Despite the global economic crisis and the upheavals of the Arab Spring, the Middle East and North Africa is looking particularly attractive to re/insurers in 2013. Jenny White explains why.
A combination of low insurance penetration and rapidly growing energy, infrastructure and healthcare sectors means the region comprising the Middle East and North Africa (MENA) holds many opportunities for insurers and reinsurers, as well as specialist brokers.
That is the view of Bilal El-Hoss, senior executive officer at Guy Carpenter (Middle East), who will spearhead a fresh expansion in the region by the broker. The firm recently opened its first office in the Middle East and has received a licence from the Dubai Financial Services Authority (DFSA) to operate as an insurance intermediary in the Dubai International Financial Centre (DIFC).
“There are numerous opportunities for growth in the local insurance market in the MENA region given the relatively low levels of insurance penetration in the territory,” he says. “Our aim is to work with local insurers to help them optimise their treaty structures and also to identify the most effective areas in which to employ facultative reinsurance strategies. The energy, infrastructure and healthcare sectors in the MENA region are among the fastest growing in the world.”
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Arab Spring, MENA, Middle East and North Africa, Reinsurance, Insurance