According to a survey by "Swiss Re", the Swiss reinsurance

The UAE is the largest insurance market in the Arab world... and the fourth in the "emerging" region

Total life insurance premiums in the UAE market reached 8.43 billion dirhams in 2020. Archive

The UAE ranked first in the Arab region in terms of total insurance premiums, which amounted to more than 11.82 billion dollars (about 43.4 billion dirhams during the year 2020), according to the annual survey of the Swiss Reinsurance Company, and based on the latest collected data. The company has.

The company's survey revealed that the UAE ranked fourth in terms of total premiums among emerging markets in the Middle East, and during the year of the "Covid-19" pandemic, it advanced two places in the ranking of the largest insurance markets around the world, to be ranked 36th globally.

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In detail, the UAE ranked first in the Arab region, in terms of total insurance premiums, which amounted to more than 11.82 billion dollars (about 43.4 billion dirhams during the year 2020), compared to about 11.98 billion dollars (44 billion dirhams in 2019), with a slight decrease Despite the repercussions of the “Covid-19” pandemic on the global economy in 2020, according to the annual survey of the Swiss Reinsurance Company, “Swiss Re”, and based on the company’s latest collected data.

life insurance

The survey, which Emirates Today obtained a copy of, showed that the total life insurance premiums in the UAE market amounted to about 8.43 billion dirhams in 2020, compared to about nine billion dirhams in the previous year, while the total general (non-life) insurance premiums amounted to about 8.43 billion dirhams. ) to about 35 billion dirhams, compared to 34.9 billion in 2019, a growth rate of 8%.

The "Swiss Re" survey indicated that the average insurance density in the UAE market (the ratio of insurance premiums to the total population) amounted to about $1,291 per person (about AED 4737) during the year 2020, including about $251 for life insurance, and $1,041 for general insurance (all Insurance sectors excluding life).

He pointed out that the insurance penetration rate in the local market (the rate of insurance premiums to GDP) reached 3.3%, of which about 0.6% were for life insurance premiums, and 2.7% for general insurance.

Emerging Markets

The "Swiss Re" survey revealed that the UAE ranked fourth in terms of total premiums among emerging markets in the Middle East, Europe and Africa, surpassing Turkey, the Czech Republic, Hungary and many other markets, and the UAE market also advanced during the pandemic year by two spots. In the ranking of the largest insurance markets around the world, to be ranked 36th globally.

The company said in the introduction to the survey that the global economy is recovering strongly from the “Covid-19” pandemic, with the spread of the anti-Coronavirus vaccine, and widespread fiscal stimulus, with a historic rise in global real GDP growth of 5.8% in 2021.

And the company continued: “However, the uncertainty about the emergence of more transmissible (corona) variants, and the ability of vaccines to bring the epidemic under control, indicate that the recovery may be more uneven.”

The survey expected global demand for insurance to grow at a rate above 3.3% in 2021 and 3.9% in 2022, with expectations of a recovery much faster than the 2008 global financial crisis.

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