Insurance

The introduction of compulsory medical insurance in 2015 will provide universal coverage for all residents of Dubai by 2016, with the health insurance market expected to grow from 1.5m to 4m covered individuals by that time. The UAE’s insurance sector is the largest in the region, accounting for some 45% of all gross written premiums in 2013, but its low penetration rate highlights the market’s potential for further expansion, and indeed the sector continues to outpace the state’s GDP growth. Regulations that took effect in November 2014 raised minimum capital requirements for insurance brokers, from $272,000 to $1.36m and $2.72m for local and international brokers, respectively, with these changes expected to improve market standards going forward.