AM Best: negative outlook for the GCC insurance market

Magazine Issue:

The insurance business in the post-Covid-19 era [3]

Magazine date:

Mar 2021

ccg AM Best maintains its negative outlook for the insurance markets of the Gulf Cooperation Council (GCC).

The rating agency justifies its decision by the many factors facing insurers in the region.

These factors include uncertainty related to Covid-19, the risk of oil price volatility, fierce competition among insurers and fluctuations in financial markets.

AM Best recognises that the market holds advantages notably the growth of mergers and acquisitions and the strong capitalization of insurers. The agency says these are opportunities for market consolidation.

Read also | Ranking of insurers in the Gulf countries [4]

Thu, 01/04/2021 - 16:13

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[3] https://www.atlas-mag.net/en/issue/insurance-in-the-aftermath-of-covid-19
[4] https://www.atlas-mag.net/en/article/gulf-countries-ranking-of-insurers-per-2019-s-turnover