Insurance industry market size forecast in the UAE 2023-2028 by segment

In 2028, the non-life insurance segment of the United Arab Emirates insurance industry was forecasted to grow to around 14.4 billion U.S. dollars. At the same time. The life insurance segment for the same year was forecasted to be worth around 3.5 billion U.S. dollars for the same year.

Insurance in the UAE

The return-on-investment of the insurance sector in the United Arab Emirates more than doubled in the last year and constantly increased over the previous three years. Nevertheless, the total income of insurance companies in the UAE dropped to one billion United Arab Emirates Dirhams in 2022, resulting in around a 17 percent drop in income. It was also estimated that the compound annual growth rate of the insurance industry in UAE will be 4.1 percent between 2021 and 2026.

Insurance market in the GCC

In the region, the insurance market of Gulf Cooperation Council countries is also forecasted to demonstrate growth over the next three years. By 2026, the value of life insurance is expected to reach around 26.5 billion U.S. dollars. At the same time, the non-life insurance market is estimated to follow a similar trend and reach over 4.5 billion by the year 2026.