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Middle East & North Africa. Why is this an insurance growth region?. MENA. Profile An insurance growth region Current figures and outlook. More than 20 Countries. Morocco, Algeria, Tunisia, Egypt,Libya Lebanon, Palestine, Israel, Jordan, Syria, Iran, Iraq, Turkey - PowerPoint PPT Presentation

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  • Middle East & North Africa Why is this an insurance growth region?

    MORO 2006 - London June 13th

  • MENA

    ProfileAn insurance growth regionCurrent figures and outlook

    MORO 2006 - London June 13th

  • More than 20 Countries

    Morocco, Algeria, Tunisia, Egypt,Libya Lebanon, Palestine, Israel, Jordan, Syria, Iran, Iraq, TurkeyBahrain, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates, Oman, Yemen.

    MORO 2006 - London June 13th

  • Different economy features

    Common cultural heritage, but :Various stages of economic developmentDifferent natural resources endowment (especially oil)

    MORO 2006 - London June 13th

  • MENA Vs World

    Population : 7.7% of the worlds population

    Total GDP :Around USD 2 trillions

    MORO 2006 - London June 13th

  • MENA

    ProfileAn insurance growth regionCurrent figures and outlook

    MORO 2006 - London June 13th

  • Development drivers

    RegulationInvestmentTakafulCompulsory insuranceBancassurance

    MORO 2006 - London June 13th

  • United Arab EmiratesBMA developed a world-class regulatory system.BMA is finalizing a new rules book for the growth of specific lines of business :Takaful & RetakafulBancassurance & ReinsuranceCaptive insuranceProfessional services (TPA)

    MORO 2006 - London June 13th

  • Egypt & KuwaitEgypt / Insurance reforms pushed forwardNew provisions to prevent money launderingInternal audit committees to ensure compliance with government regulations.

    Kuwait / New decreeRevision of licensing requirements for brokers, agents and consultants

    MORO 2006 - London June 13th

  • Jordan & LibyaJordan / New set of regulationsMinimum required capital increasedSolvency margin increased

    Libya / Insurance market openedNew insurance companies are expected to enter the market.

    MORO 2006 - London June 13th

  • Oman & Saudi ArabiaOman / Transfer of regulation authorityFrom Ministry of Commerce and Industry to Capital Market Authority.

    Saudi Arabia / New regulation and authorityIn 2003, promulgation of the long-expected regulation relating to the establishment and licensing of (re) insurance companies.SAMA is the insurance authority body

    MORO 2006 - London June 13th

  • Development drivers

    RegulationInvestmentTakafulCompulsory insuranceBancassurance

    MORO 2006 - London June 13th

  • InvestmentsNew investments thanks to planned policy reforms :16 Arab MENA nations showed their intention to pursue their comprehensive reform : Economic, political, social, educational and legal.

    New opportunities for insurance services from :Privatization programmes,Expected rapid growth in infrastructure development in the Gulf Cooperation Council (GCC).

    MORO 2006 - London June 13th

  • InvestmentsExpected new investments driven by liberalization of the insurance sector :Continuing and encouraging reform in insurance legislation, particularly in Saudi Arabia.Opening of markets in Libya and Syria and untapped potential in Iraq.Global liberalisation of financial services as part of WTO membership.

    MORO 2006 - London June 13th

  • Development drivers

    RegulationInvestmentTakafulCompulsory insuranceBancassurance

    MORO 2006 - London June 13th

  • Takaful

    Takaful products contributed & are expected to continue to contribute to insurance business growth.Innovative customer needs driven productsOvercome social and religious insurance demand inhibitorsInterest for Takaful is growing among customers.

    Number of Takafuls companies is growing fast.Number of Takaful windows is growing as well

    MORO 2006 - London June 13th

  • Development drivers

    RegulationInvestmentTakafulCompulsory insuranceBancassurance

    MORO 2006 - London June 13th

  • Compulsory insuranceIn UAE, demand for insurance increased exponentially due to the introduction of two compulsory lines : Third party motor liability Medical protection.

    Saudi Health Insurance Market expected to grow by four times in a very short term reaching USD 1 billion.

    MORO 2006 - London June 13th

  • Compulsory insurance

    Algeria passed a law in August 2003, following the earthquake in May of that year, making insurance against natural hazards obligatory

    MORO 2006 - London June 13th

  • Development drivers

    RegulationInvestmentTakafulCompulsory insuranceBancassurance

    MORO 2006 - London June 13th

  • BancassuranceIn Saudi Arabia, SAMA allowed local banks collaborate with insurance companies in the family takaful field through Bancassurance.Bancassurance has improved production levels and is expected to account for 30% of market by 2010.Syria, which has an important banking potential, encouraged bancassurance development by the opening its financial, banking and insurance sectors.

    MORO 2006 - London June 13th

  • MENA

    ProfileAn insurance growth regionCurrent figures and outlook

    MORO 2006 - London June 13th

  • Premium income in GCC

    MORO 2006 - London June 13th

  • Premium income in N-Africa

    MORO 2006 - London June 13th

  • Growth rates

    MORO 2006 - London June 13th

    Feuil1

    LIFENON-LIFE

    GCC99/0115%11%

    01/0328%29%

    N-Africa99/012%-3%

    01/0311%20%

  • 2004 MENA Premium incomeMUSD

    MORO 2006 - London June 13th

  • 2010 premium income (e)MUSD

    MORO 2006 - London June 13th

  • Thank youRef : The ARAB BUSINESS MAGAZINE Al- Iktissad wal- Aamal (March 2006).The Annual ARIG Review of the Arab Insurance Market 2003.The BMA Islamic Finance Review (issue 2 & 10).The Insurance Review (issue 6).LArgus de lAssurance (July 2005).

    MORO 2006 - London June 13th