Insurance Markets in the Middle East and North Africa

41 Pages Posted: 6 Sep 2010

See all articles by Zaki Zahran

Zaki Zahran

Willis Towers Watson - Towers Watson United Kingdom (London)

Date Written: September 6, 2010

Abstract

The global insurance industry grew at a respectable rate of 3.3 percent in 2007 up to USD 4,061 billion, which consisted of USD 2,393 billion of life insurance premiums and USD 1,668 billion of non-life premiums. The global growth in the insurance industry was fueled by growth in emerging markets, which posted higher rates of growth compensating for shrinkage in many developed economies. The Middle East and Central Asia expanded at a rate of 9.6 percent in 2007. Growth is now expected to slow from 2007 levels in light of the global financial crisis. However it will still be mostly fueled by growth in emerging markets. The average ratio of premiums to GDP (penetration ratios) is 7.5 percent for the world; it is 9 percent for industrialised countries and 2.75 percent for emerging markets. Penetration ratios in emerging markets are below world average, pointing up the potential of growth in the industry in these markets, and the potential of growth of emerging economies.

This report will focus on the Middle East and North Africa (MENA) markets, especially those of the Gulf Cooperation Council (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and UAE) and some of the Mashreq countries (Egypt, Jordan and Lebanon). Turkey is included in the study as a benchmark case, mainly due to its proximity to the MENA region and some of the perceived similarities between Turkey and some of the countries in the region.

Suggested Citation

Zahran, Zaki, Insurance Markets in the Middle East and North Africa (September 6, 2010). Towers Watson Technical Paper, Available at SSRN: https://ssrn.com/abstract=1672740

Zaki Zahran (Contact Author)

Willis Towers Watson - Towers Watson United Kingdom (London) ( email )

71 High Holborn
London, WC1V 6TP
United Kingdom

Do you have negative results from your research you’d like to share?

Paper statistics

Downloads
245
Abstract Views
1,511
Rank
226,885
PlumX Metrics