The UAE and Turkey are fuelling the growth of the Middle East’s burgeoning insurance market, which can expect growth rates of 18 to 20 per cent, online research firm Report Buyer has said.
In a new report, which finds that the UAE and Turkey are market leaders in the Middle East insurance sector, the firm says that the region is not a homogenous market with many economies accelerating at different levels.
“Opportunities in Middle East Insurance Market” finds that in some Middle East countries, expenditure on life insurance is relatively low, while others spend much higher figures on insurance. The report, which includes the UAE, Bahrain, Saudi Arabia, Oman, UAE, Qatar, Jordan, Kuwait and Turkey, expects the rapid growth to offer opportunities to existing as well as new players.
But it says there lies huge disparities between each countries insurance sectors. The UAE has left behind other fellow countries and is growing with a year- on-year growth rate of more than 27 per cent. Turkey follows it at second place with a growth rate of 23.7 per cent.
Research cited in the report has identified the UAE enjoys the maximum number of insurance companies in the GCC. There is rising awareness for health insurance among people here, one of the factors that is driving growth in the market.
But Turkey has written the highest premium in 2006 among all the Gulf nations.
The expected growth rates, fuelled by the UAE and Turkey markets, of the Middle East’s burgeoning insurance sector
Emirates and Turkey fuel sector’s regional surge