Life insurance demand is surging in the UAE as more residents see the country as a prime retirement spot, thanks to new long-term residency programs. These initiatives by the UAE government have sparked increased interest in laying down long-term roots.
“The UAE is now perceived as an ideal place for retirement, investment, and legacy building, boosting life insurance demand beyond short-term needs. Long-term residency programs have transformed retirement into a dynamic phase focused on purpose, passion, and personal growth, whether through business ventures, travel, or lifelong learning,” said Shilpa Chitanand, head of Retail Distribution, Zurich International Life Ltd. Middle East.
“Life insurance is now a crucial element in retirement planning, offering protection for families and preserving legacies, while empowering individuals to pursue meaningful, purpose-led goals,” she added.
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In recent years, the UAE has launched several long-term residency options like the Retirement Visa, Blue Visa, and Golden Visa, aimed at property buyers, investors, skilled professionals, top students, scientists, and more.
These programs have enabled residents and investors to plan for the long term in the UAE, boosting both the population and the insurance market.
70% aim to retire in UAE
A Zurich and YouGov survey found that 7 in 10 individuals wish to retire in the UAE, particularly those earning over Dh25,000 monthly.
Modor Intelligence forecasts that the UAE’s life and annuity insurance market will be worth $2.45 billion (Dh9 billion) in 2025, growing to $2.93 billion (Dh10.75 billion) by 2030, with a 3.68% CAGR.
Shilpa highlighted that the Golden Visa expansion has attracted diverse expatriates seeking stability and security in the UAE.
Shilpa Chitanand
“This demographic shift is clear in the life insurance market, which reached gross written premiums of about $3.87 billion (Dh14.2 billion) in 2024, showing a strong growth path. This is driven by greater awareness and the changing needs of long-term residents, who now prefer comprehensive life insurance that fits their extended stay and future plans in the UAE,” Shilpa added.
However, she clarified that visa duration does not affect life insurance premium rates.
