Arab premiums reach USD 33 billion with 11% growth
Saturday, 11 07 2015, Category: Insurance and Reinsurance, Country: Middle East
It is important to note the great efforts spent by the General Secretariat of the General Arab Insurance Federation in support of mutual Arab cooperation where the number member companies of the Federation increased to 331 companies. In addition GAIF includes 100 companies, entities and associations in the insurance brokerage field in addition to legal persons numbering at 50 members. At the industry level, the Arab insurance industry made significant advances where Arab insurance written premiums reached USD 33.281 billion by year end 2014 compared to USD 30 billion in year 2013 with represents an 11% growth rate.
The Arab insurance sector has 11 reinsurance companies with an aggregate shareholders’ equity of USD 2.8 billion, they have a very high solvency margin which enable these companies to offer adequate coverage to primary insurance companies. However, Arab reinsurers despite their human capital and the prompt payment of due claims do not achieve adequate shares of reinsurance ceded by primary Arab insurance companies.