The rising use of new technologies such as artificial intelligence (AI) and blockchain is expected to transform the insurance sector.
According to a senior official, the technologies will improve efficiency and customer experience.
Koy Nien Lee, CEO Designate, Protego, a recently launched insurance aggregator and a subsidiary of RAKBank, spoke on the new technologies.
He said, “Customers can look forward to more meaningful insurance services and interactions through digital means, and digital insurance aggregator platforms will continue to be well-placed to address customers’ needs anytime, anywhere.”
Furthermore, Protego expects a steady growth in premiums, with both life and non-life segments set to grow, especially health and motor insurance.
This will be driven by mandatory health insurance coverage from 2025 as well as increasing vehicle ownership and car insurance premiums, Lee said.
“We also anticipate certain emerging segments of insurance to gain traction. For example, cyber insurance is seeing growing demand due to increasing cybersecurity threats.
“In addition, life insurance products related to savings and pensions are gaining traction as the local population and expatriates seek more diverse financial protection.
“Moreover, ongoing regulatory reforms by the Central Bank of the UAE, including stricter solvency and capital adequacy requirements, are expected to strengthen the insurance sector’s stability. These reforms will enhance transparency, and customer protection and support long-term growth,” he added.
The UAE insurance sector is set to grow at a CAGR of 4.7 per cent, expanding from $10.3 billion in 2024 to $12.4 billion in 2028, studies show.
