UAE Insurer Expands into $16.8bn P&C Market | Growth Strategy
Daman, a leading UAE insurer, is making a decisive move into the burgeoning property and casualty (P&C) insurance market, signaling a major strategic shift beyond its established health insurance services. This expansion, operating under The National Insurance Company – Daman, positions the insurer too capitalize on the UAE’s rapidly growing P&C sector, projected to reach $16.8 billion by 2031. Daman’s evolution, driven by portfolio diversification and enhanced risk management, reflects its commitment to a customer-first approach, building on nearly two decades of setting benchmarks. With the UAE’s insurance policies soaring, Daman’s strategic foray is poised for success. Stay informed with News Directory 3. Discover what’s next for Daman’s new P&C offerings.
Daman Enters Property and Casualty insurance Market in UAE expansion
Updated June 8, 2025
Daman, a prominent UAE insurance provider, is strategically expanding its services into the property and casualty (P&C) sector. This move transforms the company from a health-focused insurer into a comprehensive, multi-line provider.
As part of this evolution, Daman will now operate as The National Insurance Company – Daman. This change reflects its broadened scope and strengthened position in the UAE’s insurance landscape.
Shaista Asif,Group CEO of PureHealth,said Daman’s evolution aligns with PureHealth’s strategy to create an integrated healthcare and insurance platform. She added that expanding into property and casualty enhances portfolio diversification and supports risk management.
Khaled Binshaiban Almheiri, chairman of The National Insurance company – Daman, noted that the company has set the standard for health insurance in the UAE for nearly two decades. He said this expansion allows Daman to offer a broader range of insurance solutions while maintaining its customer-first approach.
“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.”
Khaled Binshaiban Almheiri, chairman of The National Insurance company – Daman
According to the Central Bank of the UAE, the total number of insurance policies in the UAE increased to 14.6 million in 2023, compared to 8.4 million in 2022. This increase is largely due to a higher number of property and liability insurance policies.
The UAE’s property and casualty insurance market is expected to reach nearly $16.8 billion by 2031, according to Verified Market Research.
What’s next
The company will introduce new property and casualty products in phases, while ensuring uninterrupted service for its existing health insurance members. Daman was previously recognized as the best perceived health insurance brand in the UAE, according to Brand Finance’s 2024 report.