Middle East Survey
EASTERN PROMISE
As part of its annual Middle East
Awards, Intelligent Insurer surveyed a wide range of influential experts from the insurance and reinsurance industry, to determine which companies are the leading lights from the region.
D
espite the recent turbulence in some parts of the region, the Middle East continues to be an area of development for the insurance and reinsurance industry.
Insurance take-up is on the rise in many areas; the Insurance Commission
of Jordan recently reported that preliminary gross insurance premiums grew by 12 percent by the end of 2010, in comparison with the same period the year before.
With both local and international re/insurers seeing promise in the
region, many are further developing their operations there. Interest in the region from both international insurers and reinsurers
remains strong, with Tokio Marine recently signing an agreement with the Saudi-based Alinma Bank to start up a new operation, Tokio Marine Saudi Arabia.
Commenting on the deal, Mr Abdulmohsen Al-Fares, the chief executive officer of Alinma Bank, said that the new operation would take advantage of the “rapidly growing demand for shariah-compliant insurance products and the growing needs of the Saudi market in general”.
To gauge the growth of the insurance and reinsurance market in the
region—and also to see who is leading the pack—Intelligent Insurer surveyed insurance and reinsurance executives to find out their views.
Whilst the results were dominated by local outfits, the results of the
survey show that international companies are still making a major contribution to the insurance and reinsurance industries in the region in terms of insurance, reinsurance and in providing accountancy, legal and brokerage services. Here is a selection of the winners, with the full results being published later in the year.
60 | INTELLIGENT INSURER | Summer 2011
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iStockphoto.com / Nikada
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