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Insurance in the countries of the Arab General Insurance Union (UGAA)
Arab General Insurance Union (UGAA). More than 1,200 participants are expected at this biennial meeting, whose theme is "The Future Challenges of Arab Insurance and Reinsurance Companies".
UGAA
On this occasion, Atlas Magazine draws up a costed statement of the insurance markets of the member countries of the UGAA. The analysis covers the evolution of premiums and some indicators of activity.
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UGAA, state of play
The GSU, created in 1964, comprises at the end of 2013 nearly 330 insurance and reinsurance companies from twenty member countries: Lebanon, Jordan, Saudi Arabia, Kuwait, Egypt, Syria, Tunisia, Libya, United Arab Emirates, Sudan, Bahrain, Oman, Yemen, Qatar, Algeria, Palestine, Morocco, Iraq, Mauritania and Somalia.
This very large market, which spans two continents, is struggling to organize itself as a specific entity. Several constraints hinder its growth, the main one of which originated in its political, economic and social instability. In addition, insurers in the region are facing a number of other structural challenges such as:
high automobile claims,
the low retention rate,
the risk management policy to be improved,
the lack of expertise of local insurers,
the lack of homogeneity of the regulations,
the absence of a specific framework for takaful insurance,
weak control bodies,
lack of training structure.
UGAA, change in insurance premiums 2010-2014
All SGFA member countries, excluding Somalia (1), recorded $ 32,445 million in premiums in 2014, compared with $ 22,443 million in 2010, an increase of 44.56%. Over the same period, overall global premiums grew by only 10%.
With $ 26,338 million in premiums and 81.18% of market share, non-life insurance remains dominant in 2014. The life business, which has not increased much since 2010 (+ 7%), accounts for 18.82% of total 2014 cash receipts.
(1) Data not available
At the level of the markets, the palm of the growth during the period 2010-2014 returns to the countries of the Gulf. The latter achieved the highest rates of progression. Saudi Arabia thus occupies the top of the podium with an increase of 85.9%, it is followed by Oman (60.2%), Qatar (58.3%), the United Arab Emirates (52.1%) and Kuwait (41.6%).
Despite the good overall performance recorded by the GSFA countries over the past five years, receipts remain low. In relation to global premiums, the contribution of the zone remains marginal and does not exceed 0.66% in 2014. The insurance penetration rate in the region is only 1.1%, compared to 6.2% in the region. world level.
The markets of the UGAA
UGAA Market
View of Lebanon © Lebnen18, CC BY-SA 3.0
Arab insurance is characterized by its heterogeneity. Three types of markets coexist in the region; the markets are booming, those whose performance remains below the three locomotives of the area and those in which the insurance is difficult to exist.
In terms of premiums, the first group is dominated by three countries which alone account for nearly two-thirds of receipts (63%). The United Arab Emirates ranks first with $ 9.1 billion in premiums in 2014, followed by Saudi Arabia with $ 8.1 billion. Morocco comes in third with a premium volume of 3.155 billion USD. It is thanks to the establishment of a favorable business climate for the introduction of the insurance obligation and the implementation of a series of reforms that the insurance industry has developed in these markets.
Lebanon, Tunisia, Egypt, Algeria, Bahrain, Jordan, Kuwait, Oman and Qatar can be classified in a second subset. Insurance in most of these countries has been relatively consistent over the past several years. The nine countries in this group account for nearly 33% of the overall turnover of the Arab General Insurance Union (UGAA).
The last third of the market remains beset with difficulties of all kinds that often go beyond the scope of insurance. In this situation are found Libya, Iraq, Sudan, Syria, Mauritania, Palestine and Yemen.
Density and penetration rate of insurance in the UGAA zone
The insurance density of all SGFA countries was US $ 88.4 in 2014, well below the world average of US $ 662. Only the United Arab Emirates and Qatar are above this average with respectively per capita premiums of USD 971.4 and USD 677. For Bahrain this indicator is 530 USD.
The penetration rate of insurance remains low for all 19 countries studied. It is 1.14%. The weakness of this index suggests a strong potential
Insurance in the countries of the Arab General Insurance Union (UGAA)
Arab General Insurance Union (UGAA). More than 1,200 participants are expected at this biennial meeting, whose theme is "The Future Challenges of Arab Insurance and Reinsurance Companies".
UGAA
On this occasion, Atlas Magazine draws up a costed statement of the insurance markets of the member countries of the UGAA. The analysis covers the evolution of premiums and some indicators of activity.
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UGAA, state of play
The GSU, created in 1964, comprises at the end of 2013 nearly 330 insurance and reinsurance companies from twenty member countries: Lebanon, Jordan, Saudi Arabia, Kuwait, Egypt, Syria, Tunisia, Libya, United Arab Emirates, Sudan, Bahrain, Oman, Yemen, Qatar, Algeria, Palestine, Morocco, Iraq, Mauritania and Somalia.
This very large market, which spans two continents, is struggling to organize itself as a specific entity. Several constraints hinder its growth, the main one of which originated in its political, economic and social instability. In addition, insurers in the region are facing a number of other structural challenges such as:
high automobile claims,
the low retention rate,
the risk management policy to be improved,
the lack of expertise of local insurers,
the lack of homogeneity of the regulations,
the absence of a specific framework for takaful insurance,
weak control bodies,
lack of training structure.
UGAA, change in insurance premiums 2010-2014
All SGFA member countries, excluding Somalia (1), recorded $ 32,445 million in premiums in 2014, compared with $ 22,443 million in 2010, an increase of 44.56%. Over the same period, overall global premiums grew by only 10%.
With $ 26,338 million in premiums and 81.18% of market share, non-life insurance remains dominant in 2014. The life business, which has not increased much since 2010 (+ 7%), accounts for 18.82% of total 2014 cash receipts.
(1) Data not available
At the level of the markets, the palm of the growth during the period 2010-2014 returns to the countries of the Gulf. The latter achieved the highest rates of progression. Saudi Arabia thus occupies the top of the podium with an increase of 85.9%, it is followed by Oman (60.2%), Qatar (58.3%), the United Arab Emirates (52.1%) and Kuwait (41.6%).
Despite the good overall performance recorded by the GSFA countries over the past five years, receipts remain low. In relation to global premiums, the contribution of the zone remains marginal and does not exceed 0.66% in 2014. The insurance penetration rate in the region is only 1.1%, compared to 6.2% in the region. world level.
The markets of the UGAA
UGAA Market
View of Lebanon © Lebnen18, CC BY-SA 3.0
Arab insurance is characterized by its heterogeneity. Three types of markets coexist in the region; the markets are booming, those whose performance remains below the three locomotives of the area and those in which the insurance is difficult to exist.
In terms of premiums, the first group is dominated by three countries which alone account for nearly two-thirds of receipts (63%). The United Arab Emirates ranks first with $ 9.1 billion in premiums in 2014, followed by Saudi Arabia with $ 8.1 billion. Morocco comes in third with a premium volume of 3.155 billion USD. It is thanks to the establishment of a favorable business climate for the introduction of the insurance obligation and the implementation of a series of reforms that the insurance industry has developed in these markets.
Lebanon, Tunisia, Egypt, Algeria, Bahrain, Jordan, Kuwait, Oman and Qatar can be classified in a second subset. Insurance in most of these countries has been relatively consistent over the past several years. The nine countries in this group account for nearly 33% of the overall turnover of the Arab General Insurance Union (UGAA).
The last third of the market remains beset with difficulties of all kinds that often go beyond the scope of insurance. In this situation are found Libya, Iraq, Sudan, Syria, Mauritania, Palestine and Yemen.
Density and penetration rate of insurance in the UGAA zone
The insurance density of all SGFA countries was US $ 88.4 in 2014, well below the world average of US $ 662. Only the United Arab Emirates and Qatar are above this average with respectively per capita premiums of USD 971.4 and USD 677. For Bahrain this indicator is 530 USD.
The penetration rate of insurance remains low for all 19 countries studied. It is 1.14%. The weakness of this index suggests a strong potential
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