Government initiatives to tap funding from the Gulf Cooperation Council (GCC) countries and Islamic multilateral institutions, diversifying the financial sector and boosting financial inclusion, could support the growth of the Islamic finance industry in Central Asia, Fitch Ratings has indicated.
Demand for Islamic finance will continue to rise as strong economic activity in the Gulf Cooperation Council (GCC) and Southeast Asia is supported by diversification agendas, investment inflows and population growth, reported Bernama News Agency quoting a Moody's Ratings (Moody's) report.
Insurance demand in most GCC countries is expected to increase this year, according to S&P Global Ratings credit analyst Emir Mujkic.
The GCC healthcare industry is poised for strong growth driven by macro-economic factors, the expansion of mandatory health insurance and a growing and ageing population, according to UAE-based Alpen Capital, an investment banking advisory firm.
The 60th meeting of the technical committee of civil retirement and social insurance agencies in the Gulf Cooperation Council (GCC) countries is currently on in Riyadh, Saudi Arabia. The meeting is being held from 13 to 15 January 2025.
Saudi Arabia is expected to see an increase in mergers and acquisitions (M&A) in its insurance sector as the GCC region enters a significant consolidation phase.
The latest financial results of 77 listed insurers across the GCC reveal a general decline in underwriting performance, with the Net Combined Ratio (NCR) rising by 1.3 percentage points, according to the "Q3 2024: GCC Performance Periodical" by Insurance Monitor in association with Lux Actuaries and Consultants.
Summations and recommendations made at the 19th Annual Gulf Insurance Forum (GIF) held in Dubai on 15-16 October 2024 focused on growing weather-related risks and the best means to confront them. The Forum also addressed the increasing importance of technology in the insurance market.
Etihad Credit Insurance (ECI) has signed Memoranda of Understanding (MoUs) with Saudi EXIM Bank and Credit Oman during its participation in the Annual General Meeting of Berne Union, in Hamburg, Germany, which was held on 15-17 October.
2024 is set to be another profitable year for the Islamic insurance sector in the GCC. Net profits in 2023 had already reached a record of almost $1bn, mainly due to rate adjustments in previously underperforming lines and higher investment returns, says S&P Global Ratings (S&P).