Gulf insurance market toward further growth
Friday, 10 23 2015, Category: Insurance and Reinsurance, Country: Gulf Cooperation Council
Moody’s Investors’ Service said on Thursday that the small insurance market in the Gulf Cooperation Countries is moving toward strong growth between the years 2016 and 2018. Thus the GCC will have the highest insurance growth in the world despite the decline in oil prices.
The credit rating agency in a report conveyed to Reuters said that the Gulf insurance market increased threefold between 2006 and 2014 where insurance premiums increased to USD 22.2 billion compared to USD 6.4 billion in the previous period which represents a compound annual growth rate of 16.8%
However, there are large differences in the growth rates of the countries of the region where it reached 20.7% in Qatar compared to 6.4% in Kuwait according to Moody’s.