The Middle East/North Africa (MENA) region remains an attractive destination for regional and international reinsurance industry but competition, pricing pressure and increasing retention have a strong influence on its prospects for growth, has said Qatar Financial Centre (QFC) in its 2014 MENA Reinsurance Barometer released in Monte Carlo. "Growing insurance premiums and low exposure to natural perils" are main advantages of the region.
Premiums recorded, between 2008 and 2013, an increase of 66.7% to 50 billion USD. A total which remains low, according to analysts of the QFC, as it represents only 1.4% of the global GDP of the region.
Almost 75% of this turnover has been made by the region's four largest insurance markets, namely Turkey, Iran, United Arab Emirates and Saudi Arabia.
Non-life reinsurance closed 2013 with premiums amounting to 12.6 billion USD.