Insurance and Reinsurance in the MENA Region

The insurance market of the Middle East and North Africa (MENA) region was traditionally considered to be a saturated market in view of the low awareness about its benefits among the populations, the low demand for it, the low minimum capital requirements to establish insurance companies and the relaxed regulations concerning it. However, new developments over the past decade have recently revolutionised this market and changed the situation in the region. The MENA region has recently seen the emergence of new insurance regulations, the establishment of Takaful (Islamic Insurance) companies and the creation of independent insurance governing bodies and regulators. Moreover, the socio-economic growth in the region and the increasing awareness regarding insurance among people have also prompted foreign insurers to take an increasing interest in this re-emerging and growing market.