S&P Global Ratings assessed as "intermediate" the industry and country risk levels for the property and casualty (P/C) insurance sector in the UAE. The risk scale ranges from "low" to "intermediate", "moderate" and "high". S&P attributed its assessment to the UAE's positive market growth prospects, relatively modest insurance product risks, and weak institutional and regulatory frameworks. It noted that the aggregate gross written premiums of P/C insurers in the UAE grew by 12% in 2017, supported by the introduction of compulsory basic medical insurance for about one million lower-income workers in Dubai, as well as by an increase of between 15% and 25% in motor premiums. It expected the P/C insurance segment’s gross written premiums to increase by an average of 10% annually in 2018 and 2019, and to benefit from accelerated infrastructure spending in the run up to the Expo 2020, as well as from population growth.
Source: S&P Global Ratings
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