Insurance

With a total of 60 insurers in the UAE, including 34 locally incorporated companies and 26 foreign branches, federal authorities have increasingly sought to promote consolidation in the nation’s growing insurance market. According to the Statistics Centre – Abu Dhabi, financial and insurance activities were a significant contributor to the emirate’s economic growth in 2014, expanding by 27.1%. Takaful represented a particular growth driver not just in the UAE but across the region, with gross written premiums in the GCC’s takaful market growing at an 11.8% compound annual growth rate between 2010 and 2014 to reach $8.9bn. Meanwhile, there were 3.3m active health insurance members in Abu Dhabi in 2013 according to Health Authority - Abu Dhabi, more than the entire population, meaning that the emirate has achieved its goal of universal coverage.