PRZOOM - /newswire/ -
London, United Kingdom, 2008/02/16 - Report Buyer, the online destination for business intelligence for major industry sectors, has added a new report which finds that UAE and Turkey are market leaders in the Middle East insurance sector, showing that it is a not a homogenous market.
“Opportunities in Middle East Insurance Market” finds that in some Middle East countries, expenditure on life insurance is relatively low, while others spend much higher figures on insurance. The report focuses on the reasons for this disparity.
The report, which includes the countries Iran, Bahrain, Saudi Arabia, Israel, Oman, United Arab Emirates, Qatar, Jordan, Kuwait and Turkey in the region, states that the Middle East insurance Authors of the report forecast that the Middle East insurance industry is expected to grow at the compound rate of 18-20% in the near future. This rapid growth will offer enormous opportunities to existing as well as new players.
The report points out, however, that within the Middle East, some countries have an edge over others in the insurance industry. For instance, the UAE has left behind other fellow countries and is growing with a Year On Year (YOY) growth rate of over 27%. Turkey follows it at second place with a growth rate of 23.7%
Research cited in the report has identified that the UAE enjoys the maximum number of insurance companies in the Gulf Cooperation Council (GCC). There is also rising awareness for health insurance among people in the country, one of the factors that is driving growth in the market.
The report states that on the other hand, Turkey, had written the highest premium in 2006 among all the Middle East nations and its insurance sector contributes significantly to the financial system.
The study contains an in-depth analysis of the insurance industry in the Middle East, identifying drivers, challenges and opportunities present in the market. It incorporates detailed analysis of the past trends, current status and future prospects.
“Opportunities in Middle East Insurance Market” is available from Report Buyer. For more information, see website.
Report Buyer product ID: RCS00215
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