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GCC insurers see over 21% growth in premiums

Posted On: Apr. 11, 2023 10:00 AM CST

Premium growth

A report by U.A.E.-based market research firm Insurance Monitor said that the aggregate gross written premium of 80 insurers listed in the Gulf Cooperation Council nations increased by 21% year-on-year to $30.4 billion in 2022, Middle East Insurance Review reported. The increase was driven by growing oil operations, new compulsory covers and increased capital expenditures. Eight capital-rich insurers account for 75% of the overall increase in premiums.