28 Nov 2011
(MENAFN) Standard & Poor’s said that credit outlook for insurance markets in the Gulf Cooperation Council (GCC) started to become strong and competitive, reported Gulf News.
The rating agency added that there was a fierce competition in the GCC, with growing numbers of insurers.
It also said that earnings conditions were rough for insurers that primarily wrote retail lines of business, especially medical and motor, compared with insurers that focused on the higher-value commercial lines.
It is worth noting that even though all of the insurance markets in the GCC’s six countries were very competitive, the bulk of primary insurers maintain favorable underwriting margins, reflecting the strength of the business.
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