Insurance markets in the Middle East and North Africa (MENA) region have continued to grow, with increased demand for products over the past decade driven by a period of high oil prices that has funded infrastructure development and increased commercial activity, and the introduction of compulsory covers, particularly for medical health care and liability risks.
Substantially, insurance markets in the UAE and the entire Middle East has attained higher growth in the last ten years. Last year, Turkey UAE, Iran, and Saudi Arabia spurred as the region’s biggest markets as the region insurance premium superseded 52 billion USD. This development has been made possible through many factors including 2014’s high oil prices spanning down into some parts of 2015, the announcement of compulsory covers for medical healthcare and liability business classes, deepening ingress into the insurance market, growing business activities, and Infrastructural development. The A.M. Best Company Inc. has listed the largest MENA reinsurers which the company ranked by gross written premiums in 2015. The list which includes Qatar Reinsurance Company LLC, Trust International Ins & Reins Co. B.S.C., Milli Reasurans Turk Anonim Sirketi, Societe Centrale de Reassurance, Compagnie Centrale de Reassurance, and Arab Insurance Group (B.S.C.) as the top six largest reinsurers company estimated their gross written premiums at 1,156.2m, 475.9m, 342.3m, 256.4m, 237.7m, and 220.4m USD respectively.