Consumer durables is a cataloguing of consumer goods that are not essential to be bought very often as they are fashioned in a way so as to last for an extended period of time. Profits in the consumer durables sector were most profoundly…
BMI View: The outlook for the insurance sector in the UAE is broadly positive. The implementation of
compulsory health insurance for the large (and growing) expatriate workforce is stimulating growth in the
already well-established non-life sector, while wider economic growth will increase demand for a range of
other lines, including property and liability insurance. The life insurance sector, though smaller than the
non-life sector, is expected to record robust growth over the forecast period between 2016 and 2020, again
driven by demand among the expatriate workforce. While some barriers to foreign entry remain, the UAE is
already home to a number of important multinationals which bring diversity to the available product range
and ensure a healthy level of competition.
Key Updates And Forecasts
? In June 2016 the Insurance Authority (IA) of the UAE launched a guide for the Emiratization of the
insurance industry - part of government strategies to increase the employment of nationals in key sectors
including insurance and banking.
? The expatriate population is frequently the target for insurance providers in the UAE and in August 2016
Guardian Wealth Management reported that as much as 80% of the expatriate population in the UAE
was lacking adequate property cover.