Dubai Insurance

Insurance in Dubai, it seems, is flourishing at about 20% per annum. The introduction of obligatory health insurance (which must be provided by employers for their employees) is a one of the reasons, just like the other countries in the region. The Dubai government is also encouraging the growth of the Dubai International Finance Center (DIFC) , although its success in this direction has, so far, been mixed.

Surprisingly few global insurance companies are operating in insurance in Dubai, as can be seen in an analysis of competitive conditions. Although the market is generally fragmented there are numerous relatively small, regional firms. Royal/Sun Alliance has publicly hinted that it is seeking to seize market slice in the non-life market over the next three years. However, the life segment, which looks very immature, should grow faster.

The major segments in insurance in Dubai are:
General Insurance
Life Insurance
Transportation Risk Insurance
Credit and Saving Insurance
Health Insurance
Other Types Insurance
The major companies in insurance in Dubai are:
ACE
AIG
Allianz
AXA
Bahrain National
BUPA
CAAR
CAAT
CNMA
Euler Hermes
Generali
Gerling
Gulf Union
HSBC
Libano Suisse
MedGulf
Mitsui Sumitomo
QIC
Royal/Sun Alliance
SAA
TRUST
XL Insurance
Zurich
The very involvement of the global insurance market giants in insurance in Dubai is indicative of its immense potential.

 

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Last Updated on : 4th June 2013