Insurers of the Middle East and North Africa region (MENA) are confident. Despite the competition and the decline in oil prices, the surveyed executives expect a positive evolution in their market.
Such is the conclusion drawn by the third survey «MENA Insurance Barometer," published by the Qatar Financial Centre (QFC).
For the interviewees, markets should benefit from a relatively low insurance penetration rate. Life class of business is the main focus of development in the region.
It will be favored by the existence of a growing young population. Other development opportunities are related to major infrastructure projects, estimated at 690 billion USD for the period 2015-2018.
In terms of premium volume, the study is based on the Swiss Re estimates which assume a 5.5% growth in 2015 and 2016.
As a reminder, written premiums for the entire region rose in five years from 30 billion USD in 2008 to 50 billion USD in 2013.