Higher investment income averaging at a quarterly rate of return on investments (ROI) of 1.7% (1Q2023: 1.3%) has boosted the first-quarter earnings of 77 listed insurers in the GCC region, according to Insurance Monitor, a research and consulting firm.
Growth prospects for the insurance sector remain plentiful in the insurance markets of the Gulf Cooperation Council (GCC), said global credit rating agency AM Best.
GCC insurers' top-line growth is expected to range between 5% and 15% in 2024, with Saudi insurers likely to expand at the fastest pace, says S&P Global Ratings (S&P).
Four insurers from Saudi Arabia are on the list of the 10 biggest insurance companies in the GCC in terms of insurance revenue, according to data set out in the "FY2023: GCC Performance Periodical".
Price increases, regulatory enforcement, M&A activity and generally favourable economic conditions have boosted the insurance revenue of 76 listed insurers in the GCC region for a second consecutive year in 2023 (FY2023).
The majority of the InsurTech companies in the GCC are concentrated in Saudi Arabia and the UAE, notes UAE-based investment banking advisory firm, Alpen Capital, in its latest "GCC Insurance Industry" report released last week.
The insurance industry in the GCC saw a surge in M&A with around 33 deals struck between 2021 and 2023. The majority of these transactions took place in 2022, according to UAE-based investment banking advisory firm, Alpen Capital, in its latest "GCC Insurance Industry" report released last week.
Saudi Arabia is projected to continue to be the largest insurance market in the GCC by GWP, reaching a market share of 42.6% by 2028, according to UAE-based investment banking advisory firm, Alpen Capital, in its latest "GCC Insurance Industry" report released on 31 January 2024.
Gross written premium (GWP) in the GCC insurance market is projected to grow at a CAGR of 5.3% reaching $44.4bn by 2028, said UAE-based investment banking advisory firm, Alpen Capital, in its latest "GCC Insurance Industry" report released yesterday.
GIG Gulf, one of the largest insurance providers in the MENA region, has announced the launch of an online capability aimed at simplifying and streamlining motor insurance purchases for micro-SMEs in the UAE, Bahrain, Qatar, and Oman.