UAE Motor Insurance Market Introduction and Overview
According to SPER Market Research, the UAE Motor Insurance Market is estimated to reach USD 2.04 billion by 2033 with a CAGR 4.37%.
The report includes an in-depth analysis of the UAE Motor Insurance Market, including market size and trends, product mix, distribution channels, and supplier analysis. Motor insurance covers a variety of vehicles, including cars, motorcycles, trucks, and more. Motor insurance is in high demand and is becoming more and more well-liked by customers since it provides financial protection in the event that a vehicle is damaged and that other drivers, passengers, or pedestrians are hurt (i.e., third-party cover). Therefore, getting enough auto insurance is both necessary and mandated by law.
- The UAE Insurance Authority implemented new rules for auto insurance rates in 2021 in an effort to encourage market competition and openness. Insurers must provide consumers with more flexible and reasonably priced auto insurance plans under these rules, or risk fines if they don't.
- Allianz and Abu Dhabi National Insurance Company (ADNIC) signed a legally binding agreement in September 2023 for Allianz to sell Abu Dhabi its 51 percent ownership in Allianz Saudi Fransi.
Market Opportunities and Challenges
Opportunities: Accidents, collisions, and traffic collisions are becoming more frequent. Each of these elements has a significant impact on the cost of auto insurance. For instance, people in big cities are willing to pay a premium since they have a lot of money to spend. Every community has an issue with bad driving since it can lead to accidents since people are texting, talking, and doing other things while driving. Medical expenses, missed income, auto repairs, and any property damage resulting from an accident are all covered by auto insurance. Auto insurance is therefore becoming more and more popular during the forecast period as a result of consumers buying it to protect themselves from financial losses. Furthermore, In the United Arab Emirates (UAE), auto insurance is the most active market within the insurance industry. Cars, lorries, motorbikes, and other vehicles that travel the nation's roadways are covered by this sort of insurance. Its main goal is to offer financial protection for vehicle damage as well as any injuries that may result for drivers and passengers in traffic accidents.
Challenges:
Lack of Knowledge about the Advantages of Different Auto Insurance Plans - Ignorance on the part of humans led to collisions, accidents, and other dangers or injuries to other people. Car damage has nothing to do with the basic insurance policy, but third-party liability insurance covers the owner of the vehicle for any property damage to uninsured third parties. Third parties, including pedestrians, drivers, and passengers in other cars, are protected against financial loss in the event that they suffer property damage, disability, injuries, or death. Nevertheless, this kind of preparation aids in safeguarding third parties' interests. In the upcoming years, the vehicle insurance market is anticipated to gain a great deal from all of these variables.
Market Competitive Landscape
The main participants in the UAE auto insurance industry are covered in the research. Due to a rise in car sales, there are many companies active in the market under study, making it somewhat concentrated in terms of market share. Assicurazioni Generali S.P.A., National General Insurance Co. (P.S.C.), Orient Insurance PJSC, Abu Dhabi National Insurance Company, and Sukoon Insurance are a few of the major participants in the sector.
Scope of the report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Coverage, By Distribution Channel, By Vehicle Age, By Application |
| Regions covered | Eastern, Western, Northern, Southern |
| Companies Covered | Abu Dhabi National Insurance Company, Al Buhaira National Insurance Co, Al Dhafra Insurance Company, Assicurazioni Generali S.P.A., Emirates Insurance Company, Islamic Arab Insurance Company, National General Insurance Co. (P.S.C), Orient Insurance PJSC, Sukoon Insurance, Union Insurance Co., and Others. |
COVID-19 Impact on UAE Motor Insurance Market
The market for auto insurance in the United Arab Emirates was significantly impacted by the COVID-19 outbreak. Road accidents and claims decreased as a result of the country's lockdown and travel restrictions, which significantly reduced the number of vehicles on the road. Due to reduced risk exposure, this prompted insurers to modify their pricing strategies; some even gave policyholders refunds or premium discounts. However, many people and organizations also experienced financial difficulties as a result of the economic downturn, which drove some to cut back on or completely forgo insurance coverage. In order to reduce in-person encounters, several insurers have shifted to online platforms for sales and claims processing, leading to a rise in digital adoption.
Key Target Audience:
- Individual Vehicle Owners
- Commercial Fleet Operators
- Corporate Clients
- Leasing and Rental Companies
- New Vehicle Buyers
- High Net-Worth Individuals
- Drivers of High-Risk Vehicles
- Young and First-Time Drivers
Our in-depth analysis of the UAE Motor Insurance Market includes the following segments:
| By Coverage: | Liability CoverageCollision CoverageComprehensive InsuranceOthers |
| By Distribution Channel: | Insurance Agents/ BrokersDirect ResponseBanksOthers |
| By Vehicle Age: | New VehiclesOld Vehicles |
| By Application: | Commercial VehiclePersonal Vehicle |
Key Topics Covered in the Report:
- UAE Motor Insurance Market Size (FY’2024-FY’2033)
- Overview of UAE Motor Insurance Market
- Segmentation of UAE Motor Insurance Market By Coverage (Liability Coverage, Collision Coverage, Comprehensive Insurance, Others)
- Segmentation of UAE Motor Insurance Market By Distribution Channel (Insurance Agents/ Brokers, Direct Response, Banks, Others)
- Segmentation of UAE Motor Insurance Market By Vehicle Age (New Vehicles, Old Vehicles)
- Segmentation of UAE Motor Insurance Market By Application (Commercial Vehicle, Personal Vehicle)
- Expansion Analysis of UAE Motor Insurance Market
- Problems and Obstacles in UAE Motor Insurance Market
- Competitive Landscape in the UAE Motor Insurance Market
- Impact of COVID-19 and Demonetization on UAE Motor Insurance Market
- Details on Current Investment in UAE Motor Insurance Market
- Competitive Analysis of UAE Motor Insurance Market
- Prominent Players in the UAE Motor Insurance Market
- SWOT Analysis of UAE Motor Insurance Market
- UAE Motor Insurance Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the UAE Motor Insurance Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. UAE Motor Insurance Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in UAE Motor Insurance Market
7. UAE Motor Insurance Market, By Coverage (USD Million) 2020-2033
7.1. UAE Motor Insurance Market Size, Share and Forecast, By Coverage, 2020-2026
7.2. UAE Motor Insurance Market Size, Share and Forecast, By Coverage, 2027-2033
7.3. Liability Coverage
7.4. Collision Coverage
7.5. Comprehensive Insurance
7.6. Others
8. UAE Motor Insurance Market, By Distribution Channel (USD Million) 2020-2033
8.1. UAE Motor Insurance Market Size, Share and Forecast, By Distribution Channel, 2020-2026
8.2. UAE Motor Insurance Market Size, Share and Forecast, By Distribution Channel, 2027-2033
8.3. Insurance Agents/ Brokers
8.4. Direct Response
8.5. Banks
8.6. Others
9. UAE Motor Insurance Market, By Vehicle Age (USD Million) 2020-2033
9.1. UAE Motor Insurance Market Size, Share and Forecast, By Vehicle Age, 2020-2026
9.2. UAE Motor Insurance Market Size, Share and Forecast, By Vehicle Age, 2027-2033
9.3. New Vehicles
9.4. Old Vehicles
10. UAE Motor Insurance Market, By Application (USD Million) 2020-2033
10.1. UAE Motor Insurance Market Size, Share and Forecast, By Application, 2020-2026
10.2. UAE Motor Insurance Market Size, Share and Forecast, By Application, 2027-2033
10.3. Commercial Vehicle
10.4. Personal Vehicle
11. UAE Motor Insurance Market Forecast, 2020-2033 (USD Million)
11.1. UAE Motor Insurance Market Size and Market Share
12. UAE Motor Insurance Market, By Region, 2020-2033 (USD Million)
12.1. UAE Motor Insurance Market Size and Market Share By Region (2020-2026)
12.2. UAE Motor Insurance Market Size and Market Share By Region (2027-2033)
12.3. Eastern Region
12.4. Western Region
12.5. Southern Region
12.6. Northern Region
13. Company Profile
13.1. Abu Dhabi National Insurance Company
13.1.1. Company details
13.1.2. Financial outlook
13.1.3. Product summary
13.1.4. Recent developments
13.2. Al Buhaira National Insurance Co
13.2.1. Company details
13.2.2. Financial outlook
13.2.3. Product summary
13.2.4. Recent developments
13.3. Al Dhafra Insurance Company
13.3.1. Company details
13.3.2. Financial outlook
13.3.3. Product summary
13.3.4. Recent developments
13.4. Assicurazioni Generali S.P.A.
13.4.1. Company details
13.4.2. Financial outlook
13.4.3. Product summary
13.4.4. Recent developments
13.5. Emirates Insurance Company
13.5.1. Company details
13.5.2. Financial outlook
13.5.3. Product summary
13.5.4. Recent developments
13.6. Islamic Arab Insurance Company
13.6.1. Company details
13.6.2. Financial outlook
13.6.3. Product summary
13.6.4. Recent developments
13.7. National General Insurance Co. (P.S.C)
13.7.1. Company details
13.7.2. Financial outlook
13.7.3. Product summary
13.7.4. Recent developments
13.8. Orient Insurance PJSC
13.8.1. Company details
13.8.2. Financial outlook
13.8.3. Product summary
13.8.4. Recent developments
13.9. Sukoon Insurance
13.9.1. Company details
13.9.2. Financial outlook
13.9.3. Product summary
13.9.4. Recent developments
13.10. Union Insurance Co.
13.10.1. Company details
13.10.2. Financial outlook
13.10.3. Product summary
13.10.4. Recent developments
13.11. Others
14. Conclusion
15. Reference Links
16. List of Abbreviations