News Middle East07 Jul 2019

MENA:Slow growth expected in non-life markets

| 07 Jul 2019

Gradual recovery is expected in the non-life sector in the Middle East as economies continue to strengthen, says the World Insurance report published last week by Swiss Re Institute.

The two largest markets in the Middle East, namely, Saudi Arabia and the UAE, contracted last year.

Health insurance still contributes positively, but increased competition and liberalisation of motor rates led to declining premium volumes overall. In the UAE, an infrastructure spending plan will provide some support for the commercial lines.

The table below shows the performance of the largest non-life markets in MENA in 2018 and their world rankings:

World Country Premium Premium Change % 2018 Share
Ranking   2018 $ m 2017 $ m Nominal Inflation of total
          adjusted business %
27 UAE 9,607 9,548 0.6 -2.4 77.1
28 Saudi Arabia 9,157 9,430 -2.9 -5.3 96.8
29 Turkey 9,035 10,200 -11.4 0.7 86.4
36 Iran 6,678 7,796 -14.3 -4.2 86.9
48 Qatar 3,038 2,941 3.3 3.1 100
50 Morocco 2,432 2,244 8.3 3 53.1
63 Kuwait 1,145 974 17.5 16.1 87.6
65 Algeria 1,084 1,100 -1.5 -1.0 91.2
66 Lebanon 1,079 1,024 5.4 -0.6 67.3
69 Oman 960 917 4.6 3.7 86.0
70 Egypt 902 931 -3.1 -4.0 57.1
72 Jordan 775 724 7.1 2.4 86.6
78 Tunisia 684 674 1.6 NA 78.6
82 Bahrain 582 575 1.2 -0.9 80.4
  World 2,373,050 2,233,490 6.2 3.0 45.7
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