Mubasher: Insurance premiums in Arab countries amounted to $35 billion by the end of 2016, according to head of the Arab Monetary Fund (AMF) Abdulrahman Abdallah Al Hamidy.
The insurance premiums’ annual growth rate in the Arab world reached 6% for ordinary and Islamic insurances, he stated in a speech at a seminar organised by the Economic Policy Institute.
The insurance sector in the Arab world witnessed growth in the past years, in conjunction with the developments seen in the region’s economies, increasing the need for insurance services.
Al Hamidy highlighted the importance of following the development of risk management practices in the sector by raising awareness about their necessity.
The head of the Egyptian Financial Supervisory Authority (EFSA) had said that insurance premiums in Egypt amounted to EGP 24 billion in 2016 versus EGP 18 billion in 2015.
As for Jordan, official data from the Jordanian Insurance Department showed an increase in insurance premiums by 5.9% in 2016.
