Abu Dhabi: The UAE's insurance market is expected to see further strong demand due to its growing population and economic stability over the next few years, says Mohammad Othman, General Manager of Insurance House (IH).
"The UAE insurance market is poised to witness a more robust growth in the near future by introducing innovative and customised insurance products that cater to a wide spectrum of clients through a planned and aggressive branch expansion strategy," he said at the opening of the company's first branch in Dubai.
Mohammad Al Qubaisi, IH chairman, said that the company plans to open a Sharjah branch in December.
"IH will open many branches in other emirates too to cover the entire UAE in a well formulated time frame due to the rise in demand."
In a previous statement, Maroun Mourad, CEO of Zurich's General Insurance division in the Middle East, said that the UAE insurance market would grow 20 per cent annually over the next four years.
He added that the insurance market would grow to more than Dh63 billion in total premium income by 2015.
"Due to the large and rapidly expanding population and with generally very low insurance penetration rates by global standards, we have a very positive outlook for the insurance industry in the Mena region," he said.
Last August, IH raised the limit on the stake that may be held by foreign investors to 25 per cent of the company's paid-up equity share capital.
