Middle East offers insurance growth despite oil price fall
The Middle East is still a good investment choice despite declining oil wealth, a regional insurance conference was told. Falling crude prices have been no impediment to growth in Middle Eastern premiums, which more doubled to $50bn from $20bn between 2006 and 2015, Abdul Rahman Al Baker, executive director of financial institutions supervision at the Central Bank of Bahrain, told the 13th Middle East Insurance Forum (MEIF) in Bahrain. The introduction of compulsory health insurance in many states, more demand for takaful products and the low base of insurance penetration mean there are major opportunities for carriers, he said.

Despite the drop in oil prices and slower economic growth in recent years, MENA remains a fertile area for growth but challenges remain especially because of severe competition brought on by the increased number of players in the insurance sector.