MENA: Reinsurers expected to grow on the back of increasing product offerings in primary markets

Source: Middle East Insurance Review | Oct 2023

Prospects for the MENA reinsurance market may arise from growing product offerings in primary markets, namely in cyber and liability lines of business, according to an AM Best report.

The report, “MENA Reinsurers Report Topline Growth, Whilst Challenging Economic Conditions for Most Persist”, said that there are also opportunities created by the commitments of the region’s oil-exporting countries to reduce their dependence on petrochemicals and diversify their economies.

Achieving consistently strong underwriting returns has been a historical challenge for MENA reinsurers. However, recent market conditions favour the region’s reinsurers.

MENA reinsurers reported double-digit growth in gross written premium (GWP) at year-end 2022, citing favourable global reinsurance pricing trends, inflation, new business opportunities and corrective action to rates and terms and conditions as the leading drivers. M

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