GCC: insurance distribution business set to change

According to law firm Clyde & Co, insurance distribution in the Gulf Cooperation Council (GCC) area is expected to undergo a transformation during 2022.

The harmonization of distribution channels, the development of bancassurance and digital distribution could contribute to the transformation of this business.

In addition, the development of regulatory sandboxes (RS) in the UAE would allow the market to become more open to technology.

In its study, the firm also mentions the various mergers and acquisitions that the sector has experienced in recent years, particularly in the United Arab Emirates and Saudi Arabia.

Clyde & Co predicts that insurance stakeholders will continue to seek growth through mergers and acquisitions.