Gulf Co-operation Council reinsurance market worth over $5 billion

Market sentiment remains upbeat among reinsurers and brokers operating in the countries of the Gulf Co-operation Council (GCC).

According to the 3rd GCC Reinsurance Barometer, a survey released on behalf of the Qatar Financial Centre (QFC) Authority yesterday in Doha, the impact of last year’s near-record burden of global catastrophe losses, the aftermath of the Arab Spring and growing primary insurance markets will translate into an improved pricing and profitability outlook.

The annual study, which is now in its third year, is based on in-depth interviews conducted with 33 reinsurance and brokerage executives, representing the majority of the region’s players in the sector.

Akshay Randeva, Director Strategic Development of the Qatar Financial Centre Authority said: “The GCC reinsurance market is worth more than $5 billion and poised to expand briskly. As a world-class regional financial centre, it is our ambition to continue to support future market growth by attracting talent and expertise and by enhancing the transparency of the marketplace through additional benchmarks for decision-making. The 3rd GCC Reinsurance Barometer contributes to this objective.”

Read more: GCC reinsurance market worth over $5 billion | Oman Observer