Motor and Health Segments to Fuel the Growth of the Middle East Insurance Market: Ken Research

NEW DELHI - Nov. 24, 2013 - PRLog -- The car sales among the population in Middle East countries has witnessed consistent surge over the years. This is primarily because of the high replacement demand from the consumers in the region with significantly high disposable incomes. The large affluent expatriate population in the region is another important consumer base which is catered by the car companies. This combined with compulsory motor vehicle insurance in almost all the countries in Middle East has resulted in high growth of the motor insurance premiums making it one of the largest insurance segments in the Middle East insurance market. For instance, motor insurance is already the largest non-life segment in the insurance markets of many countries such as Israel, Iran, Saudi Arabia, Jordan and Bahrain. Additionally, health insurance is also rapidly gaining significant share in the insurance market of the region. While many countries such as Israel, Iran and UAE (Abu Dhabi) have already extended the coverage of compulsory health insurance to the population, many countries such as Saudi Arabia have initiated by implementing mandatory health coverage for expatriate population. Health insurance is the second largest non-life insurance segment in countries such as Israel, Iran, UAE and Jordan, and is the largest non-life insurance segment in Saudi Arabia. This indicates high growth opportunities for the insurance companies looking to enter Middle East insurance market which is expected to expand strongly at a CAGR of 17.0% during 2012-2017.

“With the growing population, the incidences of lifestyle diseases as well as car sales are expected to surge in the region which would lead to increased penetration of compulsory medical and motor vehicle insurance in these countries.” – According to the research report ‘Middle East Insurance Market Outlook to 2017 – Motor and Health Segment to Channel the Growth’ by Ken Research.

The trend of compulsory motor and health insurance is expected to grow to more number of countries in coming years as the governments are trying to reduce the public healthcare expenditure by bringing more population under coverage.

The report provides detailed overview on the insurance market in the Middle East region and helps reader to identify the ongoing trends in the key segments of the industry and anticipated growth in future depending upon changing industry dynamics in coming years. The report will aid industry consultants, insurance companies and other stakeholders to align their market centric strategies according to ongoing and expected trends in future.

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http://www.kenresearch.com/banking-financial-service-insurance/insurance/middle-east-insurance-market-research-report/424-93.html