Gargash Insurance predicts strong growth in the UAE insurance industry for FY 2024, driven by population increase and infrastructure development projects.

The UAE insurance sector is expected to achieve double-digit growth this year due to a thriving economy and an increasing workforce. The shift towards entrepreneurs, professionals, and families has resulted in a higher demand for various insurance types such as auto, travel, medical, and home insurance.

The personal and commercial lines of business could grow at an annualized rate of 10 to 15 percent for the next few years. To capitalize on this growth, insurers need to focus on digitalization and making insurance products available on mobile devices.

However, operating costs in the UAE are rising, necessitating optimal resource utilization and the integration of technology to improve efficiency.

Gargash Insurance expects a boost in the UAE insurance market in FY 2024, thanks to the growing population and ongoing infrastructure initiatives. Read more here.