News Middle East19 Oct 2020

MENA:Turkey tops region on Aon's 2020 Country Opportunity Index

| 19 Oct 2020

Four markets in MENA were again among the top 50 property casualty markets around the world ranked on the Country Opportunity Index published this year, which are the same markets from the region ranked in 2019.

The four markets are Turkey, Saudi Arabia, the UAE and Morocco, according to Aon's Insurance Risk Study -- Global Risk, Profitability, and Growth Metrics, 2020 edition.

Among them, Turkey is seen as a high growth market with its five-year annualised premium growth of 15.9%. Markets with annualised premium growth rates greater than 7.5% are classified as high growth. For 2020, five markets showed five-year premium growth in excess of 10%. Furthermore, in 24 of the top 50 markets, combined ratios were below 95%.

The Country Opportunity Index was created by Aon’s Reinsurance Solutions business to identify countries with a desirable mix of profitability, growth potential, and a relatively stable political environment.

The rankings of the four MENA markets on the Index are as follows:

 

Rank

Market

5yr Cumulative Net Combined Ratio

 

Premium 5yr Annualised Growth

 

Real GDP

5yr Growth

 

Population

5yr Annualised Growth

Political Risk Assessment

2020

9

Turkey

101.0%

15.9%

5.8%

1.3%

Medium

2019

18

100.6%

19.7%

6.6%

1.4%

Medium

2020

14

UAE

92.9%

3.1%

4.0%

2.9%

Medium Low

2019

23

97.9%

-0.3%

4.7%

2.9%

Medium Low

2020

28

Morocco

102.1%

5.1%

4.7%

1.1%

Medium

2019

23

98.9%

3.7%

4.8%

1.1%

Medium

2020

28

Saudi Arabia

 

96.2%

4.1%

3.2%

1.9%

Medium

2019

8

96.1%

12.7%

3.8%

2.1%

Medium

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