Low insurance penetration level in the Middle East

Risk awareness about assets remains poor in the Middle East. Cyclone Gonu which hit Oman in 2007 showed that many victims were uninsured during the disaster. Ever since only Omani citizens seem to have changed their approach whereas the populations living around the Sultanate, have shown little interest in insurance. The lack of products in conformity with the principles of Sharia seemed to be the lingering cause behind this situation. Today these products are available but the reluctance of the population persists. Takaful companies lack qualified personnel to promote and sell policies meeting the expectations of the customers.

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