Magazine date:
Oct 2006 According to Standard & Poor's, the insurance sector in the Gulf region is witnessing a growth that is higher than in other countries of the world. This is due to the rising oil prices, to the potential of Takaful insurance and to the adoption of a better-adapted legislation. In 2005, insurance demand has increased by 30% in the UAE, 17% in Qatar and 5% in Bahrain while in industrialized countries, this growth remains confined to 2 to 3%. According to forecasts, the insurance market in the Gulf countries should reach 14 billion USD by 2015.