Best's Market Segment Report: AM Best Maintains Stable Outlook on Insurance Markets of Gulf Cooperation Council

 (BUSINESS WIRE)--AM Best is maintaining its market segment outlook for the insurance markets of the Gulf Cooperation Council (GCC) at stable.

In its new Best’s Market Segment Report, “Market Segment Outlook: Gulf Cooperation Council Insurance”, AM Best notes that growth prospects for the insurance sector remain plentiful as new insurable risks enter the market while high oil prices continue to fuel the region’s fiscal surpluses and provide resilience to challenging global macroeconomic conditions. Increasing regulatory scrutiny is also leading to a growing focus on risk management and corporate governance.

On the other hand, moderating factors identified by AM Best’s analysts include the highly saturated nature of the GCC markets, with intense competition driving pricing pressure and threatening technical margins, while rising operating costs – the result of improving regulatory regimes and the implementation of IFRS 17 – are squeezing margins, particularly for small- and mid-tier companies.

To access a complimentary 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 specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

 

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Contacts

Emily Thompson

Senior Financial Analyst

+44 20 7397 0291

emily.thompson@ambest.com

Jessica Botelho-Young, CA

Associate Director, Analytics

+44 20 7397 0310

jessica.botelho-young@ambest.com

Richard Banks

Director, Industry Research – EMEA

+44 20 7397 0322

richard.banks@ambest.com

Edem Kuenyehia

Director, Market Development

& Communications

+44 20 7397 0280

edem.kuenyehia@ambest.com