Saudi's Tawuniya

Foreign insurers need adaptibility in Gulf market

International insurers seeking a bigger share of the potentially lucrative Gulf market need to adapt quickly to regulatory changes and tap into growth areas like Islamic finance or risk being muscled out of consolidation.
The overall Middle Eastern insurance sector lags mature markets but its enormous growth potential has already attracted global heavyweights such as AXA and Allianz.
However, the sector's regulatory framework is transforming rapidly and some multinationals remain cautious in developing their Islamic product offering, giving domestic competitors such as Abu Dhabi National Insurance Company, Saudi's Tawuniya and Qatar Insurance Company the chance to build a dominant position.
Foreign insurers have discovered the region in recent years, lured by its large population and the untapped potential, but with 180 firms jostling for space in the market, they need to get their acts together.

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