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This article also features in Insurance Sector in the GCC. Read more about this report and view purchase options in our online store.

Research highlights: Insurance Sector in the GCC

The Report: Oman 2023

Insurance Sector Analysis

Recent years have been challenging for insurers worldwide as they grappled with the impact of the Covid-19 pandemic, supply chain disruptions, turbulent oil and gas prices…

The Report: Kuwait 2022

Insurance Sector Analysis

One of the world’s largest Islamic finance markets, Kuwait has a wide range of banking, sukuk (Islamic bonds) and takaful (Islamic insurance) entities and products on offer, with recent headwinds such as the Covid-19 pandemic…

GCC Insurance Sector Analyses

Overview

How digitalisation is driving growth for Oman’s insurance sector

Recent years have been challenging for insurers worldwide as they grappled with the impact of the Covid-19 pandemic, supply chain disruptions, turbulent oil and gas prices, and uncertainties concerning economic growth. Despite these challenges, Oman’s insurance sector has demonstrated robust growth. Looking ahead, recovery in the wider economy, regulatory improvements and signs of market consolidation herald further steps towards growth. The prospects are further enhanced by significant efforts to improve...


Analysis

Emerging markets prepare to implement IFRS 17

Insurance companies worldwide have been preparing for the most significant change in global accounting standards in almost two decades. On January 1, 2023 the International Financial Reporting Standard (IFRS) 17 came into effect. Replacing the previous standard, IFRS 4, which was issued in 2004, IFRS 17 aims to standardise insurance accounting globally through a uniform approach in order to improve comparability and increase transparency. This is expected to help those in the industry better understand...


Overview

How changing regulations signal growth opportunities for Kuwait's insurance market

The Kuwaiti insurance sector is undergoing a period of change and growth, as a new regulatory body finds its feet and companies emerge from the Covid-19 pandemic. Stronger oversight and a move towards greater standardisation, coupled with the continuing evolution of digital insurance technology (insurtech), are likely to see that trend continue, with the country’s crowded insurance field likely consolidating in the medium to long term. Sector players remain convinced that the future will see their businesses expand...


Analysis

Insurance companies prepare for changes to global accounting standards

Insurance companies worldwide have been preparing for the most significant change in global accounting standards in almost two decades. On January 1, 2023 the International Financial Reporting Standard (IFRS) 17 came into effect. Replacing the previous standard, IFRS 4, which was issued in 2004, IFRS 17 aims to standardise insurance accounting globally through a uniform approach in order to improve comparability and increase transparency. This is expected to help those in the industry better understand individual...


Overview

Digitalisation modernising Saudi Arabia's insurance market

Saudi Arabia’s insurance market, the second largest in the Gulf region by gross written premium (GWP) after the UAE, offers a vibrant and competitive environment. Growth in recent years has been attributed to economic development creating new insurable assets, and new lines of mandatory coverage. Long-term direction is detailed in the country’s Vision 2030 development plan and targets a growing and maturing sector through consolidation, digitalisation and overall capacity building. Like insurers worldwide who...


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