International credit rating agency AM Best continues to hold a negative market segment outlook on the insurance markets of the Gulf Cooperation Council (GCC). Factors supporting the outlook include COVID-19-driven uncertainty and the risk that further oil price volatility will maintain economic pressure across the region.
Intensely competitive conditions in insurance markets of the Gulf Cooperation Council (GCC) have given rise to concern over price adequacy.
The population of Dubai reached 3.41m at the end of 2020, increasing by 55,300 from the end of 2019, representing a growth rate of 1.63%, according to a statement by Dubai Statistics Centre.
GCC governments each should create a new green sovereign wealth fund with the credibility and capabilities to engage with, and attract, international investors, suggests a report on green finance.
Some regulators in the GCC are reportedly assessing the impact of insurance rates if pandemic risks were insured, S&P Global Ratings says.
An increase in competition and resumption of nonessential medical treatment could cause claims to rise to more normal levels and, consequently, lead to weaker but still profitable underwriting results in 2021, according to a report by S&P Global Ratings.
More than four in five consumers polled in a sustainability survey say that they are willing to start or are already taking action in response to climate change, according to international consultancy, Boston Consulting Group (BCG).
S&P Global Ratings' ratings on insurers in the Gulf Cooperation Council (GCC) to remain broadly stable in 2021, mainly thanks to robust capital buffers and despite ongoing economic uncertainty relating to the COVID-19 pandemic, the international credit rating agency says.
The acquisition of AXA-Gulf by Gulf Insurance Group (gig) will strengthen the position of the Group at the regional level and boost its top line and profitability, says group CEO and board member Khaled Saoud Al Hassan.
GCC countries are experiencing an accelerating shift in the labour market from an exodus of expatriates, which could weigh on the region's growth and complicate economic diversification over the long run, states S&P Global Ratings in a report released yesterday.