A 16% increase of insurance premiums in 2013

According to the Office of Insurance Commission (OIC), the market will grow by 16% at 22 billion USD in 2013. Life insurance, which accounts for 68% of the market, will grow at a rate of 18% compared to 15% for non-life insurance. Motor insurance comes second with nearly 20% of premium income. In 2012, the motor sector totaled 19 billion USD of premiums, that is a 21.5% increase compared to 2011. These figures show that the insurance industry has quickly recovered from the devastating floods of 2011.