Teller Report

Now you can see non-English news...

UAE is the largest insurance market in the Arab world .. And the third in the global «emerging»

2019-08-13T22:11:15.391Z

The annual report of Swiss Re for International Reinsurance showed that the UAE ranked first in the Arab region, as the largest insurance market, and third in the world in the list of emerging markets in terms of premiums.



The annual report of Swiss Re for International Reinsurance showed that the UAE ranked first in the Arab region, as the largest insurance market, and in third place globally in the list of emerging markets in terms of premiums.

The report revealed that the rate of insurance density in the UAE market (the ratio of premiums to the total population) amounted to about 4791 dirhams per person, pointing out that the plans for spending on infrastructure in the UAE market will contribute to support Insurance sector locally.

Advanced Center

In detail, the annual report of Swiss Re, a global Swiss reinsurance company, showed that the UAE ranked first in the Arab region as the largest insurance market in terms of total insurance premiums, which amounted to about 45 billion dirhams in 2018.

The report revealed that the UAE was also ranked third in the world in terms of intensity and penetration rate of insurance, in the list of emerging markets, pointing out that the UAE market continues to record continuous growth rates exceeding the annual growth of the insurance sector Global level.

Strong growth

The report pointed to strong growth rates compared to the region's markets in life insurance premiums, amounting to about 7%, while the gross written premiums in all branches of people insurance and fund-raising operations totaled 9.5 billion dirhams. Total Written Premiums in all branches of Property and Liabilities Insurance amounted to AED 15.1 Billion and the Total Written Premiums in the Health Insurance Branch were AED 19.1 Billion.

According to the Swiss Re report, the average insurance intensity in the UAE market (the ratio of premiums to the total population) amounted to $ 1305 per capita (about AED 4,791) during 2018, of which about $ 299 for life insurance and $ 1006 for general insurance (all sectors). Life insurance).

He pointed out that the penetration rate of insurance in the domestic market (the ratio of premiums to GDP) reached 2.92%, of which 0.67% for life insurance premiums, and 2.25% for general insurance.

Infrastructure

The report said that infrastructure spending plans in the UAE market will contribute to the insurance business sectors, pointing out that the UAE has maintained good rates of insurance penetration and intensity in 2018, despite the low penetration of insurance in emerging markets. Due to the contraction of the life insurance sector, especially in some markets, including China.

He pointed out that the global economic growth contributed to the support of the insurance sector during 2018, as real GDP rose by 3.2%, pointing out that the global economic environment is still positive but slow, and the slowdown in trade is expected to hurt the insurance sectors associated with it.

Future Outlook

In the long run, the report predicted that emerging markets will increase their share of insurance premiums globally, rising from 21% in 2018 to 34% in 2029, as growth in emerging markets continues, but given their size, developed markets will continue to contribute nearly Of the half of the premiums over the next decade, the Asia-Pacific region, which includes China and other emerging and developed markets in the region, is expected to account for 42% of global premiums by 2029.

Global premiums exceeded the $ 5 trillion mark for the first time ever in 2018, accounting for about 6.1 percent of global GDP, despite growth in some key sectors such as life insurance in large emerging markets, as well as moderate growth indicators, he said. Strong in the past years in some markets.

Profitability under pressure

The Swiss Re report predicted that the profitability of the insurance industry will remain under pressure, under the circumstances surrounding the global economy, noting that the technical results of insurance companies have become somewhat positive, after the conditions of underwriting improved from the end of 2017 to continue until 2018, however. It was not enough to narrow the profitability gap of insurance companies.

Source: emara

You may like

News/Politics 2019-09-16T16:10:31.887Z
News/Politics 2019-10-20T23:13:38.549Z

Trends 24h

Latest

business 2019/12/05    

© Communities 2019 - Privacy