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Moody’s anticipates that the insurance market in the Gulf Cooperation Council (GCC) countries will remain stable over the next 12 to 18 months.
The sector is expected to be supported by robust economic growth and the widespread implementation of compulsory insurance schemes.
Expansion in the construction, tourism, and manufacturing industries is likely to drive demand for property, third-party liability, and health insurance products. Meanwhile, increased consumer awareness, coupled with a reduction in public service subsidies, is expected to boost demand for life insurance and savings products.
The rating agency notes that the non-life insurance segment is poised to benefit from government-backed infrastructure and economic diversification projects, particularly in Saudi Arabia and the United Arab Emirates.