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Credit conditions volatile as competition and geopolitical risk offset GDP growth

Credit conditions for insurers in the Gulf Cooperation Council (GCC) countries remain volatile. Robust economic growth as GCC governments invest to diversify away from hydrocarbons coupled with insurance price increases in 2023 should help insurers achieve underwriting profitability this year. However, GCC insurance prices remain under competitive pressure as companies seek to grow their market share, while storms that struck the region in April will increase claims and reinsurance costs. The sector’s investment portfolio is skewed towards domestic equities and....

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