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Arabian Business
4 days ago
- Business
- Arabian Business
UAE insurance giant eyes growth with expansion into $16.8bn Property and Casualty market
A leading UAE insurance firm has revealed massive expansion plans after entry into developing sector tipped to reach $16.8bn by 2031. PureHealth has announced the strategic expansion of its insurance arm, Daman, marking its transformation from a health-focused provider into a comprehensive, multi-line insurer with entry into the high-growth Property and Casualty (P&C) segment. As part of this evolution, Daman will adopt a new legal name: The National Insurance Company – Daman, reflecting its broadened scope and strengthened position within the UAE's dynamic insurance landscape. UAE insurance The transition reflects Daman's broader mission to meet the evolving protection needs of individuals and businesses across the emirates by offering them a broader suite of insurance services. Shaista Asif, Group CEO of PureHealth, said: 'Daman's evolution reflects PureHealth's broader strategy to create a fully integrated healthcare and insurance platform that drives better customer service and long-term value creation. 'Expanding into the Property and Casualty segment enhances portfolio diversification, supports risk management across sectors, and reinforces our commitment to shaping a future-ready ecosystem aligned with the UAE's economic and social development priorities.' Khaled Binshaiban Almheiri, Chairman of The National Insurance Company – Daman, said: 'For nearly two decades, Daman has set the benchmark for health insurance in the UAE. This evolution marks a pivotal chapter – expanding our focus to offer a broader range of insurance solutions while maintaining the same rigour, trust and customer-first mindset our members know and value.' Daman currently provides health coverage to more than three million members across a network of more than 3,000 healthcare providers in the UAE. As per the Central Bank of the UAE, the total number of written insurance policies for all types of insurance within the United Arab Emirates increased to 14.6m policies year-on-year in 2023, compared to 8.4m policies in 2022, due to a higher number of property and liability insurance policies. The UAE's Property and Casualty insurance market is poised for further accelerated growth, which is projected to reach nearly $16.8bn by 2031, according to Verified Market Research. The company will continue to operate under the well-established Daman brand, introducing new Property and Casualty products in phases while ensuring uninterrupted service for existing members. Daman was previously named the best perceived health insurance brand in the UAE, according to the UAE Healthcare 2024 report from Brand Finance – a recognition that reflects its commitment to excellence and mission to cultivate a healthier community.
Zawya
4 days ago
- Business
- Zawya
PureHealth expands Daman's services with entry into Property, Casualty insurance market
PureHealth on Monday announced the strategic expansion of its insurance arm, Daman, marking its transformation from a health-focused provider into a comprehensive, multi-line insurer with entry into the high-growth Property and Casualty (P&C) segment. As part of this evolution, Daman will adopt a new legal name: The National Insurance Company – Daman, reflecting its broadened scope and strengthened position within the UAE's dynamic insurance landscape. The transition reflects Daman's broader mission to meet the evolving protection needs of individuals and businesses across the emirates by offering them a broader suite of insurance services. Shaista Asif, Group Chief Executive Officer of PureHealth, stated, 'Daman's evolution reflects PureHealth's broader strategy to create a fully integrated healthcare and insurance platform that drives better customer service and long-term value creation. Expanding into the Property and Casualty segment enhances portfolio diversification, supports risk management across sectors, and reinforces our commitment to shaping a future-ready ecosystem aligned with the UAE's economic and social development priorities.' Khaled Binshaiban Almheiri, Chairman of The National Insurance Company – Daman, commented, 'For nearly two decades, Daman has set the benchmark for health insurance in the UAE. This evolution marks a pivotal chapter – expanding our focus to offer a broader range of insurance solutions while maintaining the same rigour, trust and customer-first mindset our members know and value.' Daman currently provides health coverage to more than three million members across a network of over 3,000 healthcare providers in the UAE. As per the Central Bank of the UAE (CBUAE), the total number of written insurance policies for all types of insurance within the UAE increased to 14.6 million policies year-on-year in 2023, compared to 8.4 million policies in 2022, due to a higher number of property and liability insurance policies. The UAE's P&C insurance market is poised for further accelerated growth, which is projected to reach nearly US$16.8 billion by 2031, according to Verified Market Research. The company will continue to operate under the well-established Daman brand, introducing new P&C products in phases while ensuring uninterrupted service for existing members. Daman was named the best perceived health insurance brand in the UAE, according to the UAE Healthcare 2024 report from Brand Finance – a recognition that reflects its commitment to excellence and mission to cultivate a healthier community.
