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FINANCIAL NEWS
UAE’s 2011 insurance premiums to grow 10%
29 Dec 2011
(MENAFN) UAE Insurance Authority’s Deputy Director-General, Fatima Mohammad Ishaq Al Awadi, said that in 2011, insurance premiums in the country would be expected to grow 10 percent from 2010’s USD5.98 billion to USD6.5 billion, reported Gulf News.
Al Awadi added that 77.8 percent of these premiums were for local insurance firms whereas 22.2 percent were the share of foreign insurance companies, on the other hand, she said that by 2015, the insurance sector in the country is forecasted to expand at a compounded annual growth rate (CAGR) of 19 percent to USD18.3 billion.
She also said that life insurance penetration would be forecasted to be at around 13 percent, also would be that of non-life, while insurance density of the non-life would be nearly USD2,738 in 2015, and that of the life would be at USD384.41.
It is worth noting that that over the coming 5 years, insurance business in the Arab Gulf countries is set to expand 20 percent a year on average to reach more than USD37 billion by 2015.
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