Reinsurers domiciled in the Middle East and North Africa (MENA) region continued to benefit from positive pricing momentum over the recent renewal periods, albeit to a lesser extent than the global reinsurance market, according to a new report from AM Best.
The Best’s Market Segment Report, “MENA Reinsurer Performance Benefits from Pricing Environment, Higher Interest Rates,” forms part of AM Best’s look at the global reinsurance industry during the Rendez-Vous de Septembre in Monte Carlo. Additional reports, including AM Best’s annual analysis of the world’s largest reinsurance groups and in-depth looks at the insurance-linked securities, life/annuity, health and regional reinsurance markets, have been published during August and September.
“The performance of MENA’s reinsurers has been adversely impacted in recent years by an increasing volume of natural catastrophe losses and several single, large loss events,” said Emily Thompson, senior financial analyst, AM Best. “Following greater incidences of weather-related losses, such as flood events (particularly in the Gulf Cooperation Council countries), reinsurers in the region are having to further adapt pricing and modelling capabilities to ensure these exposures are appropriately factored into underwriting decisions and risk appetites.”
