Dubai hosts a large insurance industry. Almost all of the 60 insurance companies in the Emirates have their main offices in Dubai. Dubai insurance companies collect millions in investment and underwritten premium collections every year. Familiar companies in Dubai insurance sector include: Dubai Insurance Company (DIN), United Insurance Company (UIN), Dubai National Insurance and Reassurance (DNIR), Union Insurance, Al-Buhaira National Insurance Company and Al-Khazna Insurance. It is said that half of the AED 20 billion equity held by the entire sector represent investments of insurance companies in Dubai.
Dubai insurance companies can be classified as either national companies or foreign companies. Company insurance in Dubai can also be classified according to function and operation of a company. Some deal in life assurance only. Others provide property and liability insurance. Some of the more sophisticated Dubai insurance companies provide credit export insurance and Takaful insurance. Regardless of its size or operational nature, all insurance companies in Dubai must have a minimum capital requirement of AED 100 million. A reinsurance company operating in the UAE must maintain a minimum capital of AED (250) million.
Let us a look into the main companies in Dubai insurance.
With AED 330 million in paid-up capital, Union Insurance is amongst the leading Dubai insurance companies. A comprehensive range of insurance services are being offered by the company, including retail and commercial insurance for life, health, property, automotive and engineering. In addition, the company also offers risk assessment services thanks to its experienced professionals. Union insurance enjoys a moderate to good company rating.
Howden Insurance Company
Howden is an insurance industry giant with its operations in 30 countries. It specializes in a wide range of specialist insurances for individuals and companies. Howden’s Dubai insurance company was established in 2008, taking in a team of 40 highly experienced insurance professionals. The company partnered with European Insurance Brokers to set its foot with a local expertise.
Howden today is an insurance company with an extensive net of global hubs, all dealing with a range of insurance services including life, health, freight, cargo, travel, fire and financial insurance.
RSA insurance is one of the biggest multinational companies. Its business has been existent for more than 100 years. With more than 21000 people in its workforce and 17 million customers in 140 countries, RSA is definitely a reliable insurance name. Apart from its headquarters in UK, RSA insurance has grown massively in Scandinavia, Central and Eastern Europe, and Asia and the Middle East. Its Dubai insurance office can satisfactorily cater to all of your insurance needs, including those for car, home, travel, medical and personal insurance.