10 Best Insurance Companies in Dubai

By | December 22, 2023

Dubai is home to many reputable insurance companies, each of which provides varying degrees of coverage for your personal and commercial requirements. Therefore, before making the final buying choice, due diligence is needed. When you most need financial security, insurance companies in Dubai can help. Having coverage from these well-known insurance providers in Dubai provides you with a much-needed safety net. However, considering the terms, coverages, and limitations, picking the best insurance provider might be difficult. Let’s discuss the top 10 Insurance Companies in Dubai in 2024.

Company Formation in Dubai

What is an Insurance Company?

Insurance companies are middlemen in the financial sector that provide direct insurance or reinsurance services to safeguard customers’ finances against potential risks.

As long as the policyholder pays a fee, or “premium,” the insurance company agrees to reimburse the policyholder for losses brought on by a pre-defined occurrence.

10 Best Insurance Companies in Dubai in 2024

1. Abu Dhabi National Insurance Company

Securing safety since 1972, Abu Dhabi National Insurance Company is a composite insurance firm.

  • They provide insurance for cars, health, retirement, homes, travel, smart lives, weddings, and personal watercraft, among other things. Its headquarters are in the thriving city of the United Arab Emirates.
  • It is among the businesses owned by the Abu Dhabi Investment Council. Adnic has received a B++ rating from AM Best for its financial stability, instilling confidence in its consumers and investors to do the same. 
  • ADNIC was the recipient of multiple honors, including GovTech Innovation Honours’ Digital Security Initiative of the Year.
  • The Standard & Poor’s credit rating agency has maintained the company’s financial grade, giving it an “A” rating and a stable outlook through 2022.

2. Abu Dhabi National Takaful Company

In November 2003, Abu Dhabi National Takaful Co. was founded to offer Takaful insurance options to the UAE’s regional market. 

  • They are recognized by the Middle East Insurance Industry Awards 2023 as the “Takaful Company of the Year.”
  • Fitch Ratings gave it an A- Financial Strength Rating in 2023.
  • The company offers a variety of insurance products, some of the most popular of which are workmen’s compensation takaful insurance, motor vehicle takaful insurance, and fire takaful insurance.
  • The business makes an effort to customize its product offerings to the needs and specifications of UAE citizens. Due to the Arabic values ingrained in the company’s offerings, clients feel more at ease doing business with it.
  • These benefits are further amplified by strategic alliances. ADNTC integrates industry knowledge with cutting-edge solutions through its partnership with Al Maryah Community Bank, a pioneer in the digital banking space. This guarantees quick and simple consumer experiences.

3. MetLife Gulf

Metlife Gulf has been assisting people and companies in the Gulf for more than 65 years as they navigate their ever-changing environments. 

  • They collaborate closely with businesses and middlemen to find fresh approaches to support their clients’ changing requirements. 
  • By launching cutting-edge investment and protection solutions and providing outstanding assistance at every turn they satisfy their clients.
  • The most well-known products that Metlife sells are investments, savings plans, accident insurance, Metlife children’s insurance, and so forth. 
  • They have an extremely user-friendly app that makes it simple to manage your plans, track your health, and access your products from anywhere.
  • MetLife Gulf offers several advantages like stellar ratings and flexibility in responding to changing circumstances.

4. AXA Insurance Gulf Dubai (Now GIG Gulf)

The most reputable insurance company in the market, GIG Gulf (formerly AXA), holds a license from the UAE Insurance Authority.

  • Currently operating in 13 countries in the area, it is the top regional multi-liner and a regional insurer with an “A” rating.
  • With a strategic emphasis on both expansion and investments, they have been active in the area for more than 70 years. 
  • With over 20,000 ratings, GIG has received the eKomi Silver Seal of approval and has been chosen as the 2022 Health Insurer of the Year.
  • Car insurance, travel insurance, house insurance, and health insurance are just a few of the many insurance products and services they provide. 
  • Together with affordable pricing, they provide exceptional customer service, efficient claims processing, and special insurance perks and services.

5. Dubai Insurance Company

By royal order, the Dubai Insurance Company was established in 1970 by His Highness Sheikh Rashid Al Maktoum.

  • Dubai Insurance provides a wide range of products under its composite P&C and Life Licence, including Credit and Surety in addition to Property, Liability, Marine, Group Life, and Medical.
  • With more than 40 years of experience, AM Best has rated Dubai Insurance Company as “Excellent” A-.
  • At DIN, they find great satisfaction in collaborating with top global reinsurers. This collaboration allows us to offer our clients the solutions they need. These solutions cover both traditional and non-traditional risk management requirements.
  • We at Dubai Insurance have put a lot of effort into maintaining or raising our rating score over the last 15 years, and the results are evident in the continual growth over time.

6. Noor Takaful Insurance

Noor Takaful has quickly become the UAE’s leading ethical insurance provider since its founding in 2009.

  • Noor Takaful Insurance was the first to introduce takaful insurance products to the Middle Eastern market. 
  • Established per the new Federal law no. 6 of 2007, it is the first Takaful insurance firm. 
  • Noor Takaful is recognized for its achievements, like being named the “2021 Insurance Brand of the Year.” It’s a reputable choice for individuals seeking long-lasting and client-centered insurance.
  • Noor Takaful’s localized services demonstrate their dedication to ease and state-of-the-art integration.

7. National General Insurance Company

NGI was founded in 1980 and has 40 years of excellent client satisfaction as a reliable insurance provider in the United Arab Emirates.

  • One of the top composite insurers in the UAE, NGI is acknowledged as a fully accredited national insurer. 
  • They openly quote and list themselves on the Dubai Stock Exchange.
  • Important shareholders include the well-known and financially stable Dubai Investments and Commercial Bank of Dubai, and they have an AM Best rating of “A-(Excellent).” 
  • They ensure 95% Claim Satisfaction and quick payouts by streamlining their claim processing operations.

8. Oman Insurance Company (Bupa)

One of the top insurance companies in the United Arab Emirates is Oman Insurance Company, which was founded in 1975. 

  • Oman Insurance Company has over 830,000 people and business clients who depend on them.
  • Their solutions cover various areas like life, health, and general insurance (property, energy, engineering, aviation, marine, and liability).
  • In addition to Oman and Turkey, we operate in every emirate in the United Arab Emirates.
  • Being the top insurer in the UAE for more than 47 years, people rely on us to safeguard their most valuable assets, including their families, health, and belongings. 

9. Dubai National Insurance and Reinsurance (DNIR)

Federal Law 6 of 2007 governs the operations of Dubai National Insurance & Reinsurance PSC (DNIR), a public shareholding firm, in the United Arab Emirates.

  • With the backing and faith of numerous national stockholders, including well-known and prosperous local businesses, DNIR began operations on January 1st, 1992. 
  • One of the earliest insurance firms to list on the Dubai Financial Market (DFM) was Dubai National Insurance & Reinsurance.  
  • In addition to offering specialized insurance lines to meet market demands, DNIR offers a wide range of insurance solutions, including personal and commercial lines such as property, liability, accident, engineering, motor, life, and medical.
  • DNIR has more than 20 years of expertise in the UAE insurance market. A highly qualified, experienced, and motivated team supports the company. Their team has played a pivotal role in keeping the firm “One Step Ahead” in its services.

10. Alliance Insurance

The company established itself in 1975 to surpass our clients’ expectations in terms of security, dependability, and customer service.

  • Alliance Insurance boasts over 40 years of expertise. They’ve evolved into a leading provider of premium insurance services in the UAE. They help businesses, governments, and private citizens.
  • With a vast network of offices and field representatives, the company provides top-notch insurance products tailored to the demands of its clients.
  • Home insurance, life insurance, miscellaneous insurance, aviation insurance, liability insurance, and so on are some of the items that Alliance Insurance offers.

Wrapping Up

Anyone wishing to shield themselves, their assets, and their property from financial risk or loss can benefit from insurance policies. They can cover emergency medical expenses, hospital stays, the onset of illnesses and their treatment, as well as future medical needs.

Businesses in the UAE can also look forward to providing insurance to their employees. They can handle all the processes including human resources, payroll, and bookkeeping in one place. Hence Penieltech brings you the most reliable and useful tool for all UAE businesses. Elate accounting software is an online accounting software solution that runs on the cloud and offers a variety of services to your business. Everything you require to oversee and monitor your small business operations is available with Elate. Maths and accounting experience are not necessary. 

Members of your team can register expenses, work together on projects, and record their own hours. You can see an overview of your company’s revenue and expenses on the Elate accounting system’s dashboard. Creating financial statements is simple—all it takes is one click with Elate ERP software to create your business’s general ledger and a variety of different reports.