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Life Insurance in the UAE, Key

Trends and Opportunities to 2018

Market Intelligence Report

Reference code: IS0929MR

Published: June 2015

Timetric

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7 Carmelite Street

London EC4Y 0BS

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http://www.timetric.com/

Life Insurance in the UAE, Key Trends and Opportunities to 2018

© Timetric. This product is licensed and is not to be photocopied Published: June 2015

Executive Summary

Timetric’s 'Life Insurance in the UAE, Key Trends and Opportunities to 2018' report provides detailed

analysis of the market trends, drivers, challenges in the UAE life insurance segment. It provides key

performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses,

combined ratio, frauds and crimes, total assets, total investment income and retentions during the review

period (2009–2013) and forecast period (2013–2018). The report also analyzes distribution channels

operating in the segment.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to

information on segment dynamics and competitive advantages in the country. The report also includes

details of insurance regulations, and recent changes in regulatory structure.

Synopsis

Timetric’s 'Life Insurance in the UAE, Key Trends and Opportunities to 2018' report provides in-depth

market analysis, information and insights into the UAE life insurance segment, including:

The UAE life insurance segment’s growth prospects by life insurance category

Key trends, drivers and challenges for the life insurance segment

The various distribution channels in the UAE life insurance segment

Detailed regulatory policies of the UAE insurance industry

Key developments in the UAE life insurance segment

Reasons to Buy

Make strategic business decisions using in-depth historic and forecast market data related to the

UAE life insurance segment and each category within it.

Understand the demand-side dynamics, key market trends and growth opportunities in the UAE

life insurance segment.

Identify the growth opportunities and market dynamics in key product categories.

Gain insights into key regulations governing the UAE insurance industry and their impact on

companies and the industry's future.



1 The UAE Insurance Industry Attractiveness

Figure 1: UAE Insurance – Gross Written Premium by Segment (AED Billion), 2009–2018

Source: Insurance Authority, the UAE and Timetric analysis © Timetric

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

AE

D B

illio

n

Non-life Personal accident and health Life



Table 1: UAE Insurance – Segmentation, Gross Written Premium (Percentage Share), 2009–2018

Segment 2009 2013 2018

Life

Non-life

Personal accident and health

Overall 100.0% 100.0% 100.0%


Figure 2: UAE Insurance – Dynamics by Segment, Gross Written Premium (2009–2018)


Note: Bubble size represents the 2013 segment value

CA

GR

2013–2018

CAGR 2009–2013

Non-life Personal accident and health Life



Report Methodology

All Timetric insurance reports are created by following a comprehensive, four-stage methodology. This

includes market study, research, analysis and quality control.

1) Market Study

A. Standardization

Definitions are specified using recognized industry classifications. The same definition is

used for every country.

Annual average currency exchange rates are used for the latest completed year. These are

then applied across both the historical and forecast data to remove exchange rate

fluctuations.

B. Internal audit

Review of in-house databases to gather existing data:

Historic market databases and reports

Company database

C. Trend monitoring

Review of the latest insurance companies and industry trends

2) Research

A. Sources

Collection of the latest market-specific data from a wide variety of industry sources:

Government statistics

Industry associations

Company filings

International organizations

Insurance regulatory agencies

B. Expert opinion

Collation of opinion taken from leading insurance industry experts

Analysis of third-party opinion and forecasts:

Broker reports

Media

Official government sources

C. Data consolidation and verification

Consolidation of data and opinion to create historical datasets

Creation of models to benchmark data across sectors and regions

3) Analysis

A. Market forecasts

Feeding forecast data into market models:

Macroeconomic indicators

Industry-specific drivers

Analysis of insurance industry database to identify trends:

Latest insurance trends

Key drivers of the insurance industry



B. Report writing

Analysis of market data

Discussion of company and industry trends and issues

Review of financial deals and insurance trends

4) Quality Control

Templates

Detailed process manuals

Standardized report templates and accompanying style guides

Complex forecasting tools to ensure that forecast methodologies are consistently applied

Quality-control checklists

Quality-control process

Peer review

Senior-level QC

Random spot checks on data integrity

Benchmark checks across databases

Market data cross-checked for consistency with accumulated data from:

Company filings

Government sources

Related Reports

Life Insurance in Pakistan, Key Trends and Opportunities to 2018

Life Insurance in Venezuela, Key Trends and Opportunities to 2018

Life Insurance in US, Key Trends and Opportunities to 2018

Life Insurance in Russia, Key Trends and Opportunities to 2018

Life Insurance in Mexico, Key Trends and Opportunities to 2018

Life Insurance in Poland, Key Trends and Opportunities to 2018

Life Insurance in Singapore, Key Trends and Opportunities to 2018

Life Insurance in Canada, Key Trends and Opportunities to 2018

Life Insurance in Denmark, Key Trends and Opportunities to 2018

Life Insurance in Portugal, Key Trends and Opportunities to 2018



TABLE OF CONTENTS

1 Key Facts and Events ..................................................................................................... 2

2 Executive Summary ........................................................................................................ 3

3 Introduction ................................................................................................................... 12

3.1 What is this Report About? ..................................................................................................... 12

3.2 Definitions .............................................................................................................................. 12

3.3 Methodology ........................................................................................................................... 14

4 The UAE Insurance Industry Attractiveness .............................................................. 16

4.1 Insurance Industry Size, 2009–2018 ...................................................................................... 18

5 Life Insurance Outlook ................................................................................................. 26

5.1 Key Drivers............................................................................................................................. 27

5.2 Key Trends ............................................................................................................................. 28

5.3 Challenges ............................................................................................................................. 30

5.4 Life Insurance Growth Prospects ............................................................................................ 31

5.5 Life Insurance Growth Prospects by Customer Segment........................................................ 64

5.5.1 Individual single-premium insurance ................................................................................................ 64

5.5.2 Individual non-single-premium insurance ......................................................................................... 70

5.5.3 Group single-premium insurance ..................................................................................................... 76

5.5.4 Group non-single-premium insurance .............................................................................................. 82

6 Analysis by Distribution Channel ................................................................................ 88

6.1 Direct Marketing ..................................................................................................................... 90

6.2 Bancassurance ...................................................................................................................... 98

6.3 Agencies .............................................................................................................................. 106

6.4 E-Commerce ........................................................................................................................ 114

6.5 Brokers ................................................................................................................................. 122

6.6 Other Channels .................................................................................................................... 130

7 Governance, Risk and Compliance ........................................................................... 138

7.1 Legislation Overview and Historical Evolution ...................................................................... 139

7.2 Latest Changes in Regulations ............................................................................................. 140

7.3 Legislation and Market Practice by Type of Insurance .......................................................... 142

7.3.1 Life insurance ................................................................................................................................. 142

7.3.2 Property insurance ......................................................................................................................... 143

7.3.3 Motor insurance .............................................................................................................................. 145

7.3.4 Liability insurance ........................................................................................................................... 147

7.3.5 Marine, aviation and transit insurance ........................................................................................... 147

7.3.6 Personal accident and health insurance ........................................................................................ 149

7.4 Compulsory Insurance ......................................................................................................... 151

7.4.1 Motor third-party liability insurance................................................................................................. 151

7.4.2 Health insurance............................................................................................................................. 152



7.4.3 Medical liability insurance ............................................................................................................... 152

7.5 Supervision and Control ....................................................................................................... 154

7.5.1 International Association of Insurance Supervisors ....................................................................... 154

7.5.2 Insurance Authority ........................................................................................................................ 155

7.6 Non-Admitted Insurance Regulations ................................................................................... 156

7.6.1 Overview ......................................................................................................................................... 156

7.6.2 Intermediaries ................................................................................................................................. 156

7.6.3 Market practices ............................................................................................................................. 156

7.6.4 Fines and penalties ........................................................................................................................ 156

7.7 Company Registration and Operations ................................................................................. 157

7.7.1 Types of insurance organization .................................................................................................... 158

7.7.2 Establishing a local company ......................................................................................................... 158

7.7.3 Foreign ownership .......................................................................................................................... 159

7.7.4 Types of license.............................................................................................................................. 160

7.7.5 Capital requirements ...................................................................................................................... 160

7.7.6 Solvency margins ........................................................................................................................... 161

7.7.7 Reserve requirements .................................................................................................................... 161

7.7.8 Investment regulations ................................................................................................................... 162

7.7.9 Statutory return requirements ......................................................................................................... 163

7.7.10 Fee structure .................................................................................................................................. 163

7.8 Taxation ............................................................................................................................... 164

7.8.1 Insurance premium or policy taxation ............................................................................................ 164

7.8.2 Withholding taxes on premium paid overseas ............................................................................... 164

7.8.3 Corporate tax .................................................................................................................................. 164

7.8.4 VAT ................................................................................................................................................. 164

7.8.5 Captives .......................................................................................................................................... 164

7.9 Legal System ....................................................................................................................... 165

7.9.1 Introduction ..................................................................................................................................... 165

7.9.2 Access to court ............................................................................................................................... 165

7.9.3 Alternative dispute resolution (ADR) .............................................................................................. 166

8 Appendix – 1 ............................................................................................................... 167

8.1 Economic Performance ........................................................................................................ 167

8.1.1 GDP at constant prices (US$) ........................................................................................................ 167

8.1.2 GDP per capita at constant prices (US$) ....................................................................................... 168

8.1.3 GDP at current prices (US$) .......................................................................................................... 169

8.1.4 GDP per capita at current prices (US$) ......................................................................................... 170

8.1.5 GDP by key sector ......................................................................................................................... 171

8.1.6 Agriculture, hunting, forestry and fishing net output at current prices (US$) ................................. 172

8.1.7 Agriculture, hunting, forestry and fishing net output at current prices as a percentage of GDP .... 173

8.1.8 Manufacturing net output at current prices (US$) .......................................................................... 174

8.1.9 Manufacturing net output at current prices as a percentage of GDP ............................................. 175

8.1.10 Mining, manufacturing and utilities at current prices (US$) ........................................................... 176



8.1.11 Mining, manufacturing and utilities at current prices as a percentage of GDP .............................. 177

8.1.12 Construction net output at current prices (US$) ............................................................................. 178

8.1.13 Construction net output at current prices as a percentage of GDP ............................................... 179

8.1.14 Inflation rate .................................................................................................................................... 180

8.1.15 Exports as a percentage of GDP.................................................................................................... 181

8.1.16 Imports as a percentage of GDP .................................................................................................... 182

8.1.17 Merchandise exports growth .......................................................................................................... 183

8.1.18 Merchandise imports growth .......................................................................................................... 184

8.2 Infrastructure ........................................................................................................................ 185

8.2.1 Total internet subscribers ............................................................................................................... 185

8.3 Labor Force .......................................................................................................................... 186

8.3.1 Labor force ..................................................................................................................................... 186

8.3.2 Unemployment rate ........................................................................................................................ 187

8.4 Demographics ...................................................................................................................... 188

8.4.1 Household consumption expenditure (US$) .................................................................................. 188

8.4.2 Total population .............................................................................................................................. 189

8.4.3 Urban and rural populations ........................................................................................................... 190

8.4.4 Age distribution of the total population ........................................................................................... 191

8.4.5 Life expectancy............................................................................................................................... 192

9 Appendix – 2 ............................................................................................................... 193

9.1 Methodology ......................................................................................................................... 193

9.2 Contact Timetric ................................................................................................................... 193

9.3 About Timetric ...................................................................................................................... 193

9.4 Timetric’s Services ............................................................................................................... 194

9.5 Disclaimer ............................................................................................................................ 195



LIST OF FIGURES

Figure 1: UAE Insurance Industry – Gross Written Premium by Segment (AED Billion), 2009–2018............................................................ 20 Figure 2: UAE Insurance Industry – Gross Written Premium Dynamics by Segment (2009–2018) ............................................................... 21 Figure 3: UAE Insurance Industry – Direct Written Premium by Segment (AED Billion), 2009–2018 ............................................................ 24 Figure 4: UAE Insurance Industry – Direct Written Premium Dynamics by Segment (2009–2018) ............................................................... 25 Figure 5: UAE – Population Distribution (%), 2014 ....................................................................................................................................... 28 Figure 6: UAE – Population Composition by Age Group (%), 2009–2013 .................................................................................................... 29 Figure 7: UAE Life Insurance – Gross Written Premium (AED Billion), 2009–2013 ...................................................................................... 31 Figure 8: UAE Life Insurance – Gross Written Premium (AED Billion), 2013–2018 ...................................................................................... 32 Figure 9: UAE Life Insurance – Direct Written Premium (AED Billion), 2009–2013 ...................................................................................... 33 Figure 10: UAE Life Insurance – Direct Written Premium (AED Billion), 2013–2018 .................................................................................... 34 Figure 11: UAE Life Insurance – New Business Written Premium (AED Billion), 2009–2013 ....................................................................... 35 Figure 12: UAE Life Insurance – New Business Written Premium (AED Billion), 2013–2018 ....................................................................... 36 Figure 13: UAE Life Insurance – Earned Premium (AED Billion), 2009–2013 .............................................................................................. 37 Figure 14: UAE Life Insurance – Earned Premium (AED Billion), 2013–2018 .............................................................................................. 38 Figure 15: UAE Life Insurance – Sum Assured (AED Billion), 2009–2013 ................................................................................................... 39 Figure 16: UAE Life Insurance – Sum Assured (AED Billion), 2013–2018 ................................................................................................... 40 Figure 17: UAE Life Insurance – Paid Claims (AED Billion), 2009–2013 ...................................................................................................... 41 Figure 18: UAE Life Insurance – Paid Claims (AED Billion), 2013–2018 ...................................................................................................... 42 Figure 19: UAE Life Insurance – Incurred Loss (AED Billion), 2009–2013 ................................................................................................... 43 Figure 20: UAE Life Insurance – Incurred Loss (AED Billion), 2013–2018 ................................................................................................... 44 Figure 21: UAE Life Insurance – Loss Ratio (%), 2009–2013 ...................................................................................................................... 45 Figure 22: UAE Life Insurance – Loss Ratio (%), 2013–2018 ...................................................................................................................... 46 Figure 23: UAE Life Insurance – Commissions and Expenses (AED Billion), 2009–2013 ............................................................................ 47 Figure 24: UAE Life Insurance – Commissions and Expenses (AED Billion), 2013–2018 ............................................................................ 48 Figure 25: UAE Life Insurance – Combined Ratio (%), 2009–2013 .............................................................................................................. 49 Figure 26: UAE Life Insurance – Combined Ratio (%), 2013–2018 .............................................................................................................. 50 Figure 27: UAE Life Insurance – Fraud and Crime (AED Million), 2009–2013 .............................................................................................. 51 Figure 28: UAE Life Insurance – Fraud and Crime (AED Million), 2013–2018 .............................................................................................. 52 Figure 29: UAE Life Insurance – Total Assets (AED Billion), 2009–2013 ..................................................................................................... 53 Figure 30: UAE Life Insurance – Total Assets (AED Billion), 2013–2018 ..................................................................................................... 54 Figure 31: UAE Life Insurance – Total Investment Income (AED Million), 2009–2013.................................................................................. 55 Figure 32: UAE Life Insurance – Total Investment Income (AED Million), 2013–2018.................................................................................. 56 Figure 33: UAE Life Insurance – Retentions (AED Billion), 2009–2013 ........................................................................................................ 57 Figure 34: UAE Life Insurance – Retentions (AED Billion), 2013–2018 ........................................................................................................ 58 Figure 35: UAE Life Insurance – Investment Portfolio (AED Billion), 2009–2013 ......................................................................................... 59 Figure 36: UAE Life Insurance – Investment Portfolio, 2009 and 2013 ........................................................................................................ 59 Figure 37: UAE Life Insurance – Penetration (%), 2009–2013 ..................................................................................................................... 60 Figure 38: UAE Life Insurance – Density (Number of Policies per Capita), 2009–2013 ................................................................................ 60 Figure 39: UAE Life Insurance – Number of Active Policies (Thousand), 2009–2013 .................................................................................. 61 Figure 40: UAE Life Insurance – Number of Active Policies (Thousand), 2013–2018 .................................................................................. 61 Figure 41: UAE Life Insurance – Number of New Policies Sold (Thousand), 2009–2013 ............................................................................. 62 Figure 42: UAE Life Insurance – Number of New Policies Sold (Thousand), 2013–2018 ............................................................................. 62 Figure 43: UAE Life Insurance – Premium per Capita (AED), 2009–2013 .................................................................................................... 63 Figure 44: UAE Individual Single-Premium Insurance – Number of Active Policies (Thousand), 2009–2013 ............................................... 64 Figure 45: UAE Individual Single-Premium Insurance – Number of Active Policies (Thousand), 2013–2018 ............................................... 65 Figure 46: UAE Individual Single-Premium Insurance – Gross Written Premium (AED Billion), 2009–2013 ................................................. 66 Figure 47: UAE Individual Single-Premium Insurance – Gross Written Premium (AED Billion), 2013–2018 ................................................. 67 Figure 48: UAE Individual Single-Premium Insurance – Direct Written Premium (AED Billion), 2009–2013 ................................................. 68 Figure 49: UAE Individual Single-Premium Insurance – Direct Written Premium (AED Billion), 2013–2018 ................................................. 69 Figure 50: UAE Individual Non-Single-Premium Insurance – Number of Active Policies (Thousand), 2009–2013 ........................................ 70 Figure 51: UAE Individual Non-Single-Premium Insurance – Number of Active Policies (Thousand), 2013–2018 ........................................ 71 Figure 52: UAE Individual Non-Single-Premium Insurance – Gross Written Premium (AED Billion), 2009–2013 ......................................... 72 Figure 53: UAE Individual Non-Single-Premium Insurance – Gross Written Premium (AED Billion), 2013–2018 ........................................ 73 Figure 54: UAE Individual Non-Single-Premium Insurance – Direct Written Premium (AED Billion), 2009–2013 .......................................... 74 Figure 55: UAE Individual Non-Single-Premium Insurance – Direct Written Premium (AED Billion), 2013–2018 ......................................... 75 Figure 56: UAE Group Single-Premium Insurance – Number of Active Policies (Thousand), 2009–2013 .................................................... 76 Figure 57: UAE Group Single-Premium Insurance – Number of Active Policies (Thousand), 2013–2018 .................................................... 77 Figure 58: UAE Group Single-Premium Insurance – Gross Written Premium (AED Million), 2009–2013 ..................................................... 78 Figure 59: UAE Group Single-Premium Insurance – Gross Written Premium (AED Million), 2013–2018 ..................................................... 79 Figure 60: UAE Group Single-Premium Insurance – Direct Written Premium (AED Million), 2009–2013 ...................................................... 80 Figure 61: UAE Group Single-Premium Insurance – Direct Written Premium (AED Million), 2013–2018 ...................................................... 81 Figure 62: UAE Group Non-Single-Premium Insurance – Number of Active Policies (Thousand), 2009–2013 ............................................. 82 Figure 63: UAE Group Non-Single-Premium Insurance – Number of Active Policies (Thousand), 2013–2018 ............................................ 83



Figure 64: UAE Group Non-Single-Premium Insurance – Gross Written Premium (AED Billion), 2009–2013 .............................................. 84 Figure 65: UAE Group Non-Single-Premium Insurance – Gross Written Premium (AED Billion), 2013–2018 .............................................. 85 Figure 66: UAE Group Non-Single-Premium Insurance – Direct Written Premium (AED Billion), 2009–2013 ............................................... 86 Figure 67: UAE Group Non-Single-Premium Insurance – Direct Written Premium (AED Billion), 2013–2018 ............................................... 87 Figure 68: UAE Life Insurance – New Business Gross Written Premium by Distribution Channel (Percentage Share), 2013 and 2018 ....... 89 Figure 69: UAE Life Insurance – Direct Marketing Commission Paid (AED Million), 2009–2013 .................................................................. 90 Figure 70: UAE Life Insurance – Direct Marketing Commission Paid (AED Million), 2013–2018 .................................................................. 91 Figure 71: UAE Life Insurance – New Business Gross Written Premium (AED Billion), 2009–2013 ............................................................. 92 Figure 72: UAE Life Insurance – New Business Gross Written Premium (AED Billion), 2013–2018 ............................................................. 93 Figure 73: UAE Life Insurance – New Policies Sold Through Direct Marketing (Thousand), 2009–2013 ...................................................... 94 Figure 74: UAE Life Insurance – New Policies Sold Through Direct Marketing (Thousand), 2013–2018 ...................................................... 95 Figure 75: UAE Life Insurance – Number of Direct Marketing Distributors, 2009–2013 ................................................................................ 96 Figure 76: UAE Life Insurance – Number of Direct Marketing Distributors, 2013–2018 ................................................................................ 97 Figure 77: UAE Life Insurance – Bancassurance Commission Paid (AED Million), 2009–2013 ................................................................... 98 Figure 78: UAE Life Insurance – Bancassurance Commission Paid (AED Million), 2013–2018 ................................................................... 99 Figure 79: UAE Life Insurance – New Business Gross Written Premium (AED Million), 2009–2013 .......................................................... 100 Figure 80: UAE Life Insurance – New Business Gross Written Premium (AED Million), 2013–2018 .......................................................... 101 Figure 81: UAE Life Insurance – New Policies Sold Through Bancassurance (Thousand), 2009–2013 ..................................................... 102 Figure 82: UAE Life Insurance – New Policies Sold Through Bancassurance (Thousand), 2013–2018 ..................................................... 103 Figure 83: UAE Life Insurance – Number of Bancassurance Distributors, 2009–2013 ............................................................................... 104 Figure 84: UAE Life Insurance – Number of Bancassurance Distributors, 2013–2018 ............................................................................... 105 Figure 85: UAE Life Insurance – Commission Paid to Agencies (AED Million), 2009–2013 ....................................................................... 106 Figure 86: UAE Life Insurance – Commission Paid to Agencies (AED Million), 2013–2018 ....................................................................... 107 Figure 87: UAE Life Insurance – New Business Gross Written Premium (AED Million), 2009–2013 .......................................................... 108 Figure 88: UAE Life Insurance – New Business Gross Written Premium (AED Million), 2013–2018 .......................................................... 109 Figure 89: UAE Life Insurance – New Policies Sold Through Agencies (Thousand), 2009–2013 ............................................................... 110 Figure 90: UAE Life Insurance – New Policies Sold Through Agencies (Thousand), 2013–2018 ............................................................... 111 Figure 91: UAE Life Insurance – Number of Agencies, 2009–2013 ............................................................................................................ 112 Figure 92: UAE Life Insurance – Number of Agencies, 2013–2018 ............................................................................................................ 113 Figure 93: UAE Life Insurance – E-Commerce Commission Paid (AED Million), 2009–2013 ..................................................................... 114 Figure 94: UAE Life Insurance – E-Commerce Commission Paid (AED Million), 2013–2018 ..................................................................... 115 Figure 95: UAE Life Insurance – New Business Gross Written Premium (AED Million), 2009–2013 .......................................................... 116 Figure 96: UAE Life Insurance – Gross Written Premium New Business (AED Million), 2013–2018 .......................................................... 117 Figure 97: UAE Life Insurance – New Policies Sold Through E-Commerce (Thousand), 2009–2013 ......................................................... 118 Figure 98: UAE Life Insurance – New Policies Sold Through E-Commerce (Thousand), 2013–2018 ......................................................... 119 Figure 99: UAE Life Insurance – Number of E-Commerce Distributors, 2009–2013 ................................................................................... 120 Figure 100: UAE Life Insurance – Number of E-Commerce Distributors, 2013–2018 ................................................................................. 121 Figure 101: UAE Life Insurance – Commission Paid to Brokers (AED Million), 2009–2013 ........................................................................ 122 Figure 102: UAE Life Insurance – Commission Paid to Brokers (AED Million), 2013–2018 ........................................................................ 123 Figure 103: UAE Life Insurance – New Business Gross Written Premium (AED Billion), 2009–2013 ......................................................... 124 Figure 104: UAE Life Insurance – New Business Gross Written Premium (AED Billion), 2013–2018 ......................................................... 125 Figure 105: UAE Life Insurance – New Policies Sold Through Brokers (Thousand), 2009–2013 ............................................................... 126 Figure 106: UAE Life Insurance – New Policies Sold Through Brokers (Thousand), 2013–2018 ............................................................... 127 Figure 107: UAE Life Insurance – Number of Brokers, 2009–2013 ............................................................................................................ 128 Figure 108: UAE Life Insurance – Number of Brokers, 2013–2018 ............................................................................................................ 129 Figure 109: UAE Life Insurance – Commission Paid to Other Channels (AED Million), 2009–2013 ........................................................... 130 Figure 110: UAE Life Insurance – Commission Paid to Other Channels (AED Million), 2013–2018 ........................................................... 131 Figure 111: UAE Life Insurance – New Business Gross Written Premium (AED Million), 2009–2013 ........................................................ 132 Figure 112: UAE Life Insurance – New Business Gross Written Premium (AED Million), 2013–2018 ........................................................ 133 Figure 113: UAE Life Insurance – New Policies Sold Through Other Channels (Thousand), 2009–2013 ................................................... 134 Figure 114: UAE Life Insurance – New Policies Sold Through Other Channels (Thousand), 2013–2018 ................................................... 135 Figure 115: UAE Life Insurance – Number of Distributors in Other Channels, 2009–2013 ......................................................................... 136 Figure 116: UAE Life Insurance – Number of Distributors in Other Channels, 2013–2018 ......................................................................... 137 Figure 117: UAE – Insurance Regulatory Framework ................................................................................................................................ 138 Figure 118: UAE – Insurance Supervision and Control at Various Levels .................................................................................................. 154 Figure 119: UAE – Insurance Regulatory Frameworks for Company Registration and Operation .............................................................. 157 Figure 120: UAE – GDP at Constant Prices (US$ Billion), 2009–2013 ....................................................................................................... 167 Figure 121: UAE – GDP Per Capita at Constant Prices (US$), 2009–2013................................................................................................ 168 Figure 122: UAE – GDP at Current Prices (US$ Billion), 2009–2013 ......................................................................................................... 169 Figure 123: UAE – GDP Per Capita at Current Prices (US$), 2009–2013 .................................................................................................. 170 Figure 124: UAE – GDP by Key Sector (%), 2009 and 2013 ...................................................................................................................... 171 Figure 125: UAE – Agriculture, Hunting, Forestry and Fishing Net Output at Current Prices (US$ Billion), 2009–2013 .............................. 172 Figure 126: UAE – Agriculture, Hunting, Forestry and Fishing Net Output at Current Prices as a Percentage of GDP (%), 2009–2013 ..... 173 Figure 127: UAE – Manufacturing Net Output at Current Prices (US$ Billion), 2009–2013 ........................................................................ 174 Figure 128: UAE – Manufacturing Net Output at Current Prices as a Percentage of GDP (%), 2009–2013................................................ 175 Figure 129: UAE – Mining, Manufacturing and Utilities Net Output at Current Prices (US$ Billion), 2009–2013 ......................................... 176



Figure 130: UAE – Mining, Manufacturing and Utilities Net Output at Current Prices as a Percentage of GDP (%), 2009–2013 ................ 177 Figure 131: UAE – Construction Net Output at Current Prices (US$ Billion), 2009–2013 ........................................................................... 178 Figure 132: UAE – Construction Output at Current Prices as a Percentage of GDP (%), 2009–2013 ........................................................ 179 Figure 133: UAE – Inflation Rate (%), 2009–2013 ..................................................................................................................................... 180 Figure 134: UAE – Exports as a Percentage of GDP (%), 2009–2013 ....................................................................................................... 181 Figure 135: UAE – Imports as a Percentage of GDP (%), 2009–2013 ....................................................................................................... 182 Figure 136: UAE – Merchandise Exports Growth (%), 2009–2013 ............................................................................................................. 183 Figure 137: UAE – Merchandise Imports Growth (%), 2009–2013 ............................................................................................................. 184 Figure 138: UAE – Internet Subscriptions (Millions), 2009–2013 ............................................................................................................... 185 Figure 139: UAE – Size of Labor Force (Million), 2009–2013 ..................................................................................................................... 186 Figure 140: UAE – Unemployment Rate (%), 2009–2013 .......................................................................................................................... 187 Figure 141: UAE – Household Consumption Expenditure (US$ Billion), 2009–2013 .................................................................................. 188 Figure 142: UAE – Total Population (Million), 2009–2013 .......................................................................................................................... 189 Figure 143: UAE – Urban and Rural Populations (%), 2009–2013 ............................................................................................................. 190 Figure 144: UAE – Population Distribution by Age (%), 2009–2013 ........................................................................................................... 191 Figure 145: UAE – Life Expectancy (Number of Years), 2009–2013 .......................................................................................................... 192



LIST OF TABLES

Table 1: UAE Life Insurance – Key Facts, 2013 ............................................................................................................................................. 2 Table 2: Insurance Industry Definitions ........................................................................................................................................................ 12 Table 3: UAE – Insurance Industry Composition, 2013 ................................................................................................................................ 17 Table 4: UAE Insurance Industry – Gross Written Premium by Segment (AED Billion), 2009–2013 ............................................................. 18 Table 5: UAE Insurance Industry – Gross Written Premium by Segment (US$ Billion), 2009–2013 ............................................................. 18 Table 6: UAE Insurance Industry – Gross Written Premium by Segment (AED Billion), 2013–2018 ............................................................. 19 Table 7: UAE Insurance Industry – Gross Written Premium by Segment (US$ Billion), 2013–2018 ............................................................. 19 Table 8: UAE Insurance Industry – Gross Written Premium by Segment (Percentage Share), 2009–2018 .................................................. 21 Table 9: UAE Insurance Industry – Direct Written Premium by Segment (AED Billion), 2009–2013 ............................................................. 22 Table 10: UAE Insurance Industry – Direct Written Premium by Segment (US$ Billion), 2009–2013 ........................................................... 22 Table 11: UAE Insurance Industry – Direct Written Premium by Segment (AED Billion), 2013–2018 ........................................................... 23 Table 12: UAE Insurance Industry – Direct Written Premium by Segment (US$ Billion), 2013–2018 ........................................................... 23 Table 13: UAE Insurance Industry – Direct Written Premium by Segment (Percentage Share), 2009–2018 ................................................ 25 Table 14: UAE Life Insurance – Gross Written Premium (AED Billion), 2009–2013 ..................................................................................... 31 Table 15: UAE Life Insurance – Gross Written Premium (AED Billion), 2013–2018 ..................................................................................... 32 Table 16: UAE Life Insurance – Direct Written Premium (AED Billion), 2009–2013 ..................................................................................... 33 Table 17: UAE Life Insurance – Direct Written Premium (AED Billion), 2013–2018 ..................................................................................... 34 Table 18: UAE Life Insurance – New Business Written Premium (AED Billion), 2009–2013 ........................................................................ 35 Table 19: UAE Life Insurance – New Business Written Premium (AED Billion), 2013–2018 ........................................................................ 36 Table 20: UAE Life Insurance – Earned Premium (AED Billion), 2009–2013 ............................................................................................... 37 Table 21: UAE Life Insurance – Earned Premium (AED Billion), 2013–2018 ............................................................................................... 38 Table 22: UAE Life Insurance – Sum Assured (AED Billion), 2009–2013 ..................................................................................................... 39 Table 23: UAE Life Insurance – Sum Assured (AED Billion), 2013–2018 ..................................................................................................... 40 Table 24: UAE Life Insurance – Paid Claims (AED Billion), 2009–2013 ....................................................................................................... 41 Table 25: UAE Life Insurance – Paid Claims (AED Billion), 2013–2018 ....................................................................................................... 42 Table 26: UAE Life Insurance – Incurred Loss (AED Billion), 2009–2013 .................................................................................................... 43 Table 27: UAE Life Insurance – Incurred Loss (AED Billion), 2013–2018 .................................................................................................... 44 Table 28: UAE Life Insurance – Loss Ratio (%), 2009–2013........................................................................................................................ 45 Table 29: UAE Life Insurance – Loss Ratio (%), 2013–2018........................................................................................................................ 46 Table 30: UAE Life Insurance – Commissions and Expenses (AED Billion), 2009–2013 ............................................................................. 47 Table 31: UAE Life Insurance – Commissions and Expenses (AED Billion), 2013–2018 ............................................................................. 48 Table 32: UAE Life Insurance – Combined Ratio (%), 2009–2013 ............................................................................................................... 49 Table 33: UAE Life Insurance – Combined Ratio (%), 2013–2018 ............................................................................................................... 50 Table 34: UAE Life Insurance – Fraud and Crime (AED Million), 2009–2013 ............................................................................................... 51 Table 35: UAE Life Insurance – Fraud and Crime (AED Million), 2013–2018 ............................................................................................... 52 Table 36: UAE Life Insurance – Total Assets (AED Billion), 2009–2013 ...................................................................................................... 53 Table 37: UAE Life Insurance – Total Assets (AED Billion), 2013–2018 ...................................................................................................... 54 Table 38: UAE Life Insurance – Total Investment Income (AED Million), 2009–2013 ................................................................................... 55 Table 39: UAE Life Insurance – Total Investment Income (AED Million), 2013–2018 ................................................................................... 56 Table 40: UAE Life Insurance – Retentions (AED Billion), 2009–2013 ......................................................................................................... 57 Table 41: UAE Life Insurance – Retentions (AED Billion), 2013–2018 ......................................................................................................... 58 Table 42: UAE Individual Single-Premium Insurance – Number of Active Policies (Thousand), 2009–2013 ................................................. 64 Table 43: UAE Individual Single-Premium Insurance – Number of Active Policies (Thousand), 2013–2018 ................................................. 65 Table 44: UAE Individual Single-Premium Insurance – Gross Written Premium (AED Billion), 2009–2013 .................................................. 66 Table 45: UAE Individual Single-Premium Insurance – Gross Written Premium (AED Billion), 2013–2018 .................................................. 67 Table 46: UAE Individual Single-Premium Insurance – Direct Written Premium (AED Billion), 2009–2013 .................................................. 68 Table 47: UAE Individual Single-Premium Insurance – Direct Written Premium (AED Billion), 2013–2018 .................................................. 69 Table 48: UAE Individual Non-Single-Premium Insurance – Number of Active Policies (Thousand), 2009–2013 ......................................... 70 Table 49: UAE Individual Non-Single-Premium Insurance – Number of Active Policies (Thousand), 2013–2018 ......................................... 71 Table 50: UAE Individual Non-Single-Premium Insurance – Gross Written Premium (AED Billion), 2009–2013........................................... 72 Table 51: UAE Individual Non-Single-Premium Insurance – Gross Written Premium (AED Billion), 2013–2018.......................................... 73 Table 52: UAE Individual Non-Single-Premium Insurance – Direct Written Premium (AED Billion), 2009–2013 ........................................... 74 Table 53: UAE Individual Non-Single-Premium Insurance – Direct Written Premium (AED Billion), 2013–2018 .......................................... 75 Table 54: UAE Group Single-Premium Insurance – Number of Active Policies (Thousand), 2009–2013 ...................................................... 76 Table 55: UAE Group Single-Premium Insurance – Number of Active Policies (Thousand), 2013–2018 ...................................................... 77 Table 56: UAE Group Single-Premium Insurance – Gross Written Premium (AED Million), 2009–2013 ....................................................... 78 Table 57: UAE Group Single-Premium Insurance – Gross Written Premium (AED Million), 2013–2018 ....................................................... 79 Table 58: UAE Group Single-Premium Insurance – Direct Written Premium (AED Million), 2009–2013 ....................................................... 80 Table 59: UAE Group Single-Premium Insurance – Direct Written Premium (AED Million), 2013–2018 ....................................................... 81 Table 60: UAE Group Non-Single-Premium Insurance – Number of Active Policies (Thousand), 2009–2013 .............................................. 82 Table 61: UAE Group Non-Single-Premium Insurance – Number of Active Policies (Thousand), 2013–2018 ............................................. 83 Table 62: UAE Group Non-Single-Premium Insurance – Gross Written Premium (AED Billion), 2009–2013 ................................................ 84 Table 63: UAE Group Non-Single-Premium Insurance – Gross Written Premium (AED Billion), 2013–2018 ................................................ 85



Table 64: UAE Group Non-Single-Premium Insurance – Direct Written Premium (AED Billion), 2009–2013 ................................................ 86 Table 65: UAE Group Non-Single-Premium Insurance – Direct Written Premium (AED Billion), 2013–2018 ................................................ 87 Table 66: UAE Life Insurance – Direct Marketing Commission Paid (AED Million), 2009–2013 ................................................................... 90 Table 67: UAE Life Insurance – Direct Marketing Commission Paid (AED Million), 2013–2018 ................................................................... 91 Table 68: UAE Life Insurance – New Business Gross Written Premium (AED Billion), 2009–2013 .............................................................. 92 Table 69: UAE Life Insurance – New Business Gross Written Premium (AED Billion), 2013–2018 .............................................................. 93 Table 70: UAE Life Insurance – New Policies Sold Through Direct Marketing (Thousand), 2009–2013 ....................................................... 94 Table 71: UAE Life Insurance – New Policies Sold Through Direct Marketing (Thousand), 2013–2018 ....................................................... 95 Table 72: UAE Life Insurance – Number of Direct Marketing Distributors, 2009–2013 ................................................................................. 96 Table 73: UAE Life Insurance – Number of Direct Marketing Distributors, 2013–2018 ................................................................................. 97 Table 74: UAE Life Insurance – Bancassurance Commission Paid (AED Million), 2009–2013 ..................................................................... 98 Table 75: UAE Life Insurance – Bancassurance Commission Paid (AED Million), 2013–2018 ..................................................................... 99 Table 76: UAE Life Insurance – New Business Gross Written Premium (AED Million), 2009–2013 ........................................................... 100 Table 77: UAE Life Insurance – New Business Gross Written Premium (AED Million), 2013–2018 ........................................................... 101 Table 78: UAE Life Insurance – New Policies Sold Through Bancassurance (Thousand), 2009–2013 ...................................................... 102 Table 79: UAE Life Insurance – New Policies Sold Through Bancassurance (Thousand), 2013–2018 ...................................................... 103 Table 80: UAE Life Insurance – Number of Bancassurance Distributors, 2009–2013 ................................................................................ 104 Table 81: UAE Life Insurance – Number of Bancassurance Distributors, 2013–2018 ................................................................................ 105 Table 82: UAE Life Insurance – Commission Paid to Agencies (AED Million), 2009–2013......................................................................... 106 Table 83: UAE Life Insurance – Commission Paid to Agencies (AED Million), 2013–2018......................................................................... 107 Table 84: UAE Life Insurance – New Business Gross Written Premium (AED Million), 2009–2013 ........................................................... 108 Table 85: UAE Life Insurance – New Business Gross Written Premium (AED Million), 2013–2018 ........................................................... 109 Table 86: UAE Life Insurance – New Policies Sold Through Agencies (Thousand), 2009–2013 ................................................................ 110 Table 87: UAE Life Insurance – New Policies Sold Through Agencies (Thousand), 2013–2018 ................................................................ 111 Table 88: UAE Life Insurance – Number of Agencies, 2009–2013 ............................................................................................................. 112 Table 89: UAE Life Insurance – Number of Agencies, 2013–2018 ............................................................................................................. 113 Table 90: UAE Life Insurance – E-Commerce Commission Paid (AED Million), 2009–2013 ...................................................................... 114 Table 91: UAE Life Insurance – E-Commerce Commission Paid (AED Million), 2013–2018 ...................................................................... 115 Table 92: UAE Life Insurance – New Business Gross Written Premium (AED Million), 2009–2013 ........................................................... 116 Table 93: UAE Life Insurance – Gross Written Premium New Business (AED Million), 2013–2018 ........................................................... 117 Table 94: UAE Life Insurance – New Policies Sold Through E-Commerce (Thousand), 2009–2013 .......................................................... 118 Table 95: UAE Life Insurance – New Policies Sold Through E-Commerce (Thousand), 2013–2018 .......................................................... 119 Table 96: UAE Life Insurance – Number of E-Commerce Distributors, 2009–2013 .................................................................................... 120 Table 97: UAE Life Insurance – Number of E-Commerce Distributors, 2013–2018 .................................................................................... 121 Table 98: UAE Life Insurance – Commission Paid to Brokers (AED Million), 2009–2013 ........................................................................... 122 Table 99: UAE Life Insurance – Commission Paid to Brokers (AED Million), 2013–2018 ........................................................................... 123 Table 100: UAE Life Insurance – New Business Gross Written Premium (AED Billion), 2009–2013 .......................................................... 124 Table 101: UAE Life Insurance – New Business Gross Written Premium (AED Billion), 2013–2018 .......................................................... 125 Table 102: UAE Life Insurance – New Policies Sold Through Brokers (Thousand), 2009–2013 ................................................................ 126 Table 103: UAE Life Insurance – New Policies Sold Through Brokers (Thousand), 2013–2018 ................................................................ 127 Table 104: UAE Life Insurance – Number of Brokers, 2009–2013 ............................................................................................................. 128 Table 105: UAE Life Insurance – Number of Brokers, 2013–2018 ............................................................................................................. 129 Table 106: UAE Life Insurance – Commission Paid to Other Channels (AED Million), 2009–2013 ............................................................ 130 Table 107: UAE Life Insurance – Commission Paid to Other Channels (AED Million), 2013–2018 ............................................................ 131 Table 108: UAE Life Insurance – New Business Gross Written Premium (AED Million), 2009–2013 ......................................................... 132 Table 109: UAE Life Insurance – New Business Gross Written Premium (AED Million), 2013–2018 ......................................................... 133 Table 110: UAE Life Insurance – New Policies Sold Through Other Channels (Thousand), 2009–2013 .................................................... 134 Table 111: UAE Life Insurance – New Policies Sold Through Other Channels (Thousand), 2013–2018 .................................................... 135 Table 112: UAE Life Insurance – Number of Distributors in Other Channels, 2009–2013 .......................................................................... 136 Table 113: UAE Life Insurance – Number of Distributors in Other Channels, 2013–2018 .......................................................................... 137 Table 114: UAE – Life Insurance Regulatory Framework ........................................................................................................................... 142 Table 115: UAE – Property Insurance Regulatory Framework ................................................................................................................... 143 Table 116: UAE – Motor Insurance Regulatory Framework ....................................................................................................................... 145 Table 117: UAE – Liability Insurance Regulatory Framework .................................................................................................................... 147 Table 118: UAE – Maximum Limits for Investments in Various Assets by Insurers .................................................................................... 162

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