GCC – Ins. market will reach $44 B in 2021
Saturday, 08 11 2018, Category: Insurance and Reinsurance, Country: Gulf Cooperation Council
The insurance sector in Gulf Cooperation Countries especially Saudi Arabia and the UAE achieved continuous growth since the level of insurance penetration leaves enough room for growth compared to the markets of advanced economics. Therefore, companies have to develop technology-based insurance solutions and strategies that focus on the consumer and product diversification. This will help increase the growth of the sector.
The insurance market of the Gulf Cooperation Countries will achieve a compound annual growth rate of 10.9%, so it will grow from USD 26.2 billion in year 2016 to USD 44 billion in year 2021.
Source: Economic Al Khaleej