PRZOOM - /newswire/ -
Delhi, New Delhi, India, 2008/03/12 - The insurance industry of the Middle East, especially the UAE, is growing at a rapid pace and offering a host of opportunities to both existing and new players.
Middle East comprises of both rich and poor countries and therefore, its insurance market too is different from other regions of the world. In some Middle East countries, expenditure on life insurance is relatively low while others expend too much on the insurance. This peculiarity of the Middle East insurance market impelled RNCOS, a leading market research company, to thoroughly study the market and find out reasons for this disparity. The result has been compiled in a report, “Opportunities in Middle East Insurance Market” which says that the Middle East insurance sector is growing and changing rapidly.
RNCOS has prepared its report on the basis of the market trends in the countries including - Iran, Bahrain, Saudi Arabia, Israel, Oman, United Arab Emirates, Qatar, Jordan, Kuwait and Turkey. The insurance industry is expected to grow at the compound rate of 18-20% in near future, said the RNCOS report. This rapid growth will offer enormous opportunities to existing as well as new players. But within the Middle East countries, some countries have an edge over others in the insurance industry. One such country is the UAE that has left behind other fellow countries and is growing with YOY growth rate of over 27%. Turkey follows it at second place with nearly 23.7% growth rate.
The research has identified that the UAE enjoys the maximum number of insurance companies in the Gulf Cooperation Council (GCC). Moreover, it has closely studied the factors that contributed in bringing the UAE on top among the Middle East countries in the insurance sector with focus on how growth of the insurance industry is influenced by rising awareness for health insurance among people.
Turkey, says the RNCOS report, had written the highest premium in 2006 among all the Middle East nations and its insurance sector contributes significantly to the financial system. The report has evaluated the factors fostering growth in the Turkish insurance sector. Moreover, it also incorporates extensive information about the opportunities present in the Turkish insurance market.
“Opportunities in Middle East Insurance Market” provides comprehensive research and in-depth analysis of the insurance industry in the Middle East. It incorporates detailed analysis of the past trend, current status and future prospects by concentrating on the driving forces and other related issues.
RNCOS, incorporated in the year 2002, is an industry research firm. It has a team of industry experts who analyze data collected from credible sources. They provide industry insights and analysis that helps corporations to take timely and accurate business decision in today's globally competitive environment.