GCC Islamic insurance growth slows by 1pct in 2016
04 Aug 2017
(MENAFN) The Islamic insurance sector in the GCC growth slowed to less than 1 percent last year, after years of annual increase in gross premium of more than 20 percent.
Additionally, the slowdown was driven by the introduction of new mandatory covers, as well as strong increases in premium rates in KSA.
Meanwhile, the pre-tax net income of the publicly listed firms in the sector enhanced to almost USD683mn last year, from USD274mn in 2015.
Accordingly, the slowdown in premium growth has also been affected by lower economic activity through all GCC states.