While some foreign players are reviewing their investment in the MENA region, the market remains hungry for the capacity and expertise of international re/insurers.
A number of foreign re/insurers have suffered losses in the Middle East and North Africa (MENA) region in recent months and are reviewing their approach to a market that has become soft and more competitive. However, low penetration levels and an ever more strategic approach to risk among many of the region’s large corporates mean that the demand for re/insurance is growing.
A special report published in September 2013, MENA Reinsurance, from rating agency AM Best, highlighted the importance of international reinsurers to the region’s insurance markets, citing their ability to provide capacity and technical expertise to local market participants, particularly on high-value risks.
AM Best, MENA, Christian Vogel, Gulf Re, Akshay Randeva, QFC Authority,