Ras Al Khaimah National Insurance
Ras Al Khaimah National Insurance (RAKINSURANCE) is a UAE composite insurer (since 1978) offering life and non-life insurance to individuals and businesses. Majority-owned by RAKBANK Group, it serves 500,000+ customers via digital channels and branches across Abu Dhabi, Dubai, and Ras Al Khaimah.
- Company typePublic
- Founded1978
- HeadquartersRas Al Khaimah, United Arab Emirates
- Headcount101–250
- GTM typeB2B and B2C
- OfferingServices
What Ras Al Khaimah National Insurance does
Ras Al Khaimah National Insurance Company P.S.C., operating as RAKINSURANCE, is a UAE composite insurer founded in 1978 that underwrites both life and non-life insurance products for individual and business customers. The individual portfolio comprises car, medical, travel, home, and life insurance (with life further split into Life Protection, Critical Illness, and Ladies Wellness sub-products). The commercial portfolio covers employee benefits (group life, group medical, workers protection), engineering, motor fleet, property and general accidents, marine and aviation, and casualty lines. Products are priced via subscription models ranging from AED 30-80/month for entry retail products up to AED 2,000/year for premium packaged cover, and most commercial and individual risks are quote-based.
The company operates a digital-first distribution platform consisting of an online portal for policy purchase and recurring premium payments, a mobile app for policy and claims management, and a provider locator tool that maps its integrated healthcare provider network of more than 3,500 providers across the UAE. Healthcare access is delivered through technology partnerships with NAS, MedNet, Nextcare, and Neuron. Physical distribution comprises branches in Ras Al Khaimah (head office within the RAKBANK building), Abu Dhabi, and Dubai, supplemented by phone (800 7254), email, and social-media customer engagement.
RAKINSURANCE is listed on the Abu Dhabi Securities Exchange (ADX), regulated by the Central Bank of the UAE under Insurance License No. 7, and majority-owned by RAKBANK Group. It reports 500,000+ customers insured, paid-up capital of AED 121.275M (up from AED 2M at founding), and a BBB+ Stable credit rating from Standard & Poor's. Senior leadership includes CEO Sanjeev Badyal, with a full executive bench covering finance, commercial, risk, and reinsurance, and a board chaired by Sheikh Omar Saqr Khaled Al Qasimi. The company participates in government-facing initiatives including the Dubai Health Authority Patient Support Program and a tailored Workers Protection Insurance product for RAKEZ-registered businesses.
Ras Al Khaimah National Insurance firmographics
Firmographics- Name
- Ras Al Khaimah National Insurance
- Legal name
- Ras Al Khaimah National Insurance (P.S.C.)
- Website
- https://rakinsurance.com
- Company type
- Public
- Founded year
- 1978
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Ras Al Khaimah National Insurance (RAKINSURANCE) is a UAE composite insurer (since 1978) offering life and non-life insurance to individuals and businesses. Majority-owned by RAKBANK Group, it serves 500,000+ customers via digital channels and branches across Abu Dhabi, Dubai, and Ras Al Khaimah.
- Ownership category
- akta.pro rank
Ras Al Khaimah National Insurance industry classification
Industry- Product category
- General Insurance
- NAICS
- Direct Life, Health, and Medical Insurance Carriers (52411), Direct Health and Medical Insurance Carriers (524114), Direct Insurance (except Life, Health, and Medical) Carriers (52412)
- SIC
- Fire, Marine & Casualty Insurance (6331), Accident & Health Insurance (6321), Life Insurance (6311)
- akta.pro primary industry
- Individual Supplemental Health (Hospital Indemnity, Critical Illness, Accident) (FSAIAEAD)
- akta.pro secondary industries
- Group/Employer-Sponsored Critical Illness & Hospital Indemnity (FSAIAKAD), Umbrella Insurance (FSAJAMAK), Commercial Umbrella Insurance (FSAJANAB), Professional Umbrella / Excess (E&O/D&O Wrap) (FSAJANAH)
Keywords
Where Ras Al Khaimah National Insurance is headquartered
LocationHeadquarters
- HQ city
- Ras Al Khaimah
- HQ country
- United Arab Emirates
- HQ region
- Middle East
Offices4 records
Markets served
Ras Al Khaimah National Insurance business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Operations, Personnel, Technology or R&D, Marketing or Sales, Others
Revenue model
- Insurance Premiums: RAKINSURANCE generates revenue through insurance premiums collected from policyholders. As a composite insurer, it offers life insurance and non-life insurance (property, car, travel, medical) products for both individuals and businesses. Premiums can be paid online via the website with recurring payment options for existing policies.
- Online Policy Sales: The company facilitates buying insurance policies online along with online payment through its e-payment portal. Customers can purchase various insurance products directly through the website.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Building Cover for Homeowners |
| Subscription | Monthly | Contents Cover for Owners and Tenants |
| Subscription | Monthly | Standard Car Insurance Package |
| Subscription | Annual | Basic Car Insurance (Third-Party Liability) |
| Subscription | Annual | Premium Car Insurance Package |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels3 records
Ras Al Khaimah National Insurance product offering
Product offeringCore offering
Ras Al Khaimah National Insurance (RAKINSURANCE) is a composite insurer offering life and non-life insurance products to individuals and businesses in the UAE. Individual offerings include car, medical, travel, home, and life insurance (with sub-products for life protection, critical illness, and ladies wellness). Business offerings include employee benefits, engineering, motor fleet, property and general accidents, marine and aviation, and casualty insurance.
Product overview
RAKINSURANCE is a composite insurer offering a unified platform of insurance products for both individuals and businesses across the UAE. The individual portfolio comprises five core products: Car Insurance, Medical Insurance, Travel Insurance, Home Insurance, and Life Insurance. Life Insurance further细分s into three sub-products (Life Protection Plan, Critical Illness Plan, Ladies Wellness Plan). The business portfolio offers six core commercial insurance categories: Employee Benefits, Engineering Insurance, Motor Fleet Insurance, Property and General Accidents Insurance, Marine and Aviation Insurance, and Casualty Insurance. All products are distributed through the company's digital platform, branches in Abu Dhabi, Dubai, and Ras Al Khaimah, and are backed by RAKBANK Group ownership and BBB+ S&P rating.
Differentiator
Problem solved
Functional benefit
Products and services
- Car Insurance Motor vehicle insurance for individuals offering comprehensive coverage and third-party liability (TPL) protection. Covers physical loss/damage to the insured vehicle, third-party death and bodily injury, third-party property damage, personal accident benefit, agency repair, and 24/7 roadside assistance in the UAE and Oman.
- Medical Insurance Health insurance providing worldwide coverage for elective and emergency treatment with access to over 3,500 healthcare providers in the UAE. Covers declared pre-existing conditions from day one and maternity for married females.
- Travel Insurance Travel coverage available in variants including Schengen, Worldwide, Hajj and Umrah, and UAE Visit. Covers trip cancellation, curtailment, emergency assistance, and optional adventure sports.
- Home Insurance Property insurance for owners, tenants, and landlords covering building, contents, personal belongings, and valuables against fire, flood, theft, and accidental damage. Includes 24/7 home assistance and emergency coverage with optional add-ons.
- Life Insurance Life and health protection products for individuals including Life Protection Plan, Critical Illness Plan, and Ladies Wellness Plan covering cancer care. Provides financial security for families with worldwide coverage.
- Employee Benefits Insurance Business insurance for corporate clients covering Group Life Insurance, Group Medical Insurance, Workers Protection, and regulatory compliant solutions for employee welfare.
- Engineering Insurance Insurance for construction and engineering projects providing customisable risk solutions, equipment loss coverage, construction liability extension, and site-specific insurance plans.
- Motor Fleet Insurance Fleet vehicle insurance covering 3 or more vehicles including cars, vans, lorries, and HGVs. Protects against theft, fire, accidents with third-party liability and goods in transit cover.
- Property and General Accidents Insurance All-risk coverage for business assets including comprehensive natural disaster protection, accidental damages cover, and total property loss shield.
- Marine and Aviation Insurance Coverage for all transport modes (sea, air, rail, road) including ships, cargo, and terminals. Provides specialised cover for hull, cargo, liability, and bespoke onshore and offshore protection.
- Casualty Insurance Business risk protection including General Liability, Product and Professional Liability, Event Liability, and Workers' Compensation Insurance.
Companies that use Ras Al Khaimah National Insurance
Customer profileNamed customers2 records
Segments2 records
Ideal customer profiles2 records
Ras Al Khaimah National Insurance technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Ras Al Khaimah National Insurance partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered minor and core.
- International Motoring Club (IMC)minorRAKINSURANCE has partnered with International Motoring Club (IMC) for 24/7 Roadside Assistance services. This partnership provides customers with free roadside assistance including recovery, towing, fuel delivery, and battery boost anywhere in the UAE.
- NAS (Network Administrative Services)corePartnership with NAS for healthcare provider network access, offering policyholders access to NAS, NAS Value, NAS Value Lite, and NAS Workers Lite network providers across the UAE.
- MedNet UAEcorePartnership with MedNet for UAE and international healthcare provider network access, enabling policyholders to access medical facilities within the MedNet provider network.
- NextcarecorePartnership with Nextcare for healthcare provider network access, providing policyholders access to Nextcare's network of medical providers.
- NeuroncorePartnership with Neuron for healthcare provider network access, expanding the network of available medical facilities for policyholders.
- RAKEZ (Ras Al Khaimah Economic Zone)minorPartnership with RAKEZ to offer Workers Protection Insurance specifically designed for RAKEZ registered businesses, providing tailored coverage for businesses operating in the Ras Al Khaimah Economic Zone.
- Dubai Health AuthorityminorRAKINSURANCE participates in the Dubai Health Authority's Patient Support Program, an initiative to support patients and provide healthcare insurance solutions in coordination with DHA.
Scale indicators6 records
Recent moves6 records
Expansion highlights6 records
Ras Al Khaimah National Insurance competitors and assessment
Company assessmentDirect peers
- Orient Insurance (part of Fairfax): UAE and GCC composite insurer under the Fairfax network offering individual and commercial lines. Comparable in product breadth and digital distribution, with larger international backing.
- Al Ain Ahlia Insurance Company: UAE composite insurer providing personal and commercial lines including motor, health, and engineering. Comparable in product portfolio and UAE regional competition.
- Dubai Insurance Company: UAE-based composite insurer offering personal and commercial coverages. Directly comparable given similar product portfolio and presence in the same UAE regulatory and competitive environment.
- Emirates Insurance Company: UAE composite insurer headquartered in Abu Dhabi offering personal and commercial lines including motor, property, marine, and group medical. Comparable in product scope and Gulf distribution.
- National General Insurance Company (NGI): UAE composite insurer providing motor, medical, property, and life coverages. Comparable mid-sized competitor with overlapping product focus and customer segments.
- Oman Insurance Company: UAE composite insurer providing life, health, motor, and general insurance. Directly comparable in product breadth, customer base, and regulatory environment, with a similarly diversified portfolio.
- Abu Dhabi National Insurance Company (ADNIC): UAE-listed composite insurer offering life, health, motor, and commercial lines to individuals and businesses. Closest direct peer given overlapping product mix, ADX listing, and UAE distribution footprint.
Regional players
- Qatar Insurance Company: GCC composite insurer with significant UAE presence through subsidiaries offering personal and commercial lines. Comparable in product mix and cross-border Gulf distribution.
- Takaful Emarat: UAE Sharia-compliant insurer offering family, medical, motor, and general takaful products. Comparable in product scope and customer targeting, though differentiated by Islamic finance structure.
Broad incumbents
- AXA Insurance Gulf: Global insurer operating in the UAE with personal and commercial lines. Comparable product categories but with broader regional scale and global brand recognition.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Ras Al Khaimah National Insurance social profiles
Digital presenceRas Al Khaimah National Insurance financial estimates
Financial estimateRevenue estimate
Valuation estimate
Ras Al Khaimah National Insurance leadership team
Management profileNumber of profiles
Profiles13 records
Ras Al Khaimah National Insurance funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Ras Al Khaimah National Insurance M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Ras Al Khaimah National Insurance
What does Ras Al Khaimah National Insurance do?
Ras Al Khaimah National Insurance (RAKINSURANCE) is a composite insurer offering life and non-life insurance products to individuals and businesses in the UAE. Individual offerings include car, medical, travel, home, and life insurance (with sub-products for life protection, critical illness, and ladies wellness). Business offerings include employee benefits, engineering, motor fleet, property and general accidents, marine and aviation, and casualty insurance.
Is Ras Al Khaimah National Insurance a public or private company?
Ras Al Khaimah National Insurance is a public company. It is classified as public and is currently operating.
When was Ras Al Khaimah National Insurance founded?
Ras Al Khaimah National Insurance was founded in 1978. It employs 101 to 250 people.
Where is Ras Al Khaimah National Insurance based?
Ras Al Khaimah National Insurance is headquartered in Ras Al Khaimah, United Arab Emirates, in the Middle East region.
How does Ras Al Khaimah National Insurance make money?
Two revenue lines are on record. Insurance Premiums are the primary driver. The others are online Policy Sales.
Who are Ras Al Khaimah National Insurance's main competitors?
Direct peers on record are Orient Insurance (part of Fairfax), Al Ain Ahlia Insurance Company, Dubai Insurance Company, Emirates Insurance Company, National General Insurance Company (NGI), Oman Insurance Company and Abu Dhabi National Insurance Company (ADNIC). Regional players are Qatar Insurance Company and Takaful Emarat. AXA Insurance Gulf is listed as a broad incumbent.
Does Ras Al Khaimah National Insurance have an API?
No public API is recorded for Ras Al Khaimah National Insurance.
What industry is Ras Al Khaimah National Insurance in?
Ras Al Khaimah National Insurance's product category is General Insurance. Its primary akta.pro industry code is FSAIAEAD, Individual Supplemental Health (Hospital Indemnity, Critical Illness, Accident), with a secondary code of FSAIAKAD, Group/Employer-Sponsored Critical Illness & Hospital Indemnity. Its NAICS code is 52411 and its SIC code is 6331.