Insurance
From The Report: Abu Dhabi 2014
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In 2012 Abu Dhabi’s insurance sector posted continued growth on the back of increased spending from consumers, corporations and the government. The UAE market overall remains underpenetrated, though total premiums as a percentage of GDP did see a slight increase from 1.9% in 2011 to 2% in 2012. GDP growth and planned government spending on large-scale infrastructure projects will increase the emirate’s stock of insurable assets in the coming year and provide investment opportunities for national and foreign insurers, while improved technical underwriting, increasingly diverse assets and new regulations also signal maturation in the sector.

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Overview

Gaining ground: As the market rebounds, new segments and offerings are providing fresh potential
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In 2012 Abu Dhabi’s insurance sector posted continued growth on the back of increased spending from consumers, corporations and the government. Across the UAE, gross written premiums (GWPs) reached Dh26.3bn ($7.16bn) in 2012, up 9.5% from 2011, according to the 2012 report from the UAE’s Insurance Authority (IA). The federation retained its position as the largest insurance market in the Gulf, with UAE insurers underwriting around half of all GCC premiums in 2012. Major Figures The property…

Analysis

Back to basics: The industry is moving towards implementing improved risk assessment and regulation
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With new leadership and a slate of reforms under discussion, the insurance regulator is ramping up efforts to manage and support the insurance sector. Since 2007, when the UAE’s Insurance Authority (IA) was established, the local industry has expanded at a steady clip. Gross written premiums (GWPs) for general insurance grew 37.9% in 2007, 30.7% in 2008, and between 5% and 7% each year since, according to IA data. In the life segment, GWPs increased 23% in 2009, 23.2% in 2010, 16.4% in 2011 and…