The insurance sector in the UAE is projected to grow by 15-20% in 2024, driven by positive economic trends and infrastructure developments, as reported by S&P Global Ratings. This growth is seen across both conventional and Islamic insurance segments, which currently make up about 15% of the market. S&P anticipates a favorable environment for the Islamic finance sector, bolstered by strong non-oil economic performance. Additionally, the ongoing issuance of sukuk and the push for sustainable financing are expected to support the expansion of the insurance industry in the region.
