Best's Market Segment Report: AM Best Maintains Stable Outlook on Insurance Markets of Gulf Cooperation Council
April 29 2024 - 12:00AM
Business Wire
AM Best is maintaining its market segment outlook for the
insurance markets of the Gulf Cooperation Council (GCC) at
stable.
In its new Best’s Market Segment Report, “Market Segment
Outlook: Gulf Cooperation Council Insurance”, AM Best notes that
growth prospects for the insurance sector remain plentiful as new
insurable risks enter the market while high oil prices continue to
fuel the region’s fiscal surpluses and provide resilience to
challenging global macroeconomic conditions. Increasing regulatory
scrutiny is also leading to a growing focus on risk management and
corporate governance.
On the other hand, moderating factors identified by AM Best’s
analysts include the highly saturated nature of the GCC markets,
with intense competition driving pricing pressure and threatening
technical margins, while rising operating costs – the result of
improving regulatory regimes and the implementation of IFRS 17 –
are squeezing margins, particularly for small- and mid-tier
companies.
To access a complimentary copy of this special report, please
visit
http://www3.ambest.com/bestweek/purchase.asp?record_code=342433.
AM Best is a global credit rating agency, news publisher and
data analytics provider specialising in the insurance industry.
Headquartered in the United States, the company does business in
over 100 countries with regional offices in London, Amsterdam,
Dubai, Hong Kong, Singapore and Mexico City. For more information,
visit www.ambest.com.
Copyright © 2024 by A.M. Best Rating
Services, Inc. and/or its affiliates. ALL RIGHTS
RESERVED.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240428030069/en/
Emily Thompson Senior Financial Analyst +44 20
7397 0291 emily.thompson@ambest.com
Jessica Botelho-Young, CA Associate Director,
Analytics +44 20 7397 0310
jessica.botelho-young@ambest.com
Richard Banks Director, Industry Research – EMEA
+44 20 7397 0322 richard.banks@ambest.com
Edem Kuenyehia Director, Market Development
& Communications +44 20 7397 0280
edem.kuenyehia@ambest.com