The latest Alpen Capital report has indicated that the average annual growth rate of premiums in the Gulf region will be of 20% over the next four years. The United Arab Emirates and Saudi Arabia are the two most important markets and will both account for 75% of premiums in 2015.
The study also includes Qatar as the country where insurance is set to report the highest rate of average annual growth with 30% between 2011 and 2015.
The penetration rate of non-life insurance will reach 1.81% for the entire region in comparison with 1.12% in 2011. Non-life premiums will account for 86% of the market in 2015. According to Alpen, islamic insurance will significantly contribute to this development. The average annual growth rate of islamic insurance was 45% between 2004 and 2009.