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"United Arab Emirates Insurance Report Q2 2011" now available at Fast Market Research

Recently published research from Business Monitor International, "United Arab Emirates Insurance Report Q2 2011", is now available at Fast Market Research

 
PRLog - May 2, 2011 - Key Insights On The UAE's Insurance Sector

Writing in April 2011, we see that the UAE's insurance sector continues to develop in the wake of the global financial crisis' severe impact on Dubai. The sector is supported by the emirates' other strengths, in pharmaceuticals and logistics especially. However, the volatile markets persist following the huge debt restructuring required by Dubai World in late 2009.

The UAE follows much the same patterm as many of its neighbours in that businesses have been established by affluent families. Rather than a few large multinational players, as in much of the developed world, the Emirati insurance sector looks much more like that of some of the developing nations and is made up of small, locally owned companies. Often these are listed affiliates of industrial conglomerates. According to data available from the stock exchanges in Abu Dhabi and Dubai, BMI believes Oman Insurance Company (OIC) is the largest local player, accounting for approximately 20% of total premiums written by national companies, or 14% of total premiums. Applyig the same criteria, it appears thatthe next largest insurance firms, Abu Dhabi National Insurance Company (ADNIC) and Islamic Arab Insurance Company, are about half the size of OIC.

A sector operating through small, local organisations cannot compete against the multinational giants of the insurance industry in the rest of the world. These local firms have little economy of scale amd limited access to the resources and skills required to be competitive internationally. Where there is more opportunity for growth is in the development of Islamic financial products. Takaful is a particular area where the UAE could lead the way. It will have to battle through structural problems that still exist, however, such as the general lack of popular understanding of shari'a-compliant products and the shortage of suitably qualified shari'a scholars.

In this report, we provide a breakdown of the insurance sector by line from the point of view of the regulator and trade associations. The UAE's insurance sector is dominated by accident liability products, which account for half of non-life products. Life products are limited and make up less than a sixth of the total market.

Issues To Watch

Islamic Finance

In the second half of 2010, Salama and Aman accounted for AED329mn of the AED619mn growth from H110 in gross written premiums achieved by the listed Emirati companies for which reports were available. The stock exchange commentaries indicate that much of this growth stems from the sales of takafal products and it is certainly the leading takafal operators that have led the growth.

DIFC Deals Indicator Of Recovery

The Dubai International Finance Centre (DIFC) attracts a variety of financial services companies seeking to establish representative offices. The number of organisations in the DIFC, and more importantly the number of deals that are being done, will provide a useful indicator of how Dubai is developing as a regional financial centre.

Local Staff Availability

The speed of growth prior to 2008 meant that finding local, skilled staff in the UAE was very difficult. This was compounded by laws forcing the 'Emiratisation' of the workforce. Since the economic situation has changed local staff may well be more available.

Market Players' Strutural Changes

The economic situation locally may cause some of the UAE's entrepreneurial families to redirect their energies elsewhere. We will need to wait and see who will remain committed to (generally non-life) insurance if it is a non-core activity for their business groups. There could be mergers and acquisitions as some players seek to boost scale in a challenging environment.

For more information or to purchase this report, go to:
-  http://www.fastmr.com/prod/152504_united_arab_emirates_in...


Partial Table of Contents:

Executive Summary
- Table: Overview Of The UAE's Insurance Sector
- Key Insights On The UAE's Insurance Sector
- Issues To Watch
SWOT Analysis
- UAE Insurance Industry SWOT
- UAE Political SWOT
- UAE Economic SWOT
- UAE Business Environment SWOT
MetLife's Acquisition Of ALICO
- Table: ALICO At A Glance
- Table: ALICO's Pre-Tax Profits By Segment And Region Contribution, Year To November 30 2009 (%)
- Table: ALICO - A Market Leader In Japan
- Table: MetLife's Acquisition Of ALICO
- Table: MetLife And ALICO Combined
Middle East And Africa Overview
- Table: Non-Life Segment Premiums, 2009-2010 (US$mn)
- Table: Life Segment Premiums, 2009-2010 (US$mn)
Islamic Insurance Overview
Projections and Forecasts
- Table: Insurance Premiums, 2008-2015
- Projections And Drivers Of Growth
- Table: Growth Drivers, 2008-2015
Country Update
- Macroeconomic Outlook
- Table: UAe Economic Activity, 2006-2015
- Political Outlook
- Long-Term Political Outlook
Insurance Business Environment Ratings
- Table: The UAE's Insurance Business Environment Rating
- Table: Middle East And Africa Insurance Business Environment Ratings
Regional Context
- Table: Non-Life Premiums In A Regional Context, 2009
- Table: Life Premiums In A Regional Context, 2009
Major Players In The UAE's Insurance Sector
- Table: Ranking Of Listed UAE Insurers By Reported Gross Written Premiums, 2008-2009 (AEDmn)
- Table: Reported Premiums Of Listed UAE Insurers And Absolute Change, H109-H110 (AEDmn)
Analysis Of Regional Competitive Conditions
Regional Company Profiles
- Arab Insurance Group (ARIG)
- Chartis
- Allianz
- Aviva
- AXA
- Generali
- HSBC Insurance
- MAPFRE
- MetLife ALICO
- RSA
-

Full Table of Contents is available at:
-- http://www.fastmr.com/catalog/product.aspx?productid=1525...

About Business Monitor International

Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets.  BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports.  Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including in-depth quarterly Country Forecast Reports.  View more research from Business Monitor International at http://www.fastmr.com/catalog/publishers.aspx?pubid=1010

About Fast Market Research

Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available.

For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156.

# # #

Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available.

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Source:Fast Market Research
Phone:1.800.844.8156
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State/Province:Massachusetts - United States
Industry:Finance, Research, Banking
Tags:insurance, uae, premiums, alico, dubai, non-life, metlife, islamic, ratings, written
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