United Arab Emirates (UAE) Motor Insurance Market Size
| Study Period | 2020-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 1.40 Billion |
| Market Size (2029) | USD 1.72 Billion |
| CAGR (2024 - 2029) | 4.12 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
United Arab Emirates (UAE) Motor Insurance Market Analysis
The United Arab Emirates Motor Insurance Market size in terms of gross written premiums value is expected to grow from USD 1.40 billion in 2024 to USD 1.72 billion by 2029, at a CAGR of 4.12% during the forecast period (2024-2029).
Motor insurance emerges as the most vibrant segment within the insurance domain in the United Arab Emirates (UAE). This insurance type encompasses coverage for vehicles like cars, trucks, motorcycles, and others that ply on the country's roads. Its core objective is to provide financial safeguards, both for vehicle damages and any resulting injuries to drivers and passengers in traffic accidents. Notably, the UAE has seen a notable uptick in accident rates, prompting the government to enforce stringent regulations mandating auto insurance. These developments, combined with a robust surge in automobile sales, are poised to propel the growth of the UAE's motor insurance market. Moreover, in the UAE's non-life insurance landscape, motor insurance is the largest segment.
The UAE is witnessing a notable uptick in car and motor vehicle sales, which bodes well for the motor insurance sector. In current year, the UAE has been clocking sales of around 200 thousand new vehicles, a figure expected to rise further thanks to a steady uptick in personal disposable income and an overall improved standard of living.
United Arab Emirates (UAE) Motor Insurance Market Trends
Growth of Fintech in UAE is Diving the UAE Motor Insurance Market
The United Arab Emirates (UAE) is among the top economies in the Middle East region, with a large number of financial technology (Fintech) startups in recent year. The UAE is home to more than 30 percent of fintech startups in the Middle East and North Africa (MENA) region. The fintech segment and increasing digital payments enable motor insurers to combine and develop diversified product platforms and mobile applications serving customers' customized needs. Growing fintech has made it easy for customers to purchase and compare various motor insurance products and helped the insurance companies to better serve their customers with the products that they need this will likely help the motor insurance market to grow in the UAE.
Growth in Sale of New Registered Vehicles is Driving the Market
The sales of cars and other motor vehicles are increasing across the UAE, thus positively impacting the growth of the UAE's motor insurance market. Strict government regulations in some countries have made it mandatory to buy motor insurance when a customer buys a car, and this has linked motor vehicle sales to the motor insurance market. The UAE has seen a steady increase in the sales of motor vehicles that has positively impacted the motor vehicle insurance market. Insurance add-ons such as zero depreciation coverage and driver insurance give extra value to the customer, which also affects the growth of the motor insurance market.
United Arab Emirates (UAE) Motor Insurance Industry Overview
The report covers the major players operating in the UAE motor insurance market. In terms of market share, the market is moderately consolidated, with a large number of players operating in the market studied due to an increase in automobile sales. Companies have been focusing more on providing customized solutions to attract more customers and also enhance their product portfolio. Some of the key players in the market are Assicurazioni Generali S.P.A., National General Insurance Co. (P.S.C), Orient Insurance PJSC, Abu Dhabi National Insurance Company, and Sukoon Insurance.
United Arab Emirates (UAE) Motor Insurance Market Leaders
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National General Insurance Co. (P.S.C)
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Orient Insurance PJSC
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Abu Dhabi National Insurance Company
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Sukoon Insurance
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Assicurazioni Generali S.P.A.
*Disclaimer: Major Players sorted in no particular order
United Arab Emirates (UAE) Insurance Market News
- September 2023: Allianz entered into a binding agreement to sell its 51% stake in Allianz Saudi Fransi to Abu Dhabi National Insurance Company (ADNIC).
- October 2022: To strengthen its position as a quality-focused auto insurer in the nation, Sukoon Insurance signed a strategic partnership with AG Cars, the multi-brand car service center network in the United Arab Emirates.
United Arab Emirates Motor Insurance Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Government Initiative is Expected to Drive the Growth of the Market
4.2.2 Increasing Sales of Vehicle Across UAE is Driving the Market
4.3 Market Restraints
4.3.1 Strict Regulatory Landscape is Expected to Restrain the Growth of the Market
4.3.2 High Costs of Product
4.4 Market Opportunities
4.4.1 Technological Integration of Insurance Platform
4.4.2 Customized Products According to the Needs of the Customers
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Forces Analysis
4.6.1 Bargaining Power of Suppliers
4.6.2 Bargaining Power of Buyers
4.6.3 Threat of New Entrants
4.6.4 Threat of Substitutes
4.6.5 Intensity of Competitive Rivalry
4.7 Insights on Technology Innovation in the Market.
4.8 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Type of Insurance
5.1.1 Third Party Liability
5.1.2 Comprehensive
5.1.3 Other Insurance
5.2 By Distribution Channel
5.2.1 Direct
5.2.2 Banks
5.2.3 Agents
5.2.4 Online
5.2.5 Others Distribution Channels
5.3 By Application
5.3.1 Commercial Vehicle
5.3.2 Personal Vehicle
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Assicurazioni Generali S.P.A.
6.2.2 National General Insurance Co. (P.S.C)
6.2.3 Sukoon Insurance
6.2.4 Orient Insurance PJSC
6.2.5 Abu Dhabi National Insurance Company
6.2.6 Union Insurance Co.
6.2.7 Emirates Insurance Company
6.2.8 Islamic Arab Insurance Company
6.2.9 Al Buhaira National Insurance Co.
6.2.10 Al Dhafra Insurance Company*
- *List Not Exhaustive
7. MARKET FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
United Arab Emirates (UAE) Motor Insurance Industry Segmentation
Motor insurance is the insurance for cars, trucks, motorcycles, or any other vehicles driven on the road. Motor or Auto insurance offers financial protection against physical damage to the vehicle and or injury that happens to drivers and passengers resulting from traffic collisions. This report offers a detailed analysis of the United Arab Emirates motor insurance market. It concentrates on the market dynamics, emerging trends in the segments and regional markets, and insights. Also, it focuses on the key players and the competitive landscape in the market.
The United Arab Emirates motor insurance market is segmented by insurance type, distribution channel, and by application. By insurance type, the market is further segmented into third-party liability, comprehensive, and other insurance. By distribution channel, the market is further segmented into direct, banks, agents, online, and other distribution channels. By application, the market is further segmented into commercial vehicles and personal vehicles.
The report offers market size and forecast values for the united arab emirates motor insurance market in (USD) for the above segments.
| By Type of Insurance | |
| Third Party Liability | |
| Comprehensive | |
| Other Insurance |
| By Distribution Channel | |
| Direct | |
| Banks | |
| Agents | |
| Online | |
| Others Distribution Channels |
| By Application | |
| Commercial Vehicle | |
| Personal Vehicle |
United Arab Emirates Motor Insurance Market Research Faqs
How big is the United Arab Emirates Motor Insurance Market?
The United Arab Emirates Motor Insurance Market size is expected to reach USD 1.40 billion in 2024 and grow at a CAGR of 4.12% to reach USD 1.72 billion by 2029.
What is the current United Arab Emirates Motor Insurance Market size?
In 2024, the United Arab Emirates Motor Insurance Market size is expected to reach USD 1.40 billion.
Who are the key players in United Arab Emirates Motor Insurance Market?
National General Insurance Co. (P.S.C), Orient Insurance PJSC, Abu Dhabi National Insurance Company, Sukoon Insurance and Assicurazioni Generali S.P.A. are the major companies operating in the United Arab Emirates Motor Insurance Market.
What years does this United Arab Emirates Motor Insurance Market cover, and what was the market size in 2023?
In 2023, the United Arab Emirates Motor Insurance Market size was estimated at USD 1.34 billion. The report covers the United Arab Emirates Motor Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the United Arab Emirates Motor Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the key segments of the UAE Motor Insurance Market?
The UAE Motor Insurance Market is segmented based on a) Coverage: Liability Coverage, Collision Coverage and Comprehensive Insurance b) Distribution Channel: Insurance Agents/Brokers, Direct Response and Banks c) Vehicle Age: New Vehicles and Old Vehicles d) Application: Commercial Vehicle and Personal Vehicle
What factors are driving the growth of the United Arab Emirates Motor Insurance Market?
The factors driving the growth of the United Arab Emirates Motor Insurance Market are a) Emergence of third-party liability insurance b) Increasing demand for vehicle insurance due to rising accidents and road incidents c) Ease of purchasing insurance policies through various distribution channels
United Arab Emirates Motor Insurance Industry Report
The UAE Motor Insurance Market is experiencing significant growth due to increasing consumer adoption, a rise in road accidents, and the growing use of commercial vehicles. The market is segmented by coverage types, including liability coverage, collision coverage, and comprehensive insurance. Additionally, the market is divided by vehicle age into new and old vehicles, and by application into commercial and personal vehicles.
The demand for motor insurance is rising due to the financial protection it offers against vehicle damage and third-party injuries. The emergence of third-party liability insurance is a key growth driver, providing coverage for property damage, disability, injuries, or death caused to third parties. Trends such as the adoption of usage-based insurance, claims automation, and coverage for electric vehicles are shaping the market.
The UAE motor insurance market share, size, and revenue growth rate are crucial metrics for understanding the market dynamics. The market analysis indicates a positive industry outlook, with significant market growth expected in the coming years. Market leaders are leveraging market trends and industry statistics to maintain their competitive edge.
Industry reports and market research reveal that the market segmentation includes various distribution channels such as insurance agents/brokers, direct response, and banks. The market forecast suggests that the market value will continue to rise, driven by the increasing adoption of comprehensive insurance policies.
For a comprehensive industry analysis, including market data and market predictions, download the free report PDF. This report example provides a detailed market review and industry information, offering insights into market segmentation and market overview. Research companies can benefit from the market outlook and industry trends highlighted in the report.
The report also includes industry research on the impact of electric vehicles on the market, as well as market statistics on the adoption of usage-based insurance. The industry size and industry sales data provide a clear picture of the market growth and market value.
In conclusion, the UAE Motor Insurance Market is poised for substantial growth, with market leaders capitalizing on emerging trends and industry statistics. The market outlook remains positive, supported by comprehensive industry reports and market research. For more detailed insights, including market forecast and market review, download the report PDF.
