Arab Insurance Premiums at USD 35 billion in 2016
Wednesday, 04 05 2017, Category: Insurance and Reinsurance, Country: Middle East
H.E Dr. Abdulrahman A. Al Hamidy Director General Chairman of the Board of the Arab Monetary Fund said that the size of insurance premiums written in the Arab countries reached approximately USD 35 billion by year-end 2016 for all insurance branches including conventional and Islamic. The growth of premiums was at around 6%.
This was said at the opening of event on “Detecting and Managing Risks of Insurance Entities & Groups” organized in collaboration with international organizations.
Moreover, Dr. Al Hamidy said that the insurance sector in Arab countries witnessed growth during the past years in line with the economic developments of the Arab region, which strengthen the need for insurance services indicating that the sector faces many challenges such as the need for specialized talent at regulatory and supervisory authorities as well as insurance companies in order to raise the technical and professional level of employees in the insurance sector.
Source: Emirates News Agency