Synopsis
Timetric’s 'Life Insurance in the UAE, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers and challenges in the UAE life insurance segment.
It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2010–2014) and forecast period (2014–2019).
The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the UAE economy and demographics, and provides detailed information on the competitive landscape in the country.
The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.
Summary
Timetric’s 'Life Insurance in the UAE, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the UAE life insurance segment, including:
• The UAE life insurance segment’s growth prospects by life insurance category
• Key trends, drivers and challenges for the life insurance segment
• A comprehensive overview of the UAE economy and demographics
• The various distribution channels in the UAE life insurance segment
• Details of the competitive landscape in the life insurance segment in the UAE
• Details of regulatory policy applicable to the UAE insurance industry
Scope
This report provides a comprehensive analysis of the life insurance segment in the UAE:
• It provides historical values for the UAE life insurance segment for the report’s 2010–2014 review period, and projected figures for the 2014–2019 forecast period.
• It offers a detailed analysis of the key categories in the UAE life insurance segment, and market forecasts to 2019.
• It analyzes the various distribution channels for life insurance products in the UAE.
• It profiles the top life insurance companies in the UAE, and outlines the key regulations affecting them.
Reasons To Buy
• Make strategic business decisions using in-depth historic and forecast market data related to the UAE life insurance segment, and each category within it.
• Understand the demand-side dynamics, key market trends and growth opportunities in the UAE life insurance segment.
• Assess the competitive dynamics in the life insurance segment.
• Identify growth opportunities and market dynamics in key product categories.
• Gain insights into key regulations governing the UAE insurance industry, and their impact on companies and the industry's future.
Key Highlights
• The life segment is anticipated to post a forecast-period CAGR of 18.7%.
• A number of demographic factors, such as a rising expatriate population, greater life expectancy, and a large working population stimulated the demand for life insurance products.
• The segment’s distribution network was primarily dominated by agencies and direct marketing, which together accounted for 88.1% of the segment’s new business gross written premium in 2014.
• The main growth drivers are population growth and regulatory changes, and the new regulations will help ensure the solvency of insures risk exposure.
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1 Key Facts and Highlights
2 Executive Summary
3 Introduction
3.1 What is this Report About?
3.2 Definitions
3.3 Methodology
4 Economy and Demographics
5 Life Insurance Outlook
5.1 Key Drivers
5.2 Key Trends
5.3 Challenges
5.4 Life Insurance Growth Prospects by Category
5.5 Individual Life Insurance
5.5.1 Total non-linked insurance business
6 Analysis by Distribution Channel
6.1 Direct Marketing
6.2 Agencies
6.3 Brokers
7 Competitive Landscape and Strategic Insights
7.1 Overview
7.2 Leading Companies in the UAE Life Insurance Segment
7.2.1 Oman Insurance Company – company overview
7.2.2 Abu Dhabi National Insurance Company – company overview
7.2.3 Orient Insurance Company – company overview
7.2.4 Emirates Insurance Company – company overview
7.2.5 Al Ain Ahlia Insurance Company – company overview
7.2.6 Al Buhaira National Insurance Company – company overview
7.2.7 Union Insurance Company – company overview
7.2.8 National General Insurance Company – company overview
7.2.9 Al Wathba National Insurance Company – company overview
7.2.10 Al Sagr National Insurance Company – company overview
8 Governance, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulations
8.3 Legislation and Market Practice by Type of Insurance
8.3.1 Life insurance
8.3.2 Property insurance
8.3.3 Motor insurance
8.3.4 Liability insurance
8.3.5 Marine, aviation and transit insurance
8.3.6 Personal accident and health insurance
8.4 Compulsory Insurance
8.4.1 Motor third-party liability insurance
8.4.2 Health insurance
8.4.3 Medical liability insurance
8.5 Supervision and Control
8.5.1 International Association of Insurance Supervisors
8.5.2 Insurance Authority
8.5.3 Dubai Financial Services Authority
8.5.4 Emirates Insurance Association
8.6 Non-Admitted Insurance Regulations
8.6.1 Overview
8.6.2 Intermediaries
8.6.3 Market practices
8.6.4 Fines and penalties
8.7 Company Registration and Operations
8.7.1 Types of insurance organization
8.7.2 Establishing a local company
8.7.3 Foreign ownership
8.7.4 Types of license
8.7.5 Capital requirements
8.7.6 Solvency margins
8.7.7 Reserve requirements
8.7.8 Investment regulations
8.7.9 Statutory return requirements
8.7.10 Fee structure
8.8 Taxation
8.8.1 Insurance premium or policy taxation
8.8.2 Withholding taxes on premium paid overseas
8.8.3 Corporate tax
8.8.4 VAT
8.8.5 Captives
8.9 Legal System
8.9.1 Introduction
8.9.2 Access to court
8.9.3 Alternative dispute resolution (ADR)
9 Appendix
9.1 Contact Timetric
9.2 About Timetric
9.3 Timetric’s Services
9.4 Disclaimer
Table 1: UAE Life Insurance – Key Facts, 2014
Table 2: Insurance Industry Definitions
Table 3: UAE Government Credit Ratings
Table 4: UAE Life Insurance – New Business Direct Written Premium (AED Billion), 2010–2014
Table 5: UAE Life Insurance – New Business Direct Written Premium (AED Billion), 2014–2019
Table 6: UAE Life Insurance – Sum Assured (AED Billion), 2010–2014
Table 7: UAE Life Insurance – Sum Assured (AED Trillion), 2014–2019
Table 8: UAE Life Insurance – Paid Claims (AED Billion), 2010–2014
Table 9: UAE Life Insurance – Paid Claims (AED Billion), 2014–2019
Table 10: UAE Life Insurance – Incurred Loss (AED Billion), 2010–2014
Table 11: UAE Life Insurance – Incurred Loss (AED Billion), 2014–2019
Table 12: UAE Life Insurance – Number of Policies per Capita, 2010–2014
Table 13: UAE Life Insurance – Number of Policies per Capita, 2014–2019
Table 14: UAE Life Insurance – Commissions and Expenses (AED Million), 2010–2014
Table 15: UAE Life Insurance – Commissions and Expenses (AED Million), 2014–2019
Table 16: UAE Life Insurance – Net Written Premium (% of GWP), 2010–2014
Table 17: UAE Life Insurance – Net Written Premium (Percentage of Gross Written Premium), 2014–2019
Table 18: UAE Life Insurance – Renewal Business Direct Written Premium (AED Billion), 2010–2014
Table 19: UAE Life Insurance – Renewal Business Direct Written Premium (AED Billion), 2014–2019
Table 20: UAE Life Insurance – Total Assets (AED Billion), 2010–2014
Table 21: UAE Life Insurance – Total Assets (AED Billion), 2014–2019
Table 22: UAE Life Insurance – Total Investment Income (AED Million), 2010–2014
Table 23: UAE Life Insurance – Total Investment Income (AED Billion), 2014–2019
Table 24: UAE Life Insurance – Net Written Premium (AED Billion), 2010–2014
Table 25: UAE Life Insurance – Net Written Premium (AED Billion), 2014–2019
Table 26: UAE Non-Linked Insurance Business – Number of Active Policies (Thousand), 2010–2014
Table 27: UAE Non-Linked Insurance Business – Number of Active Policies (Thousand), 2014–2019
Table 28: UAE Non-Linked Insurance Business – Gross Written Premium (AED Billion), 2010–2014
Table 29: UAE Non-Linked Insurance Business – Gross Written Premium (AED Billion), 2014–2019
Table 30: UAE Non-Linked Insurance Business – Direct Written Premium (AED Billion), 2010–2014
Table 31: UAE Non-Linked Insurance Business – Direct Written Premium (AED Billion), 2014–2019
Table 32: UAE Life Insurance – Direct Marketing New Business Direct Written Premium (AED Billion), 2010–2014
Table 33: UAE Life Insurance – Direct Marketing New Business Direct Written Premium (AED Billion), 2014–2019
Table 34: UAE Life Insurance – New Policies Sold Through Direct Marketing (Thousand), 2010–2014
Table 35: UAE Life Insurance – New Policies Sold Through Direct Marketing (Thousand), 2014–2019
Table 36: UAE Life Insurance – Agencies’ New Business Direct Written Premium (AED Billion), 2010–2014
Table 37: UAE Life Insurance – Agencies’ New Business Direct Written Premium (AED Billion), 2014–2019
Table 38: UAE Life Insurance – New Policies Sold Through Agencies (Thousand), 2010–2014
Table 39: UAE Life Insurance – New Policies Sold Through Agencies (Thousand), 2014–2019
Table 40: UAE Life Insurance – Brokers’ New Business Direct Written Premium (AED Million), 2010–2014
Table 41: UAE Life Insurance – Brokers’ New Business Direct Written Premium (AED Billion), 2014–2019
Table 42: UAE Life Insurance – New Policies Sold Through Brokers (Thousand), 2010–2014
Table 43: UAE Life Insurance – New Policies Sold Through Brokers (Thousand), 2014–2019
Table 44: Life Insurance – Segment Shares (%), 2014
Table 45: Oman Insurance Company – Key Facts
Table 46: Oman Insurance Company – Key Financials (AED Million), 2010–2014
Table 47: Abu Dhabi National Insurance Company – Key Facts
Table 48: Abu Dhabi National Insurance Company – Key Financials (AED Million), 2010–2014
Table 49: Orient Insurance Company – Key Facts
Table 50: Orient Insurance Company – Key Financials (AED Million), 2010–2014
Table 51: Emirates Insurance Company – Key Facts
Table 52: Emirates Insurance Company – Key Financials (AED Million), 2010–2014
Table 53: Al Ain Ahlia Insurance Company – Key Facts
Table 54: Al Ain Ahlia Insurance Company – Key Financials (AED Million), 2010–2014
Table 55: Al Buhaira National Insurance Company – Key Facts
Table 56: Al Buhaira National Insurance Company – Key Financials (AED Million), 2010–2014
Table 57: Union Insurance Company – Key Facts
Table 58: Union Insurance Company – Key Financials (AED Million), 2010–2014
Table 59: National General Insurance Company – Key Facts
Table 60: National General Insurance Company – Key Financials (AED Million), 2010–2014
Table 61: Al Wathba National Insurance Company – Key Facts
Table 62: Al Wathba National Insurance Company – Key Financials (AED Million), 2010–2014
Table 63: Al-Sagr National Insurance Company – Key Facts
Table 64: Al-Sagr National Insurance Company – Key Financials (AED Million), 2010–2014
Table 65: UAE – Insurance Regulatory Framework Key Features
Table 66: UAE – Life Insurance Regulatory Framework
Table 67: UAE – Property Insurance Regulatory Framework
Table 68: UAE – Motor Insurance Regulatory Framework
Table 69: UAE – Liability Insurance Regulatory Framework
Table 70: UAE – Maximum Limits for Investments in Various Assets by Insurers
Figure 1: UAE Real GDP (US$ Billion), 2010–2019
Figure 2: AED–US$ Exchange Rate, 2010–2019
Figure 3: UAE Consumer Price Inflation, 2010–2019
Figure 4: UAE Current Account Balance as Percentage of GDP (%), 2010–2019
Figure 5: UAE Unemployment Rate, 2010–2019
Figure 6: UAE Population by Age Group, 1990–2025
Figure 7: UAE – Population Distribution (%), 2014
Figure 8: UAE – Population Composition by Age Group (%), 2010–2014
Figure 9: UAE Life Insurance – New Business Direct Written Premium (AED Billion), 2010–2014
Figure 10: UAE Life Insurance – New Business Direct Written Premium (AED Billion), 2014–2019
Figure 11: UAE Life Insurance – Sum Assured (AED Trillion), 2010–2014
Figure 12: UAE Life Insurance – Sum Assured (AED Trillion), 2014–2019
Figure 13: UAE Life Insurance – Paid Claims (AED Billion), 2010–2014
Figure 14: UAE Life Insurance – Paid Claims (AED Billion), 2014–2019
Figure 15: UAE Life Insurance – Incurred Loss (AED Billion), 2010–2014
Figure 16: UAE Life Insurance – Incurred Loss (AED Billion), 2014–2019
Figure 17: UAE Life Insurance – Number of Policies per Capita, 2010–2014
Figure 18: UAE Life Insurance – Number of Policies per Capita, 2014–2019
Figure 19: UAE Life Insurance – Commissions and Expenses (AED Million), 2010–2014
Figure 20: UAE Life Insurance – Commissions and Expenses (AED Million), 2014–2019
Figure 21: UAE Life Insurance – Net Written Premium (% of GWP), 2010–2014
Figure 22: UAE Life Insurance – Net Written Premium (Percentage of Gross Written Premium), 2014–2019
Figure 23: UAE Life Insurance – Renewal Business Direct Written Premium (AED Billion), 2010–2014
Figure 24: UAE Life Insurance – Renewal Business Direct Written Premium (AED Billion), 2014–2019
Figure 25: UAE Life Insurance – Total Assets (AED Billion), 2010–2014
Figure 26: UAE Life Insurance – Total Assets (AED Billion), 2014–2019
Figure 27: UAE Life Insurance – Total Investment Income (AED Million), 2010–2014
Figure 28: UAE Life Insurance – Total Investment Income (AED Billion), 2014–2019
Figure 29: UAE Life Insurance – Net Written Premium (AED Billion), 2010–2014
Figure 30: UAE Life Insurance – Net Written Premium (AED Billion), 2014–2019
Figure 31: UAE Life Insurance – Investment Portfolio (AED Billion), 2010–2014
Figure 32: UAE Life Insurance – Investment Portfolio, 2010 and 2014
Figure 33: UAE Life Insurance – Penetration (Ratio of Direct Premium to GDP), 2010–2014
Figure 34: UAE Life Insurance – Density (Direct Premium per Capita), 2010–2014
Figure 35: UAE Life Insurance – Number of Active Policies (Thousand), 2010–2014
Figure 36: UAE Life Insurance – Number of Active Policies (Thousand), 2014–2019
Figure 37: UAE Life Insurance – Number of New Policies Sold (Thousand), 2010–2014
Figure 38: UAE Life Insurance – Number of New Policies Sold (Thousand), 2014–2019
Figure 39: UAE Life Insurance – Total Investments (AED Billion), 2010–2014
Figure 40: UAE Non-Linked Insurance Business – Number of Active Policies (Thousand), 2010–2014
Figure 41: UAE Non-Linked Insurance Business – Number of Active Policies (Thousand), 2014–2019
Figure 42: UAE Non-Linked Insurance Business – Gross Written Premium (AED Billion), 2010–2014
Figure 43: UAE Non-Linked Insurance Business – Gross Written Premium (AED Billion), 2014–2019
Figure 44: UAE Non-Linked Insurance Business – Direct Written Premium (AED Billion), 2010–2014
Figure 45: UAE Non-Linked Insurance Business – Direct Written Premium (AED Billion), 2014–2019
Figure 46: UAE Life Insurance – New Business Gross Written Premium by Distribution Channel (Percentage Share), 2014 and 2019
Figure 47: UAE Life Insurance – Direct Marketing New Business Direct Written Premium (AED Billion), 2010–2014
Figure 48: UAE Life Insurance – Direct Marketing New Business Direct Written Premium (AED Billion), 2014–2019
Figure 49: UAE Life Insurance – New Policies Sold Through Direct Marketing (Thousand), 2010–2014
Figure 50: UAE Life Insurance – New Policies Sold Through Direct Marketing (Thousand), 2014–2019
Figure 51: UAE Life Insurance – Agencies’ New Business Direct Written Premium (AED Billion), 2010–2014
Figure 52: UAE Life Insurance – Agencies’ New Business Direct Written Premium (AED Billion), 2014–2019
Figure 53: UAE Life Insurance – New Policies Sold Through Agencies (Thousand), 2010–2014
Figure 54: UAE Life Insurance – New Policies Sold Through Agencies (Thousand), 2014–2019
Figure 55: UAE Life Insurance – Brokers’ New Business Direct Written Premium (AED Million), 2010–2014
Figure 56: UAE Life Insurance – Brokers’ New Business Direct Written Premium (AED Billion), 2014–2019
Figure 57: UAE Life Insurance – New Policies Sold Through Brokers (Thousand), 2010–2014
Figure 58: UAE Life Insurance – New Policies Sold Through Brokers (Thousand), 2014–2019
Figure 59: UAE Life Insurance – Segment Shares (%), 2014
Figure 60: UAE – Insurance Supervision and Control at Various Levels
Figure 61: UAE – Insurance Regulatory Frameworks for Company Registration and Operation
