PRZOOM - /newswire/ -
Noida, Uttar Pradesh, India, 2010/10/08 - With increasing number of vehicle in roads and rise in accident cases, UAE Accidental & Liability insurance industry is expected to surge at CAGR of around 34% during FY2010- FY2013, RNCOS identified.
According to our research report “UAE Insurance Market Forecast to 2012”, the Accidental and Liability insurance industry in the UAE is expected to surge at tremendous growth rates in coming years, and is projected to grow at a CAGR of around 34% during the forecast period (FY2010-FY2013). We have found that, after recession, growth in Accidental and Liability insurance industry has been mainly driven by increase in number of vehicles in the country and economic recovery. Further, rise in number of accidents in the country encourage people to go for Accidental and Liability coverage.
During the research, we have found that presently, insurance penetration in the UAE is very low compared to the US and the UK, where penetration rate is around 5-15%. Besides, there are number of untapped opportunities that have enough potential to propel the growth of general insurance industry in the country. We have also mentioned some of the roadblocks, which require immediate attention in the industry framework.
Apart from this, extensive research is done on key segments of the insurance industry in the country to understand the factors that will continue to serve as the drivers of the UAE insurance market in coming years. We have identified that various factors such as, strong economic growth and favorable demographic statistics have been propelling growth in the market. The report also gives insight into the role of private players in the rapid growth of the UAE insurance industry.
“UAE Insurance Market Forecast to 2012” provides detail information about the regulatory framework associated with insurance industry. It also reveals the restraints and growth avenues for insurance market in the UAE. Further, report identifies emerging market trends in the industry, which will further effect the growth of the market in future. Due consideration has been given to the competitive landscape segment, to enable clients understand the market structure and growth potential in coming years.
RNCOS (rncos.com) specializes in Industry intelligence and creative solutions for contemporary business segments. Our professionals study and analyze the industry and its various components, with comprehensive study of the changing market behavior. Our accuracy and data precision proves beneficial in terms of pricing and time management that assist the consultants in meeting their objectives in a cost-effective and timely manner.