‘We Want to be at the Forefront of UAE’s Real Estate Development’

As the UAE continues its trajectory as a global business, real estate and innovation hub, its insurance sector is evolving rapidly to keep pace with economic diversification, infrastructure growth, and digital transformation. At the forefront of this evolution is Emirates Insurance Company (EIC), one of the region’s most trusted and agile insurers.

In this exclusive interview, Jason Light, CEO, and Carlos Piedade, Head of Strategy and Digital Transformation, Emirates Insurance Company, shares insights on the drivers behind the UAE's insurance market boom, how EIC is leveraging emerging technologies to stay competitive, and the company’s strategy to meet the growing needs of real estate developers, high-net-worth individuals, and a rapidly expanding expat population. From regulatory shifts to insurtech integration, Jason offers a forward-looking view of what it takes to lead in a fast-changing landscape.

Q. The UAE's insurance market is expected to grow at a CAGR of 2.07% from 2024 to 2029, reaching a market volume of US$10.46 billion. What do you think are the reasons for this boom?

It is indeed an exciting time to be part of the booming insurance industry in the UAE and some of the fundamental reasons behind the growth, I believe is due to a combination of key factors:

1. Development and investment by the UAE Government in enhancing its infrastructure for instance, major projects such as the Etihad rail and hyper loop project which are set to boost economic growth and allow residents and visitors to get around the country and across GCC more easily. This boosts the demand for insurance cover as these projects will need engineering insurance, professional indemnity insurance and once completed will require property and liability insurances.
2. The regulatory framework is constantly evolving as the UAE economy grows and has resulted in the mandatory requirement for health insurance in the Northern Emirates, which will increase the need for health insurance policies. The mandatory requirement of having health insurance for individuals when renewing their visas in Dubai and Abu Dhabi is supporting the growth of health insurance.
3. Population growth as UAE attracts more foreign expats into the region with its world-class facilities and low crime rates, the need for personal insurance such as car/home insurance will grow as well as the implementation of the Unemployment Insurance Scheme two years ago has further fuelled the need for insurance protection.

Q. How does Emirates Insurance assess and prioritise new market opportunities within the UAE and beyond?

EIC is keen to grow and position themselves as a leading insurer in the UAE, to maintain this position one must be agile and adapt to change which is always constant. When assessing and prioritising new market opportunities there are several denominators to consider including:

1. Market demand – The need for a particular line of insurance through regulatory changes, consumer needs and preferences, the actual market size and growth potential.
2. Regulatory environment – The licensing and capital requirements as well as relevant approvals to operate needs to be carefully reviewed if entering a new market outside of the UAE.  
3. Competition-positioning in a highly competitive UAE insurance market –  This can be done through product innovation and having digital platforms where customers can buy policies online or through a mobile app are paramount in an evolving digital economy.
4. Financial viability - The opportunity must create shareholder value ensuring our underwriting practices and pricing models yield strong technical profits as well as a high return on investment.

Q. How does the company incorporate emerging technologies (e.g., AI, machine learning, blockchain) into its operations?

EIC is accelerating its technology transformation to reshape the way we operate, serve, and grow. We are building the next generation of digital capabilities to streamline our internal processes, enhance the experience for our customers and brokers, and unlock new levels of operational efficiency.

Our vision is bold: we’re investing in end-to-end digital platforms, AI and machine learning-powered solutions, and modern operational systems that will enable seamless, omni-channel engagement across all lines of business—from client onboarding to claims, renewals, and beyond. These platforms will not only transform how we work internally but also strengthen our ability to connect with external partners and ecosystems, positioning EIC as a digitally integrated player in the market.

At the heart of this transformation is data. We’re embedding advanced analytics and intelligent automation into our core operations to enable data-driven underwriting, pricing, and portfolio optimization—driving both profitability and sustainable growth.

And none of this would be possible without our people. In 2024, we welcomed top-tier talent specialized in insurance, digital strategy and transformation, bringing the expertise and vision needed to lead us into the future. Their contributions are essential as we move away from legacy systems and embrace cutting-edge technologies that will redefine how we deliver value.

Our path forward is clear: we will adopt a phased digital transformation strategy, enabling us to scale effectively, manage risk, and realize long-term efficiencies without the disruption of a full system overhaul.

The journey is underway—and the momentum is real.

Q. How does Emirates Insurance stay agile in its operations, particularly when responding to shifts in market conditions or changes in regulatory requirements?

We have launched a new Digital Program which is a cornerstone of this agility. By modernizing our platforms and embedding end-to-end digital capabilities across the business, we’re not only improving efficiency and customer experience—we’re also building the flexibility needed to respond rapidly to changing market conditions and evolving regulatory requirements.

We’ve adopted a phased implementation approach that allows us to introduce enhancements iteratively, learn from each stage, and adapt based on market signals or compliance needs—without disrupting day-to-day operations.

Agility is also embedded in our governance framework. The Digital Program operates under strict oversight, with well-defined controls that align business, technology, and regulatory stakeholders. This ensures that changes—whether regulatory-driven or market-led—are quickly assessed, prioritized, and actioned with full transparency and accountability.

Our investment in data, AI, and cloud-based platforms further enhances our responsiveness. These tools will allow us to track performance in near real time, model risk and pricing more dynamically, and scale solutions across channels and business lines quickly and securely.

Through this combination of future-ready technology, disciplined execution, and empowered teams, Emirates Insurance is now starting to position itself as a truly agile insurer. The foundations are now being built so that we can start realising key benefits already by the end of 2025.

Q. With the rapid growth of the UAE’s real estate sector, how does Emirates Insurance tailor its offerings to meet the unique insurance needs of real estate developers, property investors, and homeowners?

In recent years, the real estate landscape in the UAE has evolved profoundly, we want to be at the forefront of this development by providing insurance solutions from design and consulting stage to construction as well as post-handover.

We provide turnkey solutions by providing comprehensive engineering, liability and professional indemnity insurance catered for real estate developers at design stage right through to construction stage.

Post handover, with the rise of jointly owned properties, such as apartment complexes and commercial buildings has created a need for specialized insurance solutions. Emirates Insurance Company (EIC) has emerged as a leader in providing Jointly Owned Properties (STRATA) insurance in Dubai and Abu Dhabi.

For homeowners, particularly the influx of affluent individuals moving to the UAE due to its favourable tax rates and excellent infrastructure, we provide insurance solutions for high-net-worth individuals covering their villas, personal contents and jewellery as well as fine art and high value vehicles under our high net worth motor proposition.

Q. Given the rapid pace of economic development in the UAE and broader GCC region, what key industry trends do you see shaping the insurance landscape in the next three to five years?

The insurance sector in the UAE and wider GCC is set for dynamic change over the next three to five years. Economic diversification, digitalisation, and regulatory reform are driving momentum.

1. Demand for cyber insurance is rising sharply due to increased digital risk exposure across government and private sectors.
2. Growth in strata insurance is expected, fuelled by continued real estate development and regulatory enforcement in jointly owned communities.
3. The high net worth (HNW) segment will expand as the region attracts affluent expatriates and invests in luxury real estate, yachts, and collectibles, driving bespoke personal lines.
4. Simultaneously, IFRS 17 adoption will transform how insurers report profitability resulting in changes in pricing strategies.
5. Mandatory health and unemployment insurance, and ESG-linked initiatives are reshaping compliance and product design.
6. Insurers will increasingly adopt AI, data analytics, and digital distribution to remain competitive. Insurtech collaborations, particularly in claims automation and embedded insurance, will become vital.

As smaller players face capital and tech challenges, market consolidation and demand for specialist underwriting talent will intensify.