United Arab Emirates Insurance Report Q4 2017
BMI View: The outlook is relatively bright for the life and non-life insurance sectors in the United ArabEmirates. Economic growth in the country is expected to boost demand across a range of non-life lines,though the focus will remain largely on health insurance due to compulsory cover for the large expatriateworkforce. In the life segment, innovation by the leading companies, combined with wage growth, shouldboost premiums though, again, growth will remain largely dependenton the expatriate workforce.Anticipated regulatory changes could attract more investment to the market, though the competitivelandscape is fragmented and in need of consolidation.
Key Updates And Forecasts
In August 2017, the UAE passed a new law which will allow for the introduction of value added tax(VAT) from January 1 2018. A tax of 5% will be applied to all non-life insurance products while lifeinsurance products will be exempt.
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