Insurers in the Gulf Cooperation Council (GCC) countries, like their peers globally, face a range of evolving environmental, social and governance (ESG) risks. The sector’s standards of governance are improving, but remain comparatively weak. This has been a key consideration in our assessment of GCC insurers’ credit strength. Since they operate in hydrocarbon dependent economies, they are also highly exposed to carbon transition risk, although their direct exposure to physical climate risk is low. The introduction of mandatory health insurance....