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Large growth potential seen for Middle East insurance sector, say experts


Insurance experts have said balancing premium growth with profitability is one of the main challenges faced by Middle East insurers, Gulf Daily News reported.

Geoff Riddell, chairman for Asia-Pacific and Middle East and Africa at Zurich Insurance Group, said local firms will look to globalize their businesses, "at which stage they will need (insurance) providers who can meet their needs internationally."

Mr. Riddell added that "this means local insurers have a strong interest in encouraging the development of a regulatory environment that is consistent with international rules."

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