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BMI: UAE Insurance Report (Dec-11)

2012-02-07 17:00:00 (читать в оригинале)

The UAE ranks as one of the larger and more dynamic of the insurance markets of the Middle East andNorth Africa. Over the long-term, there has been very steady growth in premiums ? thanks in part to thegrowth and diversification of the economy, and in part to developments such as the 2008 introduction ofcompulsory health insurance for expatriates resident in the country. The UAE is also one of the mostimportant markets for takaful (ie shari?a- compliant insurance), which has been expanding even fasterthan the overall insurance sector.Relative to its peers in the region, the UAE?s insurance sector is also unusual in that there are twoseparate regulatory regimes. Offshore business is undertaken by companies that are established in theDubai International Finance Centre (DIFC) and regulated by the Dubai Financial Services Authority(DFSA). Onshore business is regulated by the Insurance Authority. Although the two regulators signed amemorandum of understanding (MoU) at the end of April 2011, an organisation that is regulated by theDFSA does not automatically have the right to undertake onshore business in the rest of the UAE.The latest figures, published by the UAE?s listed insurance companies in relation to H111 and the firstthree quarters of 2011, indicate that the sector as a whole is expanding at only single-digit rates. Growthwould be minimal but for the explosive growth of family takaful contributions and motor contributionswritten by the Islamic Arab Insurance Co (Salama). Salama also stands out as one of the largest takafuloperators globally.The stagnation of gross written premiums is not a bad thing. Many of the insurance companies areresponding to highly competitive conditions in an overly fragmented industry. Retention ratios have beenrising ? and quite sharply ? relative to 2010: the companies have become a lot more choosy about therisks that they will underwrite and the price at which they shall do so. In short, net wri