Insurance

The UAE is one of the largest insurance markets in the Gulf region, and Dubai takes an impressive share of the country’s total premiums. There is still plenty of room for growth in life and general, with the period ahead likely to see more of this potential realised. More specifically, Dubai is moving toward compulsory health insurance, and there are signs that the infrastructure and real estate project pipeline is coming back to life. Demographics are also playing their part, as the emirate’s population swells and awareness of insurance needs grows; the population of the UAE grew by 5.6% in 2011 and is expected to keep increasing as the economy expands, creating a range of new opportunities for insurance companies. Moreover, legislative changes – particularly over health – will likely have a major impact when they are finally implemented, with some fierce future competition for the health segment widely expected.