The insurance market development in the Middle East in 2019
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- Health insurance introduced in recent years will continue to grow. In some countries, such as Saudi Arabia, the health sector accounted for 53% of insurance premiums collected in 2017. States in the region, such as Bahrain and Oman, could also introduce legislation to expand health sector penetration.
- The life insurance reform project, which has been under study since 2016 in the United Arab Emirates, could be launched. This reform is expected to introduce more rigor in the market, imposing more discipline on both insurance companies and intermediaries. Other countries in the region will follow suit.
- The regulatory bodies will intensify their tough policy. More rigor is set to be imposed on all actors. In Saudi Arabia and the United Arab Emirates, the year 2018 was marked by numerous activity suspensions of insurance companies and intermediaries. This policy will continue to prevail in 2019.
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