First reinsurance barometer in the MENA region

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Oct 2013

Qatari financial authorities have published the first barometer of reinsurance in the MENA region (Gulf, Near East, Turkey and North Africa) thanks to a survey conducted with thirty-eight reinsurers and brokers.

Used with permission from Microsoft (modified picture)

Nearly 53% of them believe that reinsurance premiums from the MENA region are growing faster than average GDP. According to respondents, exposure will grow faster than the premiums volumes. In 2012, non life reinsurance premiums reached a total of 12 billion USD, that is one third of the direct insurance market. Reinsurers today enjoy a booming non life insurance market (7.6% growth per year between 2007 and 2012). About 68 % of respondents expect an increase of retention rates over the next 12 months.