Dubai – Mubasher: Insurance markets in the UAE and Oman will achieve an annual growth rate of 12.1% until 2021, according to a recent report released by Alepen Capital for financial advisory.
The Saudi Arabia will register a 10.5% annual growth until the same year, Alpen Capital added, noting that the insurance sector in the GCC will advance 10.9% to $44 billion until 2021 from $26.2 billion in 2016.
The insurance sector’s growth in Oman can be attributed to the implementation of the mandatory health insurance law, while the UAE's sector rose on the back of putting the new insurance tariff on vehicles into effect, the report revealed.
Some major factors, including population growth, new infrastructure projects, and the recovery of GCC economies, boosted insurance sectors in both Oman and the UAE ,Alpen Capital concluded.
