Market Report, "United Arab Emirates Insurance Report Q4 2015", published

The UAE's non-life segment is highly fragmented and divided between local and multinational players. We expect this situation to alter over the forecast period, with a number of factors, particularly regulatory ones, encouraging consolidation, particularly among Islamic takaful providers.

The market is not fully open to foreign multinationals. While they may operate with relative freedom in the Dubai International Financial Centre, a free trade zone, expansion into the UAE proper is dependent on licenses issued by the regulator, a distinction which in 2014 caused Standard Life to quit Dubai. Nevertheless, the subsidiaries of many foreign multinationals are active in the UAE, often focusing their business on expatriate communities among which their brand is well known.

The most important driver of growth in the forecast period will be the now-mandatory purchase of group medical insurance by employers. This should underpin double-digit growth in non-life premiums through the forecast period. By 2019, medical insurance premiums should account for almost 60% of the total written in the non-life segment. The expansion of the expatriate workforce, sustained by broader economic growth, is a second driver of this trend.

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As in other GCC markets, auto insurance is subject to fierce price competition in which dozens of small domestic players, many heavily dependent on reinsurance to mitigate their exposure, compete for a slice of a slow-growing driver pool. As a result, motor insurance is often an unprofitable business that will add very little to the growth of the wider insurance market.

The United Arab Emirates Insurance Report has been researched at source and features BMI Research's independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.

BMI's United Arab Emirates Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Emirati insurance industry.

Key Benefits

* Benchmark BMI's independent insurance industry forecasts for United Arab Emirates to test other views - a key input for successful budgeting and strategic business planning in United Arab Emirates's insurance market.
* Target business opportunities and risks in United Arab Emirates through our reviews of latest industry trends, regulatory changes and major deals, investments and macroeconomic developments.
* Exploit latest competitive intelligence

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