Synopsis
Timetric’s 'Personal Accident and Health Insurance in the UAE, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers, challenges in the UAE personal accident and health insurance segment.
It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and claims 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 'Personal Accident and Health Insurance in the UAE, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the UAE personal accident and health insurance segment, including:
• The UAE personal accident and health insurance segment’s growth prospects by insurance category
• Key trends, drivers and challenges for the personal accident and health insurance segment
• A comprehensive overview of the UAE economy and demographics
• The various distribution channels in the UAE personal accident and health insurance segment
• Details of the competitive landscape in the personal accident and health insurance segment in the UAE
• Details of regulatory policy applicable to the UAE insurance industry
Scope
This report provides a comprehensive analysis of the personal accident and health insurance segment in the UAE:
• It provides historical values for the UAE personal accident and health 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 personal accident and health insurance segment, and market forecasts to 2019.
• It profiles the top personal accident and health 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 personal accident and health insurance segment, and each category within it.
• Understand the demand-side dynamics, key market trends and growth opportunities in the UAE personal accident and health insurance segment.
• Assess the competitive dynamics in the personal accident and health 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
• Personal accident and health insurance was the fastest-growing segment in the industry, with a review-period CAGR of 20.2%.
• The personal accident and health segment is dominated by the health insurance category, which accounted for 96.6% of the segment’s gross written premium in 2014.
• Enhanced regulations and increasing costs of healthcare in the Emirates are the key drivers for the segment’s growth, and will encourage competition and create market stability over the forecast period.
• Brokers were the second-largest distribution channel in 2014, accounting for 30.7% of the segment’s overall direct written premium.
• Direct marketing was the largest distribution channel, accounting for 49.8% of the direct written premium in 2014, due to its low costs.
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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 Personal Accident and Health Insurance Segment Outlook
5.1 Key Drivers
5.2 Key Trends
5.3 Challenges
5.4 Personal Accident and Health Insurance Growth Prospects by Category
5.4.1 Personal accident insurance
5.4.2 Health insurance
5.4.3 Non-life health insurance
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 Personal Accident and Health 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 Methodology
9.2 Contact Timetric
9.3 About Timetric
9.4 Timetric’s Services
9.5 Disclaimer
Table 1: UAE Personal Accident and Health Insurance – Key Facts, 2014
Table 2: Insurance Industry Definitions
Table 3: UAE Government Credit Ratings
Table 4: UAE Personal Accident and Health Insurance – Gross Written Premium by Category (AED Billion), 2010–2014
Table 5: UAE Personal Accident and Health Insurance – Gross Written Premium by Category (US$ Billion), 2010–2014
Table 6: UAE Personal Accident and Health Insurance – Gross Written Premium by Category (AED Billion), 2014–2019
Table 7: UAE Personal Accident and Health Insurance – Gross Written Premium by Category (US$ Billion), 2014–2019
Table 8: UAE Personal Accident and Health Insurance – Direct Written Premium by Category (AED Billion), 2010–2014
Table 9: UAE Personal Accident and Health Insurance – Direct Written Premium by Category (US$ Billion), 2010–2014
Table 10: UAE Personal Accident and Health Insurance – Direct Written Premium by Category (AED Billion), 2014–2019
Table 11: UAE Personal Accident and Health Insurance – Direct Written Premium by Category (US$ Billion), 2014–2019
Table 12: UAE Personal Accident and Health Insurance – Net Earned Premium (AED Billion), 2010–2014
Table 13: UAE Personal Accident and Health Insurance – Net Earned Premium (AED Billion), 2014–2019
Table 14: UAE Personal Accident and Health Insurance – Paid Claims by Category (AED Billion), 2010–2014
Table 15: UAE Personal Accident and Health Insurance – Paid Claims by Category (US$ Million), 2010–2014
Table 16: UAE Personal Accident and Health Insurance – Paid Claims by Category (AED Million), 2014–2019
Table 17: UAE Personal Accident and Health Insurance – Paid Claims by Category (US$ Million), 2014–2019
Table 18: UAE Personal Accident and Health Insurance – Incurred Loss by Category (AED Million), 2010–2014
Table 19: UAE Personal Accident and Health Insurance – Incurred Loss by Category (US$ Million), 2010–2014
Table 20: UAE Personal Accident and Health Insurance – Incurred Loss by Category (AED Million), 2014–2019
Table 21: UAE Personal Accident and Health Insurance – Incurred Loss by Category (US$ Million), 2014–2019
Table 22: UAE Personal Accident and Health Insurance – Net Written Premium by Category (AED Million), 2010–2014
Table 23: UAE Personal Accident and Health Insurance – Net Written Premium by Category (US$ Million), 2010–2014
Table 24: UAE Personal Accident and Health Insurance – Net Written Premium by Category (AED Billion), 2014–2019
Table 25: UAE Personal Accident and Health Insurance – Net Written Premium by Category (US$ Million), 2014–2019
Table 26: UAE Personal Accident and Health Insurance – Loss Ratio (%), 2010–2014
Table 27: UAE Personal Accident and Health Insurance – Loss Ratio (%), 2014–2019
Table 28: UAE Personal Accident and Health Insurance – Commission and Expenses (AED Billion), 2010–2014
Table 29: UAE Personal Accident and Health Insurance – Commission and Expenses (AED Billion), 2014–2019
Table 30: UAE Personal Accident and Health Insurance – Combined Ratio (%), 2010–2014
Table 31: UAE Personal Accident and Health Insurance – Combined Ratio (%), 2014–2019
Table 32: UAE Personal Accident and Health Insurance – Number of Policies per Capita, 2010–2014
Table 33: UAE Personal Accident and Health Insurance – Number of Policies per Capita, 2014–2019
Table 34: UAE Personal Accident and Health Insurance – Total Assets (AED Billion), 2010–2014
Table 35: UAE Personal Accident and Health Insurance – Total Assets (AED Billion), 2014–2019
Table 36: UAE Personal Accident and Health Insurance – Total Investment Income (AED Million), 2010–2014
Table 37: UAE Personal Accident and Health Insurance – Total Investment Income (AED Million), 2014–2019
Table 38: UAE Personal Accident and Health Insurance – Net Written Premium (% of GWP), 2010–2014
Table 39: UAE Personal Accident and Health Insurance – Net Written Premium as a Percentage of Gross Written Premium (%), 2014–2019
Table 40: UAE Personal Accident Insurance – Number of Policies Sold (Thousand), 2010–2014
Table 41: UAE Personal Accident Insurance – Number of Policies Sold (Thousand), 2014–2019
Table 42: UAE Personal Accident Insurance – Direct Written Premium (AED Million), 2010–2014
Table 43: UAE Personal Accident Insurance – Direct Written Premium (AED Million), 2014–2019
Table 44: UAE Personal Accident Insurance – Loss Ratio (%), 2010–2014
Table 45: UAE Personal Accident Insurance – Loss Ratio (%), 2014–2019
Table 46: UAE Health Insurance – Gross Written Premium (AED Billion), 2010–2014
Table 47: UAE Health Insurance – Gross Written Premium (US$ Billion), 2010–2014
Table 48: UAE Health Insurance – Gross Written Premium by Sub-Category (AED Billion), 2014–2019
Table 49: UAE Health Insurance – Gross Written Premium by Sub-Category (US$ Billion), 2014–2019
Table 50: UAE Non-Life Health Insurance – Number of Policies Sold (Thousand), 2010–2014
Table 51: UAE Non-Life Health Insurance – Number of Policies Sold (Thousand), 2014–2019
Table 52: UAE Non-Life Health Insurance – Direct Written Premium (AED Billion), 2010–2014
Table 53: UAE Non-Life Health Insurance – Direct Written Premium (AED Billion), 2014–2019
Table 54: UAE Non-Life Health Insurance – Paid Claims (AED Billion), 2010–2014
Table 55: UAE Non-Life Health Insurance – Paid Claims (AED Billion), 2014–2019
Table 56: UAE Non-Life Health Insurance – Loss Ratio (%), 2010–2014
Table 57: UAE Non-Life Health Insurance – Loss Ratio (%), 2014–2019
Table 58: UAE Non-Life Health Insurance – Net Written Premium (AED Billion), 2010–2014
Table 59: UAE Non-Life Health Insurance – Net Written Premium (AED Billion), 2014–2019
Table 60: UAE Personal Accident and Health Insurance – Direct Marketing Value of Commission (AED Billion), 2010–2014
Table 61: UAE Personal Accident and Health Insurance – Direct Marketing Value of Commission (AED Billion), 2014–2019
Table 62: UAE Personal Accident and Health Insurance – Direct Marketing Direct Written Premium (AED Billion), 2010–2014
Table 63: UAE Personal Accident and Health Insurance – Direct Marketing Direct Written Premium (AED Billion), 2014–2019
Table 64: UAE Personal Accident and Health Insurance – Number of Policies Sold Through Direct Marketing (Thousand), 2010–2014
Table 65: UAE Personal Accident and Health Insurance – Number of Policies Sold Through Direct Marketing (Thousand), 2014–2019
Table 66: UAE Personal Accident and Health Insurance – Agencies’ Value of Commission (AED Billion), 2010–2014
Table 67: UAE Personal Accident and Health Insurance – Agencies’ Value of Commission (AED Billion), 2014–2019
Table 68: UAE Personal Accident and Health Insurance – Agencies’ Direct Written Premium (AED Billion), 2010–2014
Table 69: UAE Personal Accident and Health Insurance – Agencies’ Direct Written Premium (AED Billion), 2014–2019
Table 70: UAE Personal Accident and Health Insurance – Number of Policies Sold Through Agencies (Thousand), 2010–2014
Table 71: UAE Personal Accident and Health Insurance – Number of Policies Sold Through Agencies (Thousand), 2014–2019
Table 72: UAE Personal Accident and Health Insurance – Brokers’ Value of Commission (AED Billion), 2010–2014
Table 73: UAE Personal Accident and Health Insurance – Brokers’ Value of Commission (AED Billion), 2014–2019
Table 74: UAE Personal Accident and Health Insurance – Brokers’ Direct Written Premium (AED Billion), 2010–2014
Table 75: UAE Personal Accident and Health Insurance – Brokers’ Direct Written Premium (AED Billion), 2014–2019
Table 76: UAE Personal Accident and Health Insurance – Number of Policies Sold Through Brokers (Thousand), 2010–2014
Table 77: UAE Personal Accident and Health Insurance – Number of Policies Sold Through Brokers (Thousand), 2014–2019
Table 78: UAE Life Insurance – Segment Shares (%), 2014
Table 79: Oman Insurance Company – Key Facts
Table 80: Oman Insurance Company – Key Financials (AED Million), 2010–2014
Table 81: Abu Dhabi National Insurance Company – Key Facts
Table 82: Abu Dhabi National Insurance Company – Key Financials (AED Million), 2010–2014
Table 83: Orient Insurance Company – Key Facts
Table 84: Orient Insurance Company – Key Financials (AED Million), 2010–2014
Table 85: Emirates Insurance Company – Key Facts
Table 86: Emirates Insurance Company – Key Financials (AED Million), 2010–2014
Table 87: Al Ain Ahlia Insurance Company – Key Facts
Table 88: Al Ain Ahlia Insurance Company – Key Financials (AED Million), 2010–2014
Table 89: Al Buhaira National Insurance Company – Key Facts
Table 90: Al Buhaira National Insurance Company – Key Financials (AED Million), 2010–2014
Table 91: Union Insurance Company – Key Facts
Table 92: Union Insurance Company – Key Financials (AED Million), 2010–2014
Table 93: National General Insurance Company – Key Facts
Table 94: National General Insurance Company – Key Financials (AED Million), 2010–2014
Table 95: Al Wathba National Insurance Company – Key Facts
Table 96: Al Wathba National Insurance Company – Key Financials (AED Million), 2010–2014
Table 97: Al-Sagr National Insurance Company – Key Facts
Table 98: Al-Sagr National Insurance Company – Key Financials (AED Million), 2010–2014
Table 99: UAE – Insurance Regulatory Framework Key Features
Table 100: UAE – Life Insurance Regulatory Framework
Table 101: UAE – Property Insurance Regulatory Framework
Table 102: UAE – Motor Insurance Regulatory Framework
Table 103: UAE – Liability Insurance Regulatory Framework
Table 104: 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 Insurance Industry – Outbound Tourism (Thousand), 2010–2014
Figure 8: UAE Insurance Industry – Population Distribution by Gender and Age Group, 2010 and 2014
Figure 9: UAE Personal Accident and Health Insurance – Gross Written Premium by Category (AED Billion), 2010–2019
Figure 10: UAE Personal Accident and Health Insurance – Gross Written Premium by Category (Percentage Share), 2014 and 2019
Figure 11: UAE Personal Accident and Health Insurance – Gross Written Premium Dynamics by Category, 2010–2019
Figure 12: UAE Personal Accident and Health Insurance – Direct Written Premium by Category (AED Billion), 2010–2019
Figure 13: UAE Personal Accident and Health Insurance – Direct Written Premium by Category (Percentage Share), 2014 and 2019
Figure 14: UAE Personal Accident and Health Insurance – Gross Written Premium Dynamics by Category, 2010–2019
Figure 15: UAE Personal Accident and Health Insurance – Net Earned Premium (AED Billion), 2010–2014
Figure 16: UAE Personal Accident and Health Insurance – Net Earned Premium (AED Billion), 2014–2019
Figure 17: UAE Personal Accident and Health Insurance – Paid Claims by Category (AED Billion), 2010–2019
Figure 18: UAE Personal Accident and Health Insurance – Incurred Loss by Category (AED Billion), 2010–2019
Figure 19: UAE Personal Accident and Health Insurance – Net Written Premium by Category (AED Billion), 2010–2019
Figure 20: UAE Personal Accident and Health Insurance – Loss Ratio (%), 2010–2014
Figure 21: UAE Personal Accident and Health Insurance – Loss Ratio (%), 2014–2019
Figure 22: UAE Personal Accident and Health Insurance – Commission and Expenses (AED Billion), 2010–2014
Figure 23: UAE Personal Accident and Health Insurance – Commission and Expenses (AED Billion), 2014–2019
Figure 24: UAE Personal Accident and Health Insurance – Combined Ratio (%), 2010–2014
Figure 25: UAE Personal Accident and Health Insurance – Combined Ratio (%), 2014–2019
Figure 26: UAE Personal Accident and Health Insurance – Number of Policies per Capita, 2010–2014
Figure 27: UAE Personal Accident and Health Insurance – Number of Policies per Capita, 2014–2019
Figure 28: UAE Personal Accident and Health Insurance – Total Assets (AED Billion), 2010–2014
Figure 29: UAE Personal Accident and Health Insurance – Total Assets (AED Billion), 2014–2019
Figure 30: UAE Personal Accident and Health Insurance – Total Investment Income (AED Million), 2010–2014
Figure 31: UAE Personal Accident and Health Insurance – Total Investment Income (AED Million), 2014–2019
Figure 32: UAE Personal Accident and Health Insurance – Net Written Premium (% of GWP), 2010–2014
Figure 33: UAE Personal Accident and Health Insurance – Net Written Premium as a Percentage of Gross Written Premium (%), 2014–2019
Figure 34: UAE Personal Accident and Health Insurance – Investment Portfolio (AED Billion), 2010–2014
Figure 35: UAE Personal Accident and Health Insurance – Investment Portfolio (% Share), 2010 and 2014
Figure 36: UAE Personal Accident and Health Insurance Penetration (%), 2010–2014
Figure 37: UAE Personal Accident and Health Insurance – Number of Policies Sold (Thousand), 2010–2014
Figure 38: UAE Personal Accident and Health Insurance – Number of Policies Sold (Thousand), 2014–2019
Figure 39: UAE Personal Accident and Health Insurance – Direct Premium per Capita (AED), 2010–2014
Figure 40: UAE Personal Accident Insurance – Number of Policies Sold (Thousand), 2010–2014
Figure 41: UAE Personal Accident Insurance – Number of Policies Sold (Thousand), 2014–2019
Figure 42: UAE Personal Accident Insurance – Direct Written Premium (AED Million), 2010–2014
Figure 43: UAE Personal Accident Insurance – Direct Written Premium (AED Million), 2014–2019
Figure 44: UAE Personal Accident Insurance – Loss Ratio (%), 2010–2014
Figure 45: UAE Personal Accident Insurance – Loss Ratio (%), 2014–2019
Figure 46: UAE Non-Life Health Insurance – Number of Policies Sold (Thousand), 2010–2014
Figure 47: UAE Non-Life Health Insurance – Number of Policies Sold (Thousand), 2014–2019
Figure 48: UAE Non-Life Health Insurance – Direct Written Premium (AED Billion), 2010–2014
Figure 49: UAE Non-Life Health Insurance – Direct Written Premium (AED Billion), 2014–2019
Figure 50: UAE Non-Life Health Insurance – Paid Claims (AED Billion), 2010–2014
Figure 51: UAE Non-Life Health Insurance – Paid Claims (AED Billion), 2014–2019
Figure 52: UAE Non-Life Health Insurance – Loss Ratio (%), 2010–2014
Figure 53: UAE Non-Life Health Insurance – Loss Ratio (%), 2014–2019
Figure 54: UAE Non-Life Health Insurance – Net Written Premium (AED Billion), 2010–2014
Figure 55: UAE Non-Life Health Insurance – Net Written Premium (AED Billion), 2014–2019
Figure 56: UAE Personal Accident and Health Insurance – Direct Written Premium by Distribution Channel (% Share), 2014 and 2019
Figure 57: UAE Personal Accident and Health Insurance – Direct Marketing Value of Commission (AED Billion), 2010–2014
Figure 58: UAE Personal Accident and Health Insurance – Direct Marketing Value of Commission (AED Billion), 2014–2019
Figure 59: UAE Personal Accident and Health Insurance – Direct Marketing Direct Written Premium (AED Billion), 2010–2014
Figure 60: UAE Personal Accident and Health Insurance – Direct Marketing Direct Written Premium (AED Billion), 2014–2019
Figure 61: UAE Personal Accident and Health Insurance – Number of Policies Sold Through Direct Marketing (Thousand), 2010–2014
Figure 62: UAE Personal Accident and Health Insurance – Number of Policies Sold Through Direct Marketing (Thousand), 2014–2019
Figure 63: UAE Personal Accident and Health Insurance – Agencies’ Value of Commission (AED Billion), 2010–2014
Figure 64: UAE Personal Accident and Health Insurance – Agencies’ Value of Commission (AED Billion), 2014–2019
Figure 65: UAE Personal Accident and Health Insurance – Agencies’ Direct Written Premium (AED Billion), 2010–2014
Figure 66: UAE Personal Accident and Health Insurance – Agencies’ Direct Written Premium (AED Billion), 2014–2019
Figure 67: UAE Personal Accident and Health Insurance – Number of Policies Sold Through Agencies (Thousand), 2010–2014
Figure 68: UAE Personal Accident and Health Insurance – Number of Policies Sold Through Agencies (Thousand), 2014–2019
Figure 69: UAE Personal Accident and Health Insurance – Brokers’ Value of Commission (AED Billion), 2010–2014
Figure 70: UAE Personal Accident and Health Insurance – Brokers’ Value of Commission (AED Billion), 2014–2019
Figure 71: UAE Personal Accident and Health Insurance – Brokers’ Direct Written Premium (AED Billion), 2010–2014
Figure 72: UAE Personal Accident and Health Insurance – Brokers’ Direct Written Premium (AED Billion), 2014–2019
Figure 73: UAE Personal Accident and Health Insurance – Number of Policies Sold Through Brokers (Thousand), 2010–2014
Figure 74: UAE Personal Accident and Health Insurance – Number of Policies Sold Through Brokers (Thousand), 2014–2019
Figure 75: UAE Life Insurance – Segment Shares (%), 2014
Figure 76: UAE – Insurance Supervision and Control at Various Levels
Figure 77: UAE – Insurance Regulatory Frameworks for Company Registration and Operation
