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Growth of Insurance Sector Predicted

Middle East : 03 March 2010

Prospects of growth for insurance sector in the Middle East and North African region are bright. Space insurance is among the few financial sectors that have withstood the international financial crisis.

Governor of the Dubai International Financial Centre, Ahmed Humaid Al Tayer said that efforts by regional governments to induce people to save for rainy days during retirement as well as the launching of compulsory insurance for some non-life risks have been the main driving force for growth of insurance sector. Denationalizations of national assets now need insurance cover. Changing approaches to risk as well as profound structural changes are reasons for long term growth of the insurance sector.  The region’s gigantic plan for spending on infrastructure projects in petrochemical, transportation, water and energy sectors is creating a golden opportunity for insurance and reinsurance companies.

He also predicted robust expansion of space insurance sector because of increasing demand for disaster monitoring, latest earth surveys for pollution, launching of new mobile telephone, internet, radio and TV services.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
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