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Every car owner in the UAE is required by law to obtain current motor insurance before using their vehicle on the roadways. Since this rule effectively applies to all 2- and 4-wheeled vehicles (including commercial and personal vehicles), whether you drive a car or a motorcycle, you must obtain insurance before you can begin driving legally.
Driving a car without a proper motor insurance is against the law in the UAE and can result in penalties, points on your licence, and in some circumstances, even seizure.
The Third Party Liability, Commercial, and Comprehensive Insurance types and Distribution Channels are used to segment the United Arab Emirates Motor Insurance market (Agents, Brokers, Banks, and Others).
The UAE Motor Insurance market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2022 to 2030.
The first UAE blockchain digital platform has been launched in Abu Dhabi, ending a long-standing industry challenge by allowing insurers to settle automotive recovery claims amongst one another and strengthen their financial position
The first “Made in the UAE” Blockchain-based end-to-end digital solution, Addenda, has been launched by XA Group, a global provider of Digital, Hardware, and Manpower solutions for the vehicle aftersales market.
Leading insurers in the UAE, such as Abu Dhabi National Insurance Company, Emirates Insurance Company, Yas Takaful, and Oriental Insurance Company, were among the first to use the digital solution in the country, demonstrating the sector’s desire for transparency and digitalization.
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