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
|