A new report by Alpen Capital has forecasted the UAE insurance sector to rise at a CAGR of 19% reaching $18.3bn by 2015.
T. M Lakshmanan, CEO of Alpen Capital, said that the UAE and Saudi Arabia will emerge as the two biggest markets in the region garnering 75% of the combined share by 2014-15, while Qatar is poised to register the fastest growth at a CAGR of 30 percent from 2011-15.
According to ‘The United Arab Emirates Insurance Report’, released this week by Research and Markets agency, “the development of the UAE, Dubai in particular, as a regional hub for insurance and other financial services will likely be complicated by the volatility in the markets following the problems of Dubai World in late 2009.” despite this, the report claimed that total premiums earned by insurance companies in the UAE are likely to increase 76 percent to $9.11bn over the next four years.
The data also found that the Oman Insurance Company is the largest operator in the UAE market and accounted for a fifth of total premiums.
The next two biggest players in the UAE are the Abu Dhabi National Insurance Company and Islamic Arab Insurance Company.