Headwinds for MENA insurers could lead to new order: EY
Middle East and North African (MENA) insurance markets face disruptive challenges on four fronts --  increasing customer expectations, regulatory changes, technological advancements and economic pressures -- according to professional services company EY. The industry needs to better grasp robotics, data analytics and cyber threats, among other trends changing the face of the global carrier market, said EY in a report, adding that the United Arab Emirates and Saudi Arabia had shown good growth prospects despite slowing economies and the dip in oil prices.
A four-pronged disruption - increasing customer expectations, regulatory changes, technological advancements and economic pressures - is expected to impact MENA insurance markets. And how individual insurers respond to these emerging challenges will define the future leaders of the business, said Mr Sanjay Jain, MENA Insurance Leader in EY's latest report "Insurance Opportunities in the Middle East".