Best’s News & Research Service - September 29, 2021 12:45 PM (EDT)
Best's Market Segment Report: Improving Market Conditions Signal Change for MENA Region’s Reinsurers
- September 29, 2021 12:45 PM (EDT)
London //BestWire// - Following several years of persisting soft market conditions, pricing and terms in the Middle East and North Africa (MENA) are turning in favour of the region’s reinsurers, according to an AM Best report.
In a new Best’s Market Segment Report, “MENA Reinsurance: Improving Market Conditions Signal Change for Region’s Reinsurers”, AM Best notes that the current market hardening is a clear tailwind for reinsurance providers in the region, partly as a bi-product of global reinsurance trends and also in response to regional underwriting performance strains.
However, challenges persist for the region’s reinsurers. Ample capacity remains in the market, and the resultant competition may curtail the extent to which the region’s reinsurers are able to benefit from firming market conditions. Furthermore, the economic fall-out from the COVID-19 pandemic adds to the challenges faced by reinsurers operating in the region.
To access a complimentary copy of this special report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=313070 .
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.