• Home
• /
• KT Network

Lookinsure reports 114 per cent growth amid UAE’s thriving insurance sector

Lookinsure, a digital insurance platform in Dubai, is taking advantage of the fast-growing UAE insurance market, where the total amount of premiums paid each year (Gross Written Premiums) is increasing by 31 per cent.

Since it started in December 2023, Lookinsure has grown by 114 per cent every month, which is a huge achievement. This growth comes at a time when the UAE’s insurance industry is also seeing progress. In the first half of 2024, the industry reached Dh35.7 billion (about $9.72 billion) in total premiums, showing that the sector is ripe for new ideas and technology to make things better.

Hossein Sadatipour, the founder and CEO of Lookinsure, expressed his enthusiasm, saying: "The remarkable growth we’re seeing shows just how ready the UAE market is to adopt digital solutions for essential services like insurance."He added: “Our goal is to address the persistent challenges in the industry by offering a fast, dependable, and customer-centric platform that truly caters to the needs of modern consumers.”

Capitalising on a Growing Market

The UAE insurance market is experiencing significant changes due to new regulations and advanced technology with 62 active companies. Mandatory health and auto insurance are key drivers, transforming the industry. Health insurance, in particular, is expected to grow substantially, supporting steady expansion across the sector in the years ahead.

Sadatipour highlights: “Insurance customers in the UAE are growing more tech-savvy, with an unprecedented demand for digital-first, seamless solutions.” He adds, “By streamlining processes such as policy management and claims tracking, we’re not just adapting to industry trends—we’re redefining standards for transparency and accessibility.”

Backed by Strategic Investments

EXA Capital, a key investor in Lookinsure, has underscored the platform’s role in transforming the insurance landscape. “The UAE’s insurance sector is primed for disruption,” said Tim Latif, partner at EXA Capital. “Lookinsure has proven its ability to address critical gaps in the market, making it an attractive investment and a leader in the digital transformation of financial services.”

Industry Insights Highlight Potential

Recent trends in the UAE insurance market point to a surge in growth and complexity:

1. Claims Paid: Dh22.5 billion in the first half of 2024, reflecting a significant increase year-on-year.

2. Technical Provisions: Totaled Dh94.2 billion, demonstrating the market’s robust expansion.

“These figures indicate a rapidly growing market with increasing complexity, which requires cutting-edge solutions,” noted Sadatipour.

Looking Ahead

Building on its success, Lookinsure plans to expand its offerings with advanced features designed to further simplify the insurance journey for UAE residents.

“The future of insurance is digital, and Lookinsure is committed to staying ahead of the curve,” Sadatipour emphasised. “We are proud to contribute to an industry that not only supports economic growth but also delivers value to every individual it serves.”

For more information, visit Lookinsure or follow them on LinkedIn, Instagram, and Facebook.