The UAE insurance sector will sustain positive growth prospects in 2025, with an anticipated growth rate ranging between 10 percent and 20 percent in 2025, following a projected 20 percent expansion in 2024.
S&P Global Ratings indicated that other Gulf nations will also enjoy similarly advantageous growth conditions in their insurance markets, with expected growth rates varying from 5 percent to 15 percent, contingent upon the specific circumstances of each country.
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In a statement to the Emirates News Agency (WAM), Emir Mujkic, director of Insurance Ratings at S&P Global Ratings, emphasized that digitisation is a crucial element in enhancing customer experience and fostering sector growth. He noted that leading UAE insurance firms are making significant investments in automation and digital transformation to boost operational efficiency and elevate their competitive standing in the market.
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He elaborated that digital transformation is anticipated to yield advantages such as improving customer experience by facilitating easier access to insurance products via digital platforms, delivering more customized services through sophisticated data analytics, and streamlining the claims process. These initiatives will lead to increased customer satisfaction and greater engagement with insurance services.
