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GCC Insurance Market Trends, Outlook and Impact of Oil Price Movements and COVID-19
Recorded on Thursday, June 18, 2020
AM Best has revised its market segment outlook on the insurance markets of the Gulf Cooperation Council (GCC) to negative from stable. Key factors that led to the change include the economic downturn across the region, stemming from lower oil prices and strong COVID-19 containment measures, as well as the expectation of lower insurance demand. These negative factors are partially offset by the introduction of regulatory requirements over the past five years in Saudi Arabia, the United Arab Emirates, and Qatar, which have encouraged insurers to implement more robust governance and risk management frameworks.
In this complimentary AM Best Webinar, analysts will discuss how these factors are affecting companies operating in the GCC and provide an update on the potential impact of COVID-19 and low oil prices on earnings and balance sheets.
- Jessica Botelho-Young, CA. Senior Financial Analyst, Analytics, AM Best
- Alex Rafferty, Associate Director, Analytics, AM Best
- Vasilis Katsipis, General Manager, Market Development, AM Best
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