Etihad Credit Insurance (ECI) has signed Memoranda of Understanding (MoUs) with Saudi EXIM Bank and Credit Oman during its participation in the Annual General Meeting of Berne Union, in Hamburg, Germany, which was held on 15-17 October.
2024 is set to be another profitable year for the Islamic insurance sector in the GCC. Net profits in 2023 had already reached a record of almost $1bn, mainly due to rate adjustments in previously underperforming lines and higher investment returns, says S&P Global Ratings (S&P).
Listed insurers in the GCC region have registered an impressive growth of 8.0% in after-tax profits with a mere y-o-y increase of 1.1% points in the net combined ratio (NCR) as the damage from a series of rain events, including the UAE's record-breaking rainfall in April 2024 has been contained to a large extent by reinsurance arrangements for most insurers.
Islamic and takaful insurers in the Gulf Cooperation Council (GCC) region continue to benefit from favourable growth prospects, said S&P Global Ratings (S&P).
Higher investment income averaging at a quarterly rate of return on investments (ROI) of 1.7% (1Q2023: 1.3%) has boosted the first-quarter earnings of 77 listed insurers in the GCC region, according to Insurance Monitor, a research and consulting firm.
Growth prospects for the insurance sector remain plentiful in the insurance markets of the Gulf Cooperation Council (GCC), said global credit rating agency AM Best.
GCC insurers' top-line growth is expected to range between 5% and 15% in 2024, with Saudi insurers likely to expand at the fastest pace, says S&P Global Ratings (S&P).
Four insurers from Saudi Arabia are on the list of the 10 biggest insurance companies in the GCC in terms of insurance revenue, according to data set out in the "FY2023: GCC Performance Periodical".
Price increases, regulatory enforcement, M&A activity and generally favourable economic conditions have boosted the insurance revenue of 76 listed insurers in the GCC region for a second consecutive year in 2023 (FY2023).
The majority of the InsurTech companies in the GCC are concentrated in Saudi Arabia and the UAE, notes UAE-based investment banking advisory firm, Alpen Capital, in its latest "GCC Insurance Industry" report released last week.