According to our new research report, “UAE Insurance Market Forecast to 2012”
, the insurance industry witnessed a CAGR of around 21% during 2006-2010, and we anticipate that in future, the industry will exhibit a double-digit growth. This growth will be fortuned on the back of government initiatives, innovative and diversified product portfolio, and strong economic growth conditions prevailing in the country. Moreover, high demand for life insurance, medical insurance, and accident insurance promises huge growth prospects for the industry due to the emergence of low premium or customized insurance products under these segments.
The life insurance segment is also anticipated to gain importance as companies are ready to expand their product portfolios for increasing their insurance penetration in the country. Additionally, the increasing expatriate population, educated youth, and cultural changes in the country will also drive the growth of the life-insurance segment through 2014.
Our research identified that, many new insurance products are likely to hit the market in the coming times and there will be growth in consolidation among the insurance companies in the UAE. With the insurance companies expanding their geographical reach, the UAE insurance industry is projected to witness rapid growth in the coming years.
Our report also emphasizes that the overall future growth trend will remain positive over the forecast period. The government has been adopting various initiatives for the promotion of the insurance sector. Moreover, with the introduction of innovative health insurance products and government’s positive approach to make medical insurance mandatory in the country, it is projected that the medical insurance segment will significantly increase its share in non-life insurance sector, in terms of premium.
The report, “UAE Insurance Market Forecast to 2012”,
provides comprehensive research, objective analysis, and information about all the important issues of the UAE insurance market. Forecast of key insurance sectors, such as life insurance, accident and liability insurance, fire insurance, and many other sectors are covered to provide a better understanding of the market. The report thoroughly examines current market trends; industrial developments and competitive landscape to enable clients with a better understanding of the market structure and its progress in the coming years.