By Shane McGinley
UAE market offers a lot of potential for expansion mainly in medical insurance.
The insurance market is the UAE is expected to grow by an average yearly rate of 35 percent over the next three years, according to a new report by a business research firm.
Mumbai-based Bharat Book Bureau’s ‘UAE Insurance Market Forecast to 2012’ report estimated that “the insurance market in the UAE is growing at a CAGR of more than 35 percent on the back of highly untapped market, rising health consciousness and government initiatives particularly in the field of medical insurance.”
The report added that while the UAE market is a lot smaller than other global markets, it offers a lot of potential for expansion.
“The market will continue to register high growth despite rising concerns in the global financial market as the long-term prospects for the insurance sector, particularly life insurance, look very bright,” said the report.