The GCC insurance market is projected to grow at a CAGR of 10.9% from US$26.2 billion in 2016 to US$44.0 billion in 2021, according to a report by Alpen Capital. This projection is based on existing fundamentals of the industry and economic outlook despite challenges such as lower oil prices and reduced public and business spending.
The Saudi Arabian Monetary Authority has directed insurance companies to issue or renew insurance policies for shops only after confirming the existence of surveillance cameras in the commercial establishments.
China's bank regulator, the China Banking Regulatory Commission, has slapped Guangfa Bank, the dominant lender based in Guangzhou city, with the industry's largest penalty, to crack down on financial malpractice and malfeasance.
Indications are that the insurance market will show a decline in premiums for this year by around 8%, according to the CEO of Alliance Insurance, Mr Hassan Khelifati.
Omani insurance companies have achieved a marginal 0.3% growth in direct gross insurance premium income to OMR358.16 million (US$930 million) for the first three quarters of 2017.
Moody's Investors Service says that its outlook for financial institutions in China through 2018 is stable, because of strengthening government regulations on the industry and stable economic growth.
The Tunisian Federation of Insurance Companies (FTUSA) is considering setting up an organisation to fight insurance fraud, according to the insurance body's Executive Director, Mr Kamel Chibani.
Competition among banks for real estate loans has intensified, leading to big stakes too in mortgage insurance with improvements emerging for clients.
Chaucer, the international specialty insurance group, has opened Chaucer MENA Underwriting in the Dubai International Financial Centre to support Middle Eastern and North African business.
The growth rate of the Chinese P&C insurance market is expected to slow down moderately this year before returning to a mid- to high-teen growth rate into 2018, says DBS Bank.