Given Iran Development Vision documents, comparing the economic resources of the country with the neighboring countries such as UAE can help us achieve a better understanding of the advanced solutions and the promotion of insurance.
With the view of this, the General Insurance Research Group with the leadership of Laleh Karimi and the collaboration of Leyla Karimi, has prepared a new report as the fifth report of the world insurance industry review series, this time on the analysis of the UAE insurance industry.
In this report, not only an analysis of the economic structure, the insurance market of UAE and a forecast of its insurance market are provided, but also issues such as knowledge development, risk management principles and solvency of the insurers are covered. Further, the report deals with the loss adjuster companies present at UAE, the impact of COVID-19 on its insurance industry, and its strategic development of the insurance industry are presented.
Having 62 operating insurers, UAE insurance industry earned 42 billion dirham premiums in 2020. At the same period, its insurance penetration rate was reported 7.3% in the global scale and 9.2% in the local scale. The latter is comparable with just 1.7% insurance penetration rate in the neighboring countries.
Based on the findings of the report, the instable condition of the Middle East due to nationalism orientations and UAE’s easing policies for attracting investments in the country, the market development is deemed quite apt for the newcomers.
The policies and population landscape of UAE implies that the activities in the insurance market is not due to the untapped segments but the freedom of any economic activity with less regulatory pressures seen in other countries in terms of finance and tax. The enforcement of the Emiratization law also supports the general picture of UAE insurance industry.
Those interested to access and download the Persian full text of the aforementioned research report, please visit the following web address: https://www.irc.ac.ir/fa-IR/Irc/4946/Articles/view/14643/1592.