{"id":88600,"date":"2024-02-01T00:00:00","date_gmt":"2024-02-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/the-uae-was-the-gccs-second-largest-ins-market-in-2022-alpen-says\/"},"modified":"2024-02-01T00:00:00","modified_gmt":"2024-02-01T00:00:00","slug":"the-uae-was-the-gccs-second-largest-ins-market-in-2022-alpen-says","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/02\/01\/the-uae-was-the-gccs-second-largest-ins-market-in-2022-alpen-says\/","title":{"rendered":"The UAE was the GCC\u2019s second-largest ins. market in 2022, Alpen says"},"content":{"rendered":"

The UAE was the second-largest ins. market in the GCC in 2022<\/strong> after Saudi Arabia, and 36th biggest globally in gross written premiums (GWP), according to UAE-based investment banking advisory firm Alpen Capital\u2019s GCC Ins. Industry report (pdf)<\/a>. This growth is attributed to favorable economic conditions, rising oil prices, eased visa regulations, and structural enhancements. The country accounted for 39.3% of the GCC's total GWPs in 2022, reaching USD 12.9 bn (AED 47 bn), primarily fueled by increases in property and liability and health ins. premiums.<\/p>\n

SOUND SMART- <\/strong>Gross written premiums are ins. lingo for premiums that ins. providers charge in exchange for taking on risk.<\/p>\n

The UAE had the highest penetration rates in both life and non-life ins. segments in the <\/strong>GCC in 2022<\/strong>, with a total ins. penetration rate of 2.5%, higher than the GCC average of 1.5%. <\/p>\n

In terms of GWP:<\/strong> The UAE leads the GCC in the life ins. segment with a GWP of USD 2.8 bn in 2022. The non-life ins. sector in the UAE constituted 78.5% of the total GWP on the back of regulatory changes and higher ins. premium rates driven by a rise in claims post the covid-19 pandemic.<\/p>\n

LOOKING AHEAD-<\/strong>The UAE\u2019s ins. market is poised to grow at an annual rate of 4.9% to USD 17.9 bn (AED 65.74) <\/strong>by 2028<\/strong>, primarily driven by growth in the expansion of ins. to the northern emirates, the report said. The life ins. segment is expected to grow at a CAGR of 3.9% to USD 3.5 bn in 2028, as the population continues to grow while awareness of risk ins. and demand increase, Alpen said. <\/p>\n

ALSO- <\/strong>The UAE is rolling out its unemployment ins. scheme<\/a>, which is expected to attract more workers to the non-life ins. segment, Alpen said. <\/p>\n

\n

THE REGIONAL ANGLE-<\/p>\n

The ins. market in the GCC is anticipated to grow at a CAGR of 5.3% to USD 44.4 bn<\/strong> (AED 163 bn) in 2028, after growing 15.2% y-o-y to USD 32.7 bn in 2022. This growth was driven by economic recovery post-covid and the implementation and development of mandatory health insurance across the GCC countries.<\/p>\n","protected":false},"excerpt":{"rendered":"

Growth is attributed to favorable economic conditions, rising oil prices, eased visa regulations, and structural enhancements<\/p>\n","protected":false},"author":1,"featured_media":88601,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1614],"tags":[957,7,131,132],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88600","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insurance","tag-alpen-capital","tag-enterpriseam-uae","tag-healthcare","tag-insurance","wpautop","entry"],"acf":{"mongo_id":"51a6f193-9f6c-4597-a7e1-1d19f0f60e51","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/2795.jpg","photo_position":"above","homepage_title":"","full_issue_title":"The UAE was the GCC\u2019s second-largest insurance market in 2022, Alpen says","related_issue":[88584],"teaser":"Growth is attributed to favorable economic conditions, rising oil prices, eased visa regulations, and structural enhancements","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.3600eb0c-1839-4c7d-a237-a30a91518451.mp3"},"yoast_head":"\nThe UAE was the GCC\u2019s second-largest ins. market in 2022, Alpen says - 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