New regulations in a number of markets in the Gulf Cooperation Council (GCC) enhancing minimum capital and solvency requirements as well as incorporating actuarial based pricing and reserving have impacted profitability of many insurance companies, said AM Best.
Regulation has resulted in companies experiencing a drastic decline in operating performance and risk-adjusted capitalisation, according to the ratings agency, raising concerns surrounding the inherent weaknesses in these markets.
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AM Best, Gulf Cooperation Council, Solvency II, Ratings, MENA