17 September 2012 News

Gulf region reinsurers enjoy strong outlook

Reinsurers and brokers operating in the countries of the Gulf Cooperation Council (GCC) remain upbeat about their outlook, according to the 3rd GCC Reinsurance Barometer, a survey released on behalf of the Qatar Financial Centre (QFC) Authority.

Last year’s global catastrophe losses, the aftermath of the Arab Spring and growing primary insurance markets will translate into an improved pricing and profitability outlook, the survey has found.

The annual study, which is now in its third year, is based on in-depth interviews conducted with 33 reinsurance and brokerage executives, representing the majority of the region’s players.

“The attractiveness of the GCC as a marketplace for reinsurers continues to increase,” says Shashank Srivastava, CEO and board member of the Qatar Financial Centre Authority.

“Economic and associated direct insurance market growth is set to remain well above the global average. In addition, natural catastrophe exposure is moderate, resulting in generally low and stable loss ratios.

"At the same time, crucial soft factors such as insurance awareness and the professionalism of reinsurers, insurers and brokers continue to improve.”

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