London, April 29, 2024–(Business Wire)–AM best maintains a stable market segment outlook for the Gulf Cooperation Council (GCC) insurance market.
AM Best, in its new Best Market Segment Report, Market Segment Outlook: GCC Insurance, says that while high oil prices continue to widen the region’s fiscal surplus, new insurable risks are increasing in the market. The company notes that growth prospects for the insurance sector remain plentiful. Provides resilience to difficult global macroeconomic conditions. Increased regulatory oversight has also increased the focus on risk management and corporate governance.
However, mitigating factors identified by AM Best analysts include the highly saturated nature of the GCC market, with intense competition increasing pricing pressure and threatening technological margins, while regulatory regimes operating costs have increased as a result of the improvements in IFRS 17 and the adoption of IFRS 17. – Especially putting pressure on the profits of small and medium-sized enterprises.
To access a free copy of this special report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=342433.
AM Best is a global credit rating agency, news publisher, and data analytics provider focused on the insurance industry. The company is headquartered in the United States, with offices in London, Amsterdam, Dubai, Hong Kong, Singapore, and Mexico City, and does business in more than 100 countries. For more information, please visit: www.ambest.com.
Copyright © 2024 by AM Best Rating Services, Inc. and/or its affiliates. All rights reserved.
View source version on businesswire.com. https://www.businesswire.com/news/home/20240428030069/en/
contact address
emily thompson
senior financial analyst
+44 20 7397 0291
emily.thompson@ambest.com
Jessica Botello Young, California
Associate Director, Analytics
+44 20 7397 0310
jessica.botelho-young@ambest.com
Richard Banks
Director of Industry Research – EMEA
+44 20 7397 0322
richard.banks@ambest.com
Edem Kuenyehia
Director of Market Development
&communication
+44 20 7397 0280
edem.kuenyehia@ambest.com
