22/03/23

UAE Insurance Sector – Year On Year Growth

The UAE insurance industry has been on a growth spree over the past few years, with the total GWP (Gross Written Premium) for the UAE insurance market expected to reach AED 50 billion in the next couple of years, from AED 41 billion in 2021 (up from AED 39 billion in 2020). Whilst the majority of this is concentrated in health and general insurance, life insurance is also seeing consistent growth. With the UAE facilitating the increase for FDI and changing its strategy by introducing long term visas for expatriates, UAE is continuing to move towards a sustainable knowledge economy, and becoming the destination chosen by individuals, HNWIs and corporates to set up and relocate their businesses, which is proving to be a prosperous move for the economy and the insurance sector included.

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