Insurance industry in the Gulf Cooperation Council - statistics & facts
The insurance industry provides contracts known as policies to individuals or business entities as a form of financial protection or reimbursement against future losses. Those losses can be bundled under specialized insurance policies, such as health, life, or accident insurances for individuals. For businesses, these policies include cargo or product liability insurance. Generally speaking, the insurance market consists of two main segments: life and non-life insurances.
About 9.7 thousand people are employed in the insurance industry in the United Arab Emirates, closely followed by Saudi Arabia at 9.6 thousand. This is reflected as well in the number of insurance companies operating in the region. The United Arab Emirates houses about 60 insurance companies.
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