weekend or if otherwise specified on the Market Report details page. Additionally, if details have been not fully completed in the Order process a delay in delivery is possible.
If a delay in delivery is expected you will be informed about it immediately.
-
- Shipping Charges
-
As most Market Reports are delivered in PDF format we almost never have to add additional Shipping Charges. If, however you are ordering a Higher License service or a specific delivery format (e.g. CD version) charges may apply.
If you are concerned about additional Shipping Charges we recommend you to Contact us to double check.
-
- Prices
- Ordering
- By Credit Card
-
We work in Partnership with PayU to ensure payments are made securely in a fast and effortless way. PayU is the e-payments division of Naspers.
Naspers operates in over 133 International Markets and ranks 3rd Globally in terms of the number of e-commerce customers served.
For more information on PayU please visit: https://www.payu.pl/en/about-us
-
- By Money Transfer
-
If you require an invoice prior to payment, this is possible. To ensure a speedy delivery of the Market Report we require all relevant company details and you agree to maximum payment terms of 30 days from receipt of order.
With our regular clients deliver of the Market Report can be made prior to receiving payment, however in some circumstances we may ask for payment to be received before arranging for the Market Report to be delivered.
-
- By Credit Card
- Security
- Website security
-
We have specifically partnered with leading International companies to protect your privacy by using different technologies and processes to ensure security.
Everything submitted to Scotts International is encrypted via SSL (Secure Socket Layer) and all personal information provided to Scotts International is stored on computer systems with limited access in controlled environments.
-
- Credit Card Security
-
We partner with PayU (https://www.payu.pl/en/about-us) to ensure all credit card payments are made securely in a fast and effortless way.
PayU offers 250+ various payment channels and eWallet services across 4 continents allowing buyers to pay electronically, whether on a computer or a mobile device.
-
- Website security