GCC countries: moderate forecast growth in the insurance market

According to Dubai-based consulting firm Alpen Capital, the Gulf insurance market (GCC) is expected to grow at an average annual rate of 4.3% over the next 5 years. The market would report premiums worth 36.1 billion USD in 2024 against 29.2 billion USD in 2019, that is a moderate rate compared to 9% achieved during the 2013-18 period.

This growth would be accounted for, particularly, by the sustained development of health insurance, the population growth, the increased number of compulsory insurance covers as well as the incentive regulatory framework. This is in addition to the mega-infrastructure projects generated by sporting events.

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