Market dynamics to influence takaful growth
The UAE insurance market is the largest and most developed insurance market in the Gulf region in 2011 where insurance premiums during the period recorded a 10% increase compared with 2010. UAE's insurance market has doubled in volume and achieved a CAGR of 21% through to 2010. The market, however, remains dominated by non-life insurance, which still accounts for 85% of total premiums. A total of 61 insurers operated in the country in 2011. The UAE government is working on reforms to implement a comprehensive legal framework in order to expand the insurance industry in its different forms.