Executives bullish on personal lines insurance business in Middle East and North Africa

Senior re/insurance executives are very optimistic about the personal lines business in the Middle East and North Africa (MENA) region, according to a survey.

The majority (76 percent) of senior executives polled for the MENA Insurance Pulse 2017 survey believe that insurance premiums will outgrow the region’s GDP (gross domestic product) over the next 12 months. The MENA region has been facing continued economic slowdown and geopolitical instability.

Growth will be driven by the personal lines business, which benefits from expanding compulsory insurance requirements as well as pricing support from regulatory action.

In commercial lines price adequacy, especially in property business, has improved in response to more frequent fire losses although executives anticipate continued headwinds from slowing economic growth and fiscal tightening.

The region’s primary insurance market has a total volume of around $54 billion.

The MENA Insurance Pulse survey is based on in-depth interviews with 40 senior executives of regional and international re/insurance companies and intermediaries operating in the region. The study was supported by the Qatar Financial Centre, AIG, Chedid Re, Oman Insurance Company, Peak Re and Trust Re.

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