Saudi Arabia – Insurance growth of 9% annually until 2020
Monday, 11 21 2016, Category: Insurance and Reinsurance, Country: Gulf Cooperation Council
A recent publication prepared by Ernst & Young and Oxford Economics recently revealed in a report on “Issues in Emerging Markets” that insurance markets in both the UAE and Saudi Arabia are still resilient and flexible despite the economic uncertainties.
Sanjay Jain director of Mena Insurance Advisory at Ernst & Young said: “the insurance market in both the UAE and Saudi Arabia achieved a good performance despite the difficult economic conditions. The insurance sector in both markets went through a structural development by introducing stronger legislations, which were supported by positive changes on the technical pricing level”.
The insurance sectors in the UAE and KSA preserved their resilience and maintained respectively the 10th and 11st positions among 22 countries identified for their “high growth in insurance premiums”. The two markets occupied the sixth and seventh position respectively “as low risk countries”. In the general categorization, China had the highest positions “insurance premium growth opportunities” whereas Singapore was the first as “low risk country”.
Source: Al Riyadh