GCC ins. market to grow to $36.1bn by 2024
Monday, 11 25 2019, Category: Insurance and Reinsurance, Country: Gulf Cooperation Council
The GCC's insurance market is expected to grow to $36.1 billion (Dh132.58bn) in 2024 from $29.2bn in 2019, helped by a sustained economic growth, population increase and substantial infrastructure spending by regional governments.
Regional government efforts to strengthen regulations, introduce mandatory insurance lines and diversify the economy are also likely to drive the overall gross written premium (GWPs) in the six-member economic bloc of the GCC, Alpen Capital said in its latest GCC Insurance Industry report released on Sunday.
The insurance industry’s compound annual growth rate (CAGR) of 4.3 per cent over the 2019-24 period, however, is below the almost 9 per cent annual expansion the sector witnessed between the 2013-18 period, when the overall size of the market rose from $18.4bn to $28.2bn during the same period, the Dubai-headquartered investment banking advisory firm noted.
Source: The National