Is insurance brokerage a good business in UAE?

Last activity 13 October 2019 by XTang

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Isa AlMember10 October 2019 10:13:26

Hello

I am an Entrepreneurship graduate and planning to live in UAE and work there, and one of my business plans in UAE is making an insurance brokerage company but I am wondering is it a good and profitable business in Dubai or only the big players can make profit in Dubai?

I made already a business plan but for another country, but I am considering to move to Dubai right now so I just need an advise and to know more about the insurance brokerage market and how people think about brokers there and if it could be a a business in Dubai?

Thanks

XTangBahrain/UAE/Saudi Arabia Expert13 October 2019 12:28:22

11781

There is a large amount of insurance brokerage companies in the UAE. A lot of the multinational firms also operate there e.g. AON, Fenchurch Faris etc. On top of that, a lot of insurance companies have online portals for the public as well so there is ease of access.

As a start up broker, no big company will deal with your firm unless you make a name for yourself. You will have to hunt for individuals and / or smaller companies. Brokerage by far and large is not very well understood in the GCC by individuals (companies yes but not individuals) so it will be tough going.

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