The insurance industry in the Arab countries of the Gulf Co-operation Council is expected to see continued growth and interest from overseas insurance groups, in spite of the regional economic slowdown following the global financial crisis.
The faster economic growth of the GCC countries combined with low levels of insurance cover among the local population is expected to help maintain a high growth rate, which saw premium volumes for the region increase by 27 per cent between 2007 and 2008, according to a report out on Monday from AM Best.
The region has seen good growth in commercial insurance related to building and infrastructure projects in recent years. This has been hit by the financial crisis and regional economic slowdown, but increasing personal insurance is expected to help take up the strain.
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