The Middle East and North Africa (MENA) insurance markets have seen robust growth over the last decade, according to a new report by AM Best. However, in recent years the region’s economic growth has slowed, attributable largely to the global economic slowdown and the lower price of oil, the commodity on which these markets depend for infrastructure spending. Nevertheless, growth in the insurance segment remains higher in comparison to most mature markets, with the region remaining attractive to investors.
The Best’s Special Report, titled, “Middle East and North Africa Insurance Ratings: Benchmarking” notes the region has faced significant challenges, with reduced government spending arising from lower commodity prices; stock market volatility; the introduction of value added taxation (VAT); changes in the regulatory landscape; social unrest; and currency depreciation for many of the non-Gulf Cooperation Council (GCC) economies.
A full complimentary copy of this report is available via the following link:
Best’s Special Report: MENA Insurance – Ratings Review
