UAE’s general insurance market to surpass $20bn in five years

Written by Michael Griffiths

24/06/2025

The general insurance market in the United Arab Emirates (UAE) is projected to grow at a compound annual growth rate (CAGR) of 10% over the next five years to over $20bn, new analysis by GlobalData has indicated.

This growth would take the UAE’s general insurance market from AED 46.2bn ($12.6bn) in 2024 to AED 74.4bn ($20.2bn) by 2029, in terms of gross written premium (GWP).

According to GlobalData’s UAE General Insurance Report, the country’s general insurance market is estimated to reach AED 52.6bn ($14.3bn) in 2025, reflecting a strong annual growth of 13.8%.

GlobalData suggested this growth is being driven by the implementation of mandatory health insurance, increasing awareness of personal accident coverage, and the rising demand for property and motor insurance due to an increase in natural disasters.

Senior insurance analyst at GlobalData, Swarup Kumar Sahoo, said: “The ongoing digital transformation, including innovations like telematics and wearable technology, is revolutionising pricing models and increasing operational efficiency of the UAE’s general insurance industry.

“Alongside this, the introduction of mandatory health insurance for private sector employees and domestic workers, effective January 2025, is expected to significantly broaden the market, while the rising awareness of personal accident coverage will further stimulate demand.”

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