Insurance

In 2017 the UAE was home to the largest and fastest-growing insurance sector in the GCC. The industry has recorded strong compound annual growth rates in both non-life and life segments during the last decade, while takaful (Islamic insurance) products have developed considerably since 2012. This growth has come on the heels of an influx of expatriates, increase in the population of working-age nationals, investment in construction in the run up to Expo 2020 and several legal reforms. The UAE Insurance Authority has recently taken steps to both boost public awareness about the benefits of coverage and to propose reforms that would professionalise industry standards to meet those of more mature, foreign markets.