UAE: Demand For Life Insurance Rises As More Residents Plan To Retire In Country

Demand for life insurance in the UAE is on the rise, as more residents now consider the country an ideal place to retire and establish long-term roots. This growing interest is largely attributed to long-term residency programmes introduced by the UAE government in recent years.

“More people now view the country as an ideal place to retire, invest, and build legacies, driving demand for life insurance that goes beyond short-term protection. Long-term residency programmes are redefining retirement as a dynamic stage of life focused on purpose, passion, and personal growth, whether that means starting a business, exploring new destinations, or pursuing lifelong learning,” said Shilpa Chitanand, head of Retail Distribution, Zurich International Life Ltd. Middle East.

“Life insurance has become a key pillar in retirement planning, offering protection for loved ones and preserving legacies while providing the confidence to pursue meaningful, purpose-driven goals,” she added.

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Over the past few years, the UAE has introduced several long-term residency option – such as the Retirement Visa, Blue Visa, and Golden Visa – targeted at property buyers, investors, skilled professionals, top-performing students, scientists, and more.

These initiatives have enabled residents and investors to make long-term plans to live and invest in the UAE, contributing to both population growth and a flourishing insurance market.

A recent survey by Zurich, conducted in collaboration with YouGov, revealed that 7 out of 10 people wish to retire in the UAE. This sentiment is especially strong among individuals earning over Dh25,000 per month.

According to Modor Intelligence, the UAE's life and annuity insurance market is projected to be valued at $2.45 billion (Dh9 billion) in 2025 and expected to grow to $2.93 billion (Dh10.75 billion) by 2030, representing a compound annual growth rate (CAGR) of 3.68 per cent.

Shilpa noted that the expansion of the Golden Visa programme has attracted a diverse range of expatriates seeking stability and long-term security in the UAE.

“This demographic shift is evident in the broader life insurance market, which reached gross written premiums of approximately $3.87 billion (Dh14.2 billion) in 2024, reflecting a significant growth trajectory. This growth is partly driven by increased awareness and the evolving needs of long-term residents, who are now more inclined to secure comprehensive life insurance policies that align with their extended stay and future planning in the UAE,” added Shilpa.

However, she clarified that the duration of a visa does not impact life insurance premium rates.

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