S&P projects 20% growth in UAE’s insurance sector in 2025

S&P Global Ratings has projected that the UAE’s insurance sector will maintain positive growth prospects in 2025, with growth expected to range between 10% and 20% in 2025, following an estimated 20% expansion in 2024.

The agency also highlighted that other Gulf countries will experience similarly favourable growth conditions in their insurance markets, with expected growth rates ranging from 5% to 15%, depending on the circumstances of each country.

In a statement to the Emirates News Agency (WAM), Emir Mujkic, Director of Insurance Ratings at S&P Global Ratings, said that digitisation is a critical factor in improving customer experience and driving sector growth. He mentioned that leading UAE insurance companies are heavily investing in automation and digital transformation to enhance operational efficiency and increase their market competitiveness.

He explained that digital transformation is expected to offer benefits such as improving customer experience by providing easier access to insurance products through digital platforms, delivering more tailored services through advanced data analytics, and streamlining the claims process. These efforts will contribute to higher customer satisfaction and increased participation in insurance services.

WAM