Insurance companies are confident of bright prospects for the insurance industry in the coming years due to massive infrastructure
developments being planned for World Expo 2020 and a strong recovery on the economic front.
The leading insurance intermediary and financial services solutions provider in the GCC plans to enlarge its business selection after posting a significant rise in premiums from the insurance and investments segments which raised 42 and 80%, correspondingly in 2013.
The insurance marketplace is set to develop very robustly in the coming years. They have seen the disadvantage, the revival and now are witnesses to the escalation. The UAE, particularly, is in a very resilient location with the improvements planned and the estimated benefits to the economy from hosting Expo 2020.
The UAE is the biggest insurance marketplace in the GCC and has one of the most developed life insurance markets in the region. The international financial crisis had an extensive influence on the property and motor insurance industries; on the other hand, with the economy intensification, it gives important prospective to the personal and commercial markets.
As investments in the real estate sector maintain to increase, it improves the need for insurance coverage. Motor insurance is also successful in the UAE due to the high levels of vehicle possession and unceasing enlargement in the automobile sector.