Report Overview

UAE Property and Casualty (P&C) Insurance Market – Industry Trends & Forecast Report, 2031

UAE Property and Casualty (P&C) Insurance Market size was estimated at USD 9.91 billion in 2024. During the forecast period between 2025 and 2031, UAE Property and Casualty (P&C) Insurance Market size is projected to grow at a CAGR of 6.3% reaching a value of USD 15.2 billion by 2031. The UAE P&C Insurance Market is propelled by several key factors. Rapid infrastructure development, with over AED 1 trillion planned for urban growth, increases demand for insurance to safeguard assets and manage risks. The expanding SME sector, comprising over 350,000 active businesses contributing 52% of non-oil GDP, necessitates tailored insurance solutions. Mandatory insurance policies, such as motor and workers' compensation, enhance market penetration and compliance. Additionally, digital transformation and InsurTech adoption improve customer experience and operational efficiency, attracting tech-savvy consumers and driving market growth.

Property and Casualty (P&C) Insurance – Overview

Property and casualty (P&C) insurance helps in risk coverage against financial losses from property damage or liability. Property insurance covers damage to or loss of property due to perils like fire, theft, or natural disasters. Casualty insurance includes liability coverage, protecting against legal responsibility for injuries or damage to others. Common types include homeowners, auto, and commercial liability insurance. P&C insurance is essential for risk management, safeguarding assets and providing peace of mind against unforeseen events.

UAE Property and Casualty (P&C) Insurance Market

Growth Drivers

Strict Regulatory Environment

UAE Property and Casualty (P&C) Insurance Market operates under stringent regulations imposed by the Central Bank of the UAE. Strict licensing requirements, solvency mandates, and pricing controls limit flexibility for insurers. Compliance with evolving regulations, including IFRS 17 and risk-based capital frameworks, increases operational costs. Foreign insurers face restrictions, requiring local partnerships. These regulatory hurdles create barriers to market entry, slow innovation, and impact profitability, making it challenging for insurers to expand and offer competitive products.

Challenges

Strict Regulatory Environment

UAE Property and Casualty (P&C) Insurance Market operates under stringent regulations imposed by the Central Bank of the UAE. Strict licensing requirements, solvency mandates, and pricing controls limit flexibility for insurers. Compliance with evolving regulations, including IFRS 17 and risk-based capital frameworks, increases operational costs. Foreign insurers face restrictions, requiring local partnerships. These regulatory hurdles create barriers to market entry, slow innovation, and impact profitability, making it challenging for insurers to expand and offer competitive products.

Impact of Escalating Geopolitical Tensions on UAE Property and Casualty (P&C) Insurance Market

Intensifying geopolitical tensions among countries across the Middle East could impact the growth of UAE Property and Casualty (P&C) Insurance Market by increasing underwriting risks, raising reinsurance costs, and driving demand for specialized coverage. Heightened regional instability leads to higher claims related to political violence, terrorism, and supply chain disruptions. Insurers respond by adjusting premiums and tightening policy terms, especially in high-risk sectors like energy, logistics, and real estate. Global reinsurers may impose stricter conditions or withdraw capacity, further pressuring local insurers. Additionally, economic uncertainty can slow real estate development, affecting property insurance growth. However, increased risk awareness drives corporate clients to expand coverage, boosting demand for specialty insurance lines. Regulatory bodies may also enforce stricter solvency requirements to ensure market stability amidst rising geopolitical risks.

UAE Property and Casualty (P&C) Insurance Market

Segmental Coverage

UAE Property and Casualty (P&C) Insurance Market – By Home Insurance

Based on home insurance, UAE Property and Casualty (P&C) Insurance Market is bifurcated into Residential Property Insurance and Contents Insurance segments. The Residential Property Insurance segment holds a larger share of UAE Property and Casualty (P&C) Insurance Market. As of 2024, Property Insurance, which includes Residential Property Insurance, accounts for approximately 16.6% of the total general insurance gross written premiums. This growth is driven by increasing demand for residential and commercial properties, as well as heightened awareness of risks associated with natural disasters.

UAE Property and Casualty (P&C) Insurance Market – By Motor Insurance

On the basis of motor insurance, UAE Property and Casualty (P&C) Insurance Market is divided into Private Vehicle Insurance and Commercial Vehicle Insurance segments. Private vehicle insurance is a larger motor insurance segment in UAE Property and Casualty (P&C) Insurance Market. The segment provides coverage for personal vehicles against risks such as accidents, theft, and damage. It is mandatory for all vehicle owners in the UAE, ensuring widespread adoption. Private Vehicle Insurance offers various coverage options, including comprehensive, third-party liability, and collision coverage. The high number of vehicles and the mandatory nature of this insurance contribute to its dominance in the market.

UAE Property and Casualty (P&C) Insurance Market – By Liability Insurance

UAE Property and Casualty (P&C) Insurance Market by liability insurance is divided into General Liability Insurance and Professional Liability Insurance segments. General liability insurance is a larger segment in UAE Property and Casualty (P&C) Insurance Market. This segment provides coverage for businesses against claims arising from injuries, property damage, and other liabilities. It protects companies from the financial impact of lawsuits and legal actions, ensuring they can operate without the fear of significant financial losses. General liability insurance is essential for businesses of all sizes, offering peace of mind and financial stability in the face of unforeseen events.

Competitive Landscape

Major companies operating in UAE Property and Casualty (P&C) Insurance Market include Assicurazioni Generali SpA, National General Insurance Co. (PSC), Oman Insurance Company PSC, Orient Insurance PJSC, Abu Dhabi National Insurance Company, and MEDGULF. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Scope of the Report

By Home Insurance

• Residential Property Insurance

• Contents Insurance

By Motor Insurance

• Private Vehicle Insurance

• Commercial Vehicle Insurance

By Liability Insurance

• General Liability Insurance

• Professional Liability Insurance

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. UAE Property and Casualty (P&C) Insurance Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Focus on economic diversification
         2. Rising awareness about insurance coverage
      2. Restraints
         1. Intensely competitive market
      3. Opportunities
         1. Infrastructure development projects
         2. Digital transformation in insurance services
      4. Challenges
         1. Economic and geopolitical risks
         2. Low earnings volatility from investments
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. UAE Property and Casualty (P&C) Insurance Market: Marketing Strategies
5. UAE Property and Casualty (P&C) Insurance Market: Pricing Analysis
6. UAE Property and Casualty (P&C) Insurance Market Overview
   1. Market Size & Forecast, 2019–2031
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Home Insurance
         1. Residential Property Insurance
         2. Contents Insurance
      2. By Motor Insurance
         1. Private Vehicle Insurance
         2. Commercial Vehicle Insurance
      3. By Liability Insurance
         1. General Liability Insurance
         2. Professional Liability Insurance
7. Competitive Landscape
   1. List of Key Players and Their End Users
   2. UAE Property and Casualty (P&C) Insurance Company Market Share Analysis, 2024
   3. Competitive Benchmarking, By Oping Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships)
8. Impact of Escalating Geopolitical Tensions on UAE Property and Casualty (P&C) Insurance Market
9. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
10. 1. Assicurazioni Generali SpA
    2. National General Insurance Co. (PSC)
    3. Oman Insurance Company PSC
    4. Orient Insurance PSC
    5. Abu Dhabi National Insurance Company
    6. MEDGULF
    7. Other Prominent Players
11. Key Strategic Recommendations
12. Research Methodology
    1. Qualitative Research
       1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
       1. Secondary Research
       2. Primary Research
    4. Breakdown of Primary Research Respondents
    5. Assumption & Limitation

*Financial information of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

List of Figures

Figure 1   UAE Property and Casualty (P&C) Insurance Market Segmentation

Figure 2   UAE Property and Casualty (P&C) Insurance Market Value Chain Analysis

Figure 3   Company Market Share Analysis, 2024

Figure 4   UAE Property and Casualty (P&C) Insurance Market Size, By Value (USD Billion), 2019–2031

Figure 5   UAE Property and Casualty (P&C) Insurance Market Share, By Home Insurance, By Value (USD Billion) 2019–2031

Figure 6   UAE Property and Casualty (P&C) Insurance Market Share, By Motor Insurance, By Value (USD Billion) 2019–2031

Figure 7   UAE Property and Casualty (P&C) Insurance Market Share, By Liability Insurance, By Value (USD Billion) 2019–2031

List of Tables

Table 1       UAE Property and Casualty (P&C) Insurance Market Size, By Value (USD Billion), 2019–2031

Table 2       UAE Property and Casualty (P&C) Insurance Market Share, By Home Insurance, By Value (USD Billion) 2019–2031

Table 3       UAE Property and Casualty (P&C) Insurance Market Share, By Motor Insurance, By Value (USD Billion) 2019–2031

Table 4       UAE Property and Casualty (P&C) Insurance Market Share, By Liability Insurance, By Value (USD Billion) 2019–2031

 Table 5       Assicurazioni Generali SpA  Company Overview

Table 6       Assicurazioni Generali SpA  Financial Overview

Table 7       National General Insurance Co. (PSC) Company Overview

Table 8       National General Insurance Co. (PSC) Financial Overview

Table 9       Oman Insurance Company PSC Company Overview

Table 10     Oman Insurance Company PSC Financial Overview

Table 11     Orient Insurance PSC Company Overview

Table 12     Orient Insurance PSC Financial Overview

Table 13     Abu Dhabi National Insurance Company: Company Overview

Table 14     Abu Dhabi National Insurance Company Financial Overview        

Table 15     MEDGULF Company Overview

Table 14     MEDGULF Financial Overview