UAE - Young Life Insurance Sector Maturing with Growing Awareness

Delhi, India (PressExposure) February 04, 2009 -- RNCOS, in its new report “Middle East Insurance Market Forecast to 2012”, said that on the back of growing population, extended expat residencies and increasing financial awareness, the UAE life insurance sector is expected to grow at a CAGR of over 40% (in terms of local currency) between 2008 and 2012.

As per the research, currently, the life insurance sector of the UAE is at its nascent stage as it took off very late in the country. As a result, the share of life insurance in the total insurance premium is insignificant compared to the non-life sector. By the end of 2007, life insurance premium contributed only 18% of total insurance premium in the country. However, with growing demand for life insurance backed by rising awareness and growing expatriates, the segment is expected to account for over one-quarter of total insurance premium by 2012.

Another important factor which will add to the growth of life insurance sector in the country is the surging demand for life insurance products from mortgage owners who are eager to secure home loans and assure protection for dependents.

Further, continued change in regional investment trends with growing focus on low-risk quality ventures and extension of individual capital funding into new avenues like life insurance products and non-traditional assets will spur the life insurance growth.

“Middle East Insurance Market Forecast to 2012” provides extensive research and in-depth analysis on the Middle East countries (Saudi Arabia, Turkey, Qatar, Jordan, Bahrain, Kuwait, Iran, Israel and Oman), their key products and services. This report will help clients to analyze the leading-edge opportunities critical to the success of the insurance industry in the countries of Middle East.

This research supplements the past and current information on the Middle East insurance market with forecast on various important industry aspects. Detailed data and analysis help investors, financial service providers and global insurance players navigate through the evolving insurance sector in the Middle East.

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RNCOS, incorporated in the year 2002, is an industry research firm. We are a team of industry experts who analyze data collected from credible sources. We provide industry insights and analysis that helps corporations to take timely and accurate business decision in today's globally competitive environment.

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Press Release Submitted On: February 04, 2009 at 4:22 am
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