Middle East - Effects of Covid-19 fuelled increasing commercial ins. Costs
Saturday, 05 29 2021, Category: Insurance and Reinsurance, Country: Middle East
The Covid-19 pandemic and resulting economic slowdown has adversely affected insurers globally and is contributing to commercial insurance pricing increases and reduced capacity across many lines of business.
This is affecting the insurance markets across the Middle East and North Africa (Mena) – at a time when companies are focused on reducing costs – according to the Mena Insurance Market Update released by Marsh, the world’s leading insurance broker and risk advisor.
The Mena region – which comprises the UAE, Saudi Arabia, Bahrain, Oman, Egypt, and Qatar – has experienced rising commercial insurance rates over the last 12 months, including in the construction, cyber, trade credit, professional liability, and energy and power lines of business. According to Marsh’s report, these increases are largely a consequence of the transitioning global insurance market and Covid-related claims.
Source: Trade Arabia