GCC insurers see 22% growth in premiums

U.A.E.-based firm Insurance Monitor said that the combined gross written premium of 80 insurers listed in the Gulf Cooperation Council nations increased by 22% to $23.9 billion in the first nine months, driven by the improving economy and new mandatory covers, Middle East Insurance Review reported. Profit , dipped by 29% due to an increase in claims payouts, distribution and administrative expenses, as well as lower investment income.