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Property Insurance - United Arab Emirates

United Arab Emirates

The Property Insurance market market in the United Arab Emirates is expected to reach a projected market size (gross written premium) of €0.82bn in 2024.
The average spending per capita in the Property Insurance market market is estimated to amount to €85.92 in 2024.
Furthermore, the gross written premium is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 0.00%, resulting in a market volume of €0.82bn by 2029.
In comparison to other countries globally, the United States is projected to generate the highest gross written premium, amounting to €222.9bn in 2024.
The property insurance market in the United Arab Emirates is experiencing a surge in demand due to the rapid growth of the real estate sector in the country.

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Analyst Opinion

Over the past few years, the Property Insurance market in the United Arab Emirates has been experiencing significant growth and development. Customer preferences in the UAE Property Insurance market are shifting towards comprehensive coverage that not only protects against traditional risks like fire and theft but also includes coverage for natural disasters such as sandstorms and floods. Additionally, customers are increasingly looking for customizable policies that cater to their specific needs and preferences. Trends in the market indicate a rise in demand for property insurance driven by the rapid urbanization and infrastructure development in the UAE. The construction boom in the country has led to an increase in the number of residential and commercial properties, creating a greater need for insurance coverage to protect these assets. Moreover, the growing awareness of the importance of property insurance among both individuals and businesses is fueling market growth. Local special circumstances in the UAE, such as the high value of properties in key cities like Dubai and Abu Dhabi, contribute to the unique dynamics of the Property Insurance market. The luxury real estate market in the UAE requires specialized insurance products to cover high-value properties, which presents opportunities for insurers to offer tailored solutions to meet the needs of affluent customers. Underlying macroeconomic factors, such as the stable economic growth and increasing disposable income levels in the UAE, play a crucial role in driving the expansion of the Property Insurance market. As the standard of living improves and more individuals invest in real estate, the demand for property insurance is expected to continue growing in the coming years. Additionally, favorable government regulations and initiatives to promote insurance penetration in the country are further supporting market development.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.