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U.A.E.-based Alpen Capital (ME) Ltd. has said in a report that the Gulf Cooperation Council's insurance industry is likely to hit $62.1 billion by 2020, reported Gulf Times.
The industry is expected to register a compound annual growth rate of 18.7% for the period 2014-2020, said Alpen Capital.
The insurance penetration in the GCC countries is likely to increase from 1.4% in 2014 to 3.3% in 2020, the report said.