Middle East: Insurance business valued at $35 bln in 2016 - Arab Monetary Fund
Source: Middle East Insurance Review | May 2017
Total insurance premiums in Arab countries reached about US$35 billion by the end of 2016 for conventional and Islamic insurance, while the annual growth in insurance premiums is estimated at around 6%, according to Dr Abdulrahman bin Abdullah Al Humaidi, Director-General of the Arab Monetary Fund (AMF).
The insurance industry in the region has grown in recent years, in line with developments in Arab economies that promote the need for insurance services, said Dr Al Humaidi, who spoke at a recent risk workshop organised by the Economic Policies Institute of the AMF in cooperation with the Financial Stability Institute of the Bank for International Settlements, reported the Emirates News Agency.
However, he also pointed out that the sector faces several challenges, the most important of which is the need to increase the specialised competencies of supervisory and regulatory bodies and companies in the industry. This requires harnessing the potential and raising the level of professionalism of the industry’s personnel.
He stressed the need to develop risk management practices in the industry, which will have a direct impact on its development and stability. He also called for raising the awareness of the importance of risk management by developing relevant systems and mechanisms at various levels. M