A new report said the UAE’s general insurance industry’s gross written premiums (GWP) are set to grow to $12.4 billion.

According to GlobalData, the general insurance industry in the UAE is expected to increase by 6% in 2024. Personal accident and health (PA&H), motor, and property insurance lines are projected to total over 85% of the general insurance premiums in 2024.

Leading the way is PA&H insurance, which is expected to make up an estimated 59.1% share of the general insurance GWP in 2024. Additionally, the demand for more secure health insurance policies will increase by 4.7% in 2024, driven by the UAE government mandating individuals applying for or renewing their residence visas in Dubai and Abu Dhabi to have a valid health insurance policy in January.

Property insurance comes in second, with the line expected to account for a 16.6% share of the Gulf state’s total general insurance GWP in 2024. At the same time, due to popular demand for residential and commercial properties, it is expected to expand by 10.5% in 2024. 

Motor insurance is the third largest line, accounting for an estimated 9.8% share of the GWP in 2024 and predicted to rise by 2.4% in 2024. This can be owed to the surge in vehicle sales and growing demand for tighter car insurance policies surrounding natural disasters.