Middle East Insurance to Grow at 25% CAGR
On the back of favorable demographical profile, Middle East insurance industry is expected to grow at a CAGR of around 25% till 2013.
- (1888PressRelease) October 28, 2010 - According to our research report "Middle East Insurance Market Forecast to 2012", the Middle East insurance market is rapidly growing and changing. Although in comparison to other parts of the world, this market is relatively small, the scope for further expansion is huge. The insurance market in the region is expected to grow at a CAGR of around 25% during our forecast period (2010-2013), mainly due to rising awareness level, and number of other factors discussed in the report.
Our team of experts has found that, Israel recorded the highest premium among the Middle East countries in 2009. In terms of growth rate over 2008, Saudi Arabia and Bahrain registered the highest growth rates. The report provides a detailed country level analysis of the Middle East region. It has also forecasted the insurance premium till 2013 for these countries.
We have found that, Takaful plays a major role in the Middle East insurance sector. It has rapidly grown during the past few years. Besides, there are other areas, which are expected to post growth in near future. Our team of experts has identified these areas and provided an analysis on them.
The Middle East insurance market, undoubtedly, represents immense growth potential. However, the current growth level has just been able to scratch the surface of this huge potential. To fully realize the potential of the region's insurance market, a number of key challenges need to be addressed. Our research analysts have pointed out those issues and have analyzed them thoroughly in the report.
We have found that there is a vast room for further growth as the total insurance penetration in the region is still very low, in comparison to the population of the Middle East region. Particularly, life insurance has very small share compared to non-life and remains largely untapped thus, offering plenty of opportunities for new as well as existing insurers.
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RNCOS specializes in Industry intelligence and creative solutions for contemporary business segments. Our professionals study and analyze the industry and its various components, with comprehensive study of the changing market behavior. Our accuracy and data precision proves beneficial in terms of pricing and time management that assist the consultants in meeting their objectives in a cost-effective and timely manner.
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