Trends and challenges in GCC non-life insurance
Source: Middle East Insurance Review | Dec 2022
The GCC insurance market is facing a number of challenges. These includes worldwide economic and political uncertainties driving overall reduced risk appetite of insurers and reinsurers; accelerating inflation rates affecting pricing of short tail lines; increased sanctions following Russia president Vladimir Putin’s invasion of Ukraine and Russian sanctions leading to more granular contract exclusion discussions; more scrutiny on the wording used, where reinsurers seek greater clarity of definitions; and a noticeably decreased appetite by reinsurers for volatility.
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