Reinsurance in the Middle East in 2013

The reinsurance market remains very competitive in the Gulf. A strong growth of direct insurance, a particularly high reinsurance cession rates and a low exposure to natural catastrophes are accounting for reinsurers’ infatuation with this area.
© patano, CC BY 3.0 (modified picture)

Despite current competition, experts believe that new capacities will still be attracted to this region. They are mostly from emerging Asian countries, where reinsurers are endowed with a surplus of capital and a well improving financial strength.
Reinsurers in emerging countries currently account for 60% of the Gulf’s capacity, compared to 20% six years ago. Asian players are particularly keen on diversifying their portfolios, and the Middle East stands as an excellent opportunity for them before resorting to any other markets.

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