Middle East, homogenization of insurance laws required

The insurance business in the Gulf region is in urgent need for the homogenization of legislations, a finding concluded and advocated by numerous experts who highlight cooperation between the different agencies involved in the regulation at the regional level. Such measure is likely to allow the gradual integration of insurance markets in a single space in the long run.

Today, different prudential rules applied by the States stand as a major impediment to corporate development. Between 2006 and 2014, premium volume had more than tripled, rising from 6.4 to 22 billion USD. The harmonization of insurance code is likely to support growth at a time when the oil industry is going through rocky times.