GCC insurance industry to hit $40bn by 2017
The GCC insurance industry is slated to grow to approximately $28bn by the end of 2015 and tip $40bn by 2017. Opportunities for both local and international insurers are huge, according to Markaz (Kuwait Financial Centre) in their latest GCC Insurance report, which looks at the trends in Insurance Premium volumes across the GCC. This includes the takaful (Islamic Insurance), life, non-life, health, and reinsurance domains and compares the macro insurance factors such as insurance density, insurance penetration, and so on, of the GCC states with that of world. The drivers for the insurance industry in the GCC include the rising income levels, high amount of expatriate population, the increasing awareness among the population about the benefits of insurance, the government's policies mandating insurance in some sectors. The region also has a favorable demographic trend with youth population projected to grow and the middle class set to rise in the next few years.
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