Best’s News & Research Service - June 14, 2021 08:46 AM (EDT)
Best's Market Segment Report: Hardening Market, Regulatory Developments in the GCC Region Drive Interest in Captive Insurers
- June 14, 2021 08:46 AM (EDT)
Amsterdam //BestWire// - While the global captive insurance industry has experienced steady growth over the past decade, the use of captive (re)insurers in the Gulf Cooperation Council (GCC) countries has been limited to date. However, as hardening international commercial insurance rates and regulatory developments in some GCC jurisdictions have made it easier to establish a captive, interest in captives has been growing in the region, according to a new AM Best report.
A new Best’s Market Segment Report, “Gulf Cooperation Council: A Hardening Market and Regulatory Developments Drive Interest in Captive Insurers” notes that it is not only the traditional users of captives—the energy and heavy industry sectors, and state oil enterprises—expressing an interest.
A wider gamut of companies is now investigating self-insurance solutions in response to hardening rates in the international commercial insurance and reinsurance markets. Additionally, companies in the region are becoming increasingly sophisticated in their risk management.
To access a complimentary copy of this market segment report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=309588 .
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.