News MiddleEast10 Jul 2018

MENA:UAE overtakes Turkey in insurance premiums

10 Jul 2018

The latest Swiss Re Institute sigma study released last week and titled "World Insurance in 2017" shows that the UAE has overtaken Turkey in terms of insurance premiums.

Saudi Arabia and Iran, meanwhile, maintain their rankings in the MENA market.

The sigma report shows the following rankings of the various insurance markets in the region:

Country

2017

World

ranking

2016

World

ranking

2017

Premium 

($ m)

2016

Premium 

($ m)

2017

% change

nominal

2017

% change

real

2017

World mart

share %

2016

% change

nominal

2016

%

change

 real

Algeria 69 69 **1215 1197 1.6 -0.02 0.02 -5.4 -3.5
Bahrain 86 na *762 724 5.3 3.8 0.02 na na
Egypt 62 57 *1587 2125 -25.9 9.8 0.03 1.2 1.8
Iran 42 42 **9166 8907 2.9 0.4 0.19 7.7 5.0
Jordan 81 81 *854 821 4.0 0.7 0.02 3.6 4.4
Kuwait 82 74 *821 *797 3.0 1.8 0.02 6.5 3.6
Lebanon 60 62 *1634 1571 4.0 -0.5 0.03 3,2 4.0
Morocco 50 49 *3718 3561 4.4 3.0 0.08 14.7 13.8
Oman 70 70 *1214 1071 13.4 11.6 0.02 4.0 2.8
Saudi Arabia 41 41 *9717 9828 -1.1 -0.3 0.20 2.1 -1.3
Tunisia 83 78 **814 657 -5.1 na 0.02 -2.8  na
Turkey 39 36 12051 13072 -7.8 0.2 0.25 17.5 21.0
UAE 36 39 *13521 *11949 13.2 11.0 0.28 4.2 2.3

*estimated                 ** estimated USD value assuming constant insurance penetration

Qatar is not included in the list.

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