MENA insurance markets resilient
Tuesday, 03 15 2016, Category: Insurance and Reinsurance, Country: Middle East
The 2016 MENA Insurance Barometer, published today by the Qatar Financial Centre, confirms the resilience of the region’s insurance markets, amid economic headwinds. The majority of executives polled in this year’s survey continue to believe that premium growth will outpace GDP growth. In addition, the pricing outlook for the region’s personal lines business has improved. More fundamentally, interviewees see opportunities from fiscal tightening as governments consider transferring additional risk management and provision to the private insurance sector, with medical insurance being the most prominent example.
“On the back of the sector’s above-average growth performance, insurance is set to further increase its share in MENA economies. This is the main finding of the most recent edition of the MENA Insurance Barometer, which we have been publishing since 2013,” says Yousef Mohamed Al-Jaida, Chief Executive Officer of the Qatar Financial Centre (QFC). “A greater role of insurance in absorbing and transferring risk is a welcome development. It generally goes hand in hand with more risk-conscious behaviour of individuals and companies as well as deeper and broader domestic capital markets.”
The MENA Insurance Barometer is an annual survey based on in-depth interviews. In 2016, senior executives of 36 regional and international re/insurance companies, intermediaries and trade associations operating in the MENA region were interviewed. The 2016 edition shows that between 2009 and 2014 the region’s total non-life and life insurance premium volume expanded from about US$ 32 billion to more than US$ 51 billion.
Source: Qatar Financial Center