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World InsuranceThe Evolution of a Global Risk Network$
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Peter Borscheid and Niels Viggo Haueter

Print publication date: 2012

Print ISBN-13: 9780199657964

Published to Oxford Scholarship Online: September 2012

DOI: 10.1093/acprof:oso/9780199657964.001.0001

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United Arab Emirates: Economic Boom and Insurance

United Arab Emirates: Economic Boom and Insurance

Chapter:
(p.391) Chapter 17 United Arab Emirates: Economic Boom and Insurance
Source:
World Insurance
Author(s):

Frauke Heard-Bey

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199657964.003.0017

This chapter traces the history of the insurance industry in the United Arab Emirates. The oil-exporting countries of the Gulf all have a very brief history of exposure to the concept of modern insurance. Among them the United Arab Emirates (UAE) provides the most arresting example of a quantum leap from a poverty-stricken society to a business environment, where assets worth billions of dollars need to be insured. There are currently fifty-eight insurance companies and 170 brokers operating in the two main population centres, the capital of the UAE Abu Dhabi, the business hub Dubai and in the five smaller emirates. The acceleration over the last four decades of public and private economic activities in the UAE necessitated and facilitated the establishment of an insurance industry, in which national companies now outnumber the foreign ones. The institution by federal and regional governments of an increasing number of mandatory insurances furthered the recent growth of this market.

Keywords:   UAE, insurance industry, insurance history, insurance market

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