FINANCIAL NEWS

GCC insurance premiums hit USD18.4b

24 Feb 2015

(MENAFN) Gulf Cooperation Council (GCC) insurance premiums increased to USD18.4 billion from USD6.4 billion, in the period from 2006 to 2013, Times of Oman reported.

Saudi and UAE mounted on top of the insurance markets in the GCC, with about 80 percent of gross written premium (GWP). The UAE was the biggest and fastest insurance market in a growth, amounting to 45 percent of the region’s GWP.

“In this competitive environment, banks and insurers that can form fully integrated partnerships will be able to deliver greater operational efficiency and increase sales,” director of (Direct & Affinity) UAE & Bahrain, Saudi Insurance said in a statement.

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