Press release
Higher penetration of online insurance crossing AED 55 Bn by 2024- Which factors can help the industry achieve its targeted growth in the future?
1. How big is Insurance Industry in UAE?
Despite economic challenges, GWP collection grew owing to introduction of mandatory insurance coverage in health & motor, increased supervision by Insurance Authority & improving risk mgmt framework.
While UAE is ahead of GCC countries in terms of Insurance penetration, it still lags behind emerging markets & global avg.
Slowdown in Automobile sales & property prices highlight lack of demand for new assets among population; curbing demand for insurance.
Rising awareness & addition of new segments (Cyber, Renters, Business, Home & Contents) could further increase the demand in coming years.
2. Product Segmentation of Insurance - Mandatory Insurance for Motor & Health drives the growth for non-life insurance products.
Mandatory insurance requirement of Health & Motor has led the growth of Non-Life Insurance Products.
Individual Life and other related products are still underpenetrated with only 3% penetration among entire population.
Brokers must strive to bridge the gap of higher upfront premiums for population and generate awareness regarding the term life insurance products.
3. Why Aggregators are the way forward in online insurance industry of UAE.
Plethora of insurance providers (Min 15+) to choose and compare policies depending on requirements. One-Stop towards customization as customer selects according to his/her criteria.
Online uploading of required documents/assistance served in case of lack of proper documents. tedious task of processing, document checking is now done by tele sales/data entry team of platform.
Explaining policies (coverages/risk factors/premium) in plain-vanilla terms. Dedicated tele-sales agent from policy selection to issuing policy.
Uploading relevant policy details at platform, quick follow-up by aggregator with insurance provider for instant processing and disbursal of claims.
Time Period Captured in the Report:
Historical Period - 2014 -2019
Forecast Period - 2019 - 2024E
Companies Covered:
Yallacompare
Souqalmal
Bankonus
PolicyBazaar UAE
Compare4benefits
Insurancemarket.ae
Bayzat
Key Topics Covered in the Report
Socio-Demographic and Economic Outlook of UAE.
Insurance Industry in UAE basis Products, Distribution Channel.
Decoding Penetration of Online Insurance with a special focus on Aggregators.
Business Model of Aggregators (Revenue Streams, Organizational Structure, End to End Buying Process, Technology Stack).
Market Size of Insurance Aggregators basis Revenue and Aggregators.
Competitive Landscape among major Aggregators (Cross comparison matrices, strengths, weakness and company profiles).
Future Outlook of the Insurance Industry.
Potential of Insurance Aggregators in the UAE.
Key Analyst Recommendations.
TO KNOW MORE INFORMATION, CLICK THE LINK:
https://www.kenresearch.com/banking-financial-services-and-insurance/insurance/uae-online-insurance-industry-outlook-to-2024/335274-93.html
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Ken Research
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Ken Research is a Market Research and Consulting Firm, based out of India, Indonesia and UAE. Since 2011, we have been assisting clients globally with our Syndicate and Bespoke Market Research and Advisory Services.
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