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.
