While the overall economic slowdown and disruption in the market
has had some impact on the insurance sector as well, the UAE
insurance market still seems to be going strong. Market reports
state that Loss Ratios continue to present a positive outlook and
the total written premium of the Industry for the half-year ended
2019 was estimated to be AED 13.7 Billion which shows a growth of
9% from the same period for the previous year.
That said, 2019 saw some major disruption in the UAE insurance
market, largely driven by the new guidance and regulations issued
by the UAE Insurance Authority. While these regulations were a need
of the hour for the otherwise under-regulated insurance market in
the UAE and broader region, like any other part of the world, the
immediate reaction to these regulations is not very positive and
the market players are of the view that this would slow down the
market growth. While this may be true from a short-term
perspective, in the long run
