October 4, 2023
Home Posts tagged AM Best
Business

Best’s Market Segment Outlook: AM Best Maintains Stable Outlook on Gulf Cooperation Council Insurance Markets

LONDON — AM Best is maintaining its stable market segment outlook for the insurance markets of the Gulf Cooperation Council (GCC) – comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. The maintenance of the stable outlook reflects the GCC insurance market’s solid footing entering 2023; however, the weight of headwinds facing […]
Business

Best’s Market Segment Report: Intense Price Competition Erodes Profitability of United Arab Emirates-listed Insurers in 2022

LONDON — The insurance market in the United Arab Emirates reported a marked deterioration in underwriting profitability in 2022. In AM Best’s opinion, this largely reflects the highly competitive market conditions and continuous pricing pressures, particularly in the core motor and medical lines, which account for a large proportion of retained risk in the market. A
Business

Best’s Market Segment Report: Shortcomings Still Present Despite Steady Improvements in ERM for MENA Insurers

LONDON — Enterprise risk management (ERM) frameworks and capabilities can vary widely among (re)insurers in the Middle East and North Africa (MENA), where economic, political and financial systems risks tend to be elevated, according to analysts at AM Best. A Best’s Market Segment Report, titled “Shortcomings Still Present Despite Steady Improvements in ERM for MENA […]
Business

Best’s Market Segment Report: Two Years After Beirut Blast, Operating Environment Remains Gruelling for Lebanese Insurers

LONDON: The Beirut port explosion, which occurred two years ago and has been described as one of the largest non-nuclear explosions recorded, ultimately caused estimated physical damage and insured losses of USD 4 billion and USD 1 billion, respectively. A new AM Best report discusses how the explosion, along with other factors, has intensified operational
Business

Best’s Market Segment Report: Overall Profits for United Arab Emirates-Listed Insurers Grew in 2021 as Underwriting Earnings Fell

LONDON–(BUSINESS WIRE/AETOSWire)– The United Arab Emirates’ (UAE) insurance market maintained its impressive momentum in 2021, posting another year of strong premium growth, analysis from AM Best shows. A new Best’s Market Segment Report, “Overall Profits for United Arab Emirates-Listed Insurers Grew in 2021 as Underwriting Earnings Fell,”
Business

Best’s Market Segment Report: Evaluating MENA Ratings Using Best’s Credit Rating Methodology

LONDON–(BUSINESS WIRE/AETOSWire)– Middle East and North Africa (MENA) insurance markets have seen robust growth over the last decade. However, according to a new AM Best report, the rate of growth has stalled in the last 18 months primarily due to the impact COVID-19 and volatility in energy prices, attributable largely to the global economic slowdown

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