Insurance premiums increases expected in GCC
Tuesday, 03 21 2017, Category: Insurance and Reinsurance, Country: Gulf Cooperation Council
“S & P Global rating agency” expects the credit situation of insurance companies rated by the agency to remain stable in the four largest markets of the Gulf Cooperation Council countries – Saudi Arabia, United Arab Emirates, Qatar and Kuwait in year 2017. Companies will maintain their positions despite the economic slowdown witnessed in the GCC countries given the relative decrease in oil and gas prices, which usually contribute significantly to the government budget.
Moreover, the agency expects total insurance premiums to increase in the four largest markets of the GCC during year 2017, 30% in Kuwait, and 10% in the other three countries due to the privatization of the health insurance sector and the continuous government spending on infrastructure projects.
Source: Al Roya – Omani Newspaper