How To Set Up A Business As An Insurance Agent Or Broker In The UAE
Author: Melban Mascarenhas
Published: May 16, 2025
Overview of the Insurance Industry in the UAE
The insurance industry in the UAE has experienced significant growth in recent years, driven by factors such as economic development, increasing population, and rising awareness of risk management. This growth has created a demand for skilled insurance agents and brokers who can provide comprehensive insurance solutions to individuals and businesses.
Insurance agents and brokers act as intermediaries between insurance companies and policyholders. In the UAE, the insurance market has high potential, with numerous insurance companies and agencies operating in the country. Insurance companies and agencies are increasingly adopting technology to streamline operations, improve customer service, and offer innovative products.
For entrepreneurs who want to join this industry, there are specific business activities you can choose under your business license.
Business Activity Codes for Insurance Agents and Brokers
Business Activity 6622.00 – Activities of Insurance Agents and Brokers
Insurance agents and brokers play a crucial role in the insurance industry by connecting insurance companies with potential policyholders. Their activities encompass a wide range of tasks, from assessing risk to facilitating claims.
Core Business Functions:
- Risk assessment
- Product selection
- Policy explanation
- Policy sales
- Policy servicing
- Relationship building
Insurance Types Covered:
Entrepreneurs in this field can act as agents in:
- Life insurance
- Property insurance
- Health insurance
- Auto insurance
Regulatory Requirements:
| Requirement |
Status |
| Third-party Approval |
Not required |
| Filing of Economic Substance Returns (ESR) |
Required - must meet ESR requirements |
| Anti-Money Laundering (AML) Compliance |
Required - must meet AML requirements |
Business Activity 6622.01 – Activities of Insurance Agents and Brokers (Insurance Intermediaries) in Selling, Negotiating or Soliciting of Annuities and Insurance and Reinsurance Policies
Insurance agents and brokers, often referred to as insurance intermediaries, play a crucial role in the distribution of insurance and annuity products.
Core Business Functions:
- Understanding client goals through needs assessments
- Wide knowledge about product selection
- Policy explanation
- Negotiation
- Sales
- After-sales service
Regulatory Requirements:
| Requirement |
Status |
| Third-party Approval |
Not required |
| Filing of Economic Substance Returns (ESR) |
Required - must meet ESR requirements |
| Anti-Money Laundering (AML) Compliance |
Not applicable |
Key Differences Between Business Activities 6622.00 and 6622.01
Both business activities cover insurance intermediary services, but there are important distinctions:
- 6622.00 covers general insurance agent and broker activities across multiple insurance types (life, property, health, auto) and requires both ESR and AML compliance
- 6622.01 specifically focuses on selling, negotiating, or soliciting annuities and insurance/reinsurance policies, requires ESR compliance but AML compliance does not apply
Economic Substance Returns (ESR) Compliance
Both business activities mentioned in this guide require filing of Economic Substance Returns. This means your business must demonstrate adequate economic substance in the UAE, including:
- Conducting core income-generating activities in the UAE
- Having adequate physical presence in the UAE
- Having adequate number of qualified employees in the UAE
- Having adequate operating expenditure in the UAE
Anti-Money Laundering (AML) Compliance
For business activity 6622.00, AML compliance is mandatory. This requires:
- Implementation of AML policies and procedures
- Customer due diligence processes
- Transaction monitoring systems
- Reporting of suspicious activities
- Staff training on AML requirements
Note: AML compliance does not apply to business activity 6622.01.
Related Resources and Next Steps
Explore Additional Business Setup Resources
- Activity Hub: Explore unique business ideas in Dubai and navigate the essentials of business setup
- Cost Calculator: Calculate your business setup costs easily
- Company Setup Packages: Choose from customized packages to find your perfect fit
- Business License: Get your business license in the UAE
Related Business Activities
- Reinsurance business setup in the UAE
- Insurance and risk management business setup in the UAE
- UAE company registration
- Business ideas in Dubai UAE
Additional Services Available
SPC Plus Services:
- Corporate Banking Assistance
- Spouse and Dependent Visa Processing
- VIP Medical & Emirates ID
- Documentation Services
- Customs Code
- SPC Finance
- Virtual Receptionist
- Coworking Space
- Dedicated Account Manager
Business Setup Tools:
- Customer Portal
- Pay as You Go packages
- Cost Calculator
- Name Check service
- Business Setup Guide
- Business Activities directory
- Refer & Earn program
Contact and Support
For assistance with setting up your insurance agent or broker business in the UAE, SPCFZ offers:
- Business consultation appointments
- Channel partner opportunities
- Customer support through multiple channels
- Dedicated account management services
Get Started:
- Book a consultation
- Use the cost calculator to estimate setup costs
- Check business name availability
- Explore business setup packages
- Contact SPCFZ for personalized guidance