Strong economic growth has spurred the combined Gross Written Premium (GWP) of 80 listed insurers in the GCC region to surge by 21.3% to $30.4bn in 2022 from $25.0bn in 2021.
Gulf Insurance Group (GIG) has posted a net profit of KWD38.2 m ($124.6m), for the financial year ended 31 December 2022 compared to a restated KWD72.6m for 2021.
Expectations are that providers of Islamic insurance (takaful) in the Gulf Cooperation Council (GCC) countries will report a decline in their combined net income for the fiscal year ended December 2022 compared with 2021, says Moody's Investor Service.
The impact of environmental, social and governance (ESG) considerations on the credit strength of most insurers in the Gulf Cooperation Council (GCC) countries is neutral to low, according to Moody's Investors Service.
Opportunities exist for continued insurance sector growth in the GCC, as economies strengthen, new insurable risks enter the market and product offerings diversify through the enforcement of mandatory insurance covers, says AM Best.
Gulf Cooperation Council insurers are reaping the benefits of ongoing economic growth in the region. The expansion of infrastructure investment and medical insurance covers will continue to spur premiums in 2023, albeit at a slower pace than in 2022, S&P Global Ratings (S&P) says in a report.
Two-thirds of GCC respondents to a survey on the state of health of employees reported symptoms of poor mental health and well-being, or had a mental-health condition diagnosis, according to the global management consultancy McKinsey & Company.
The GCC will escape the global slowdown which is expected to see a third of the world's economies pulled into recession, says the global professional services firm PwC in a blog "Five GCC Economic Themes to Watch in 2023".
The last flow of business interruption claims stemming from COVID-19-related lockdowns in the Gulf Cooperation Council region can be expected between now and the spring, according to Mr Wayne Jones, a partner based in global legal firm Clyde & Co's Dubai office, from where he heads up Clyde & Co's re/insurance team in the region.
The acquisition of Royal & Sun Alliance Insurance (Middle East) by National Life and General Insurance Company (NLGIC), the first and largest Omani insurance company, has strengthened the latter's business profile, providing both product and geographical diversification, as well as consolidating NLGIC's position in its existing markets, says AM Best.