NewswireToday - /newswire/ -
Noida, Uttar Pradesh, India, 2010/09/09 - The Middle East non-life insurance segment, especially motor insurance is anticipated to grow at a CAGR of around 25% during 2010-2013, says RNCOS in its latest research report.
According to our recent report “Middle East Insurance Market Forecast to 2012”, insurance market in the Middle East has shown a tremendous growth in the past few years. Although the market is relatively small compared to the rest of the world, it has huge potential for growth. The insurance market in the Middle East is expected to grow at a CAGR of around 25% during 2010-2013 mainly due to the highly untapped market, rising awareness level, health consciousness, and initiatives taken by the governments of various countries in the region.
Our study on the market indicates that the penetration rate in the region has been considerably low owing to high income disparity, young local population with a good social safety net, and very small pension and long term savings industry. The low penetration level in the region further suggests that there is a significant scope for the growth of the industry.
As per our research, motor insurance segment is the largest among the non-life segments. Due to the, growing automobile industry in the region and the promotional strategies of the government, car and motor insurance segments will expand significantly and is expected to drive the growth in the non-life insurance market. Moreover as per our study, Middle East countries will witness a rise in the deaths and injuries in the near future. So, the demand for health and accidental insurance is expected to grow as probability for traffic crashes tends to increase.
Besides, our report elaborates the Insurance industry in the Middle East region. As per our study, it has been observed that these nations have inadequate and obsolete laws for the insurance industry, which calls for an immediate action by the insurance regulators in these countries to look forward to upgrade their frameworks and ensure its compliance with the international practices.
Our report “Middle East Insurance Market Forecast to 2012,” provides an extensive research and rational analysis along with reliable statistics of the Middle East insurance industry. Moreover, the emerging market trends and developments like Takaful Insurance, Bancassurance, etc are thoroughly studied in the report. In addition, the report has also discussed the key regions and their market size in the life and non-life segments of the Middle East insurance industry. Further, the report provides rational forecasts along with the future outlook of the industry for various markets in the Middle East region.
RNCOS (rncos.com) specializes in Industry intelligence and creative solutions for contemporary business segments. Our professionals study and analyze the industry and its various components, with comprehensive study of the changing market behavior. Our accuracy and data precision proves beneficial in terms of pricing and time management that assist the consultants in meeting their objectives in a cost-effective and timely manner.