"S & B.": The Emirati insurance sector continues its momentum with growth expected to reach 20%during 2025

Dubai, March 7 / WAM / The S&P Global credit rating agency expected that the insurance sector in the UAE will maintain positive growth prospects during the year 2025, with the possibility of achieving growth between 10% and 20%, after the sector recorded a growth of 20% in the year 2024.
The agency pointed out that the insurance markets in other Gulf countries will also witness favorable growth conditions, as expected growth rates range between 5% and 15%, according to the circumstances of each country.
Amir Mujik, director of insurance classifications at “S & B”, said in a statement to Emirates News Agency, “WAM”: Digitization is a major factor in enhancing customer experience and the growth of the insurance sector, noting that the major insurance companies in the Emirates are increasingly investing in automation and digital transformation in order to improve operational efficiency and enhance competitiveness in the market.
Mujic explained that the expected benefits of digital transformation in the insurance sector include improving customer experience by providing digital platforms that provide easier access to insurance products, and providing more customized services thanks to advanced data analyzes, as well as accelerating claims through smooth procedures, which contributes to enhancing customer satisfaction and increasing subscription rates in insurance services.
Regarding the prices of renewing global reinsurance contracts, Mujik explained that the prices witnessed a decrease between 5% and 15% in early 2025, due to accounts that were not exposed to significant losses, according to reports of reinsurance brokers.
He pointed out that this decrease reflects the transformation of reinsurance companies strategies towards expanding the size of insurance premiums after waves of price increases during the past years.
In the MENA region, the reinsurance pricing trends are still different, as major insurance companies have a better negotiating capacity compared to small and medium companies.

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