The Gulf insurance market is expected to grow on rising demand, but finding suitable staff is one of the challenges, a study has found. The current trends and prospects in the UAE and the Gulf insurance market indicate that the insurance market is expected to experience strong growth as the demand for insurance products increases. Rising income levels could lead to increase in demand for insurance, as people have more disposable income to spend on protecting themselves, while low penetration means that there could be substantial potential for UAE companies to grow from a low base.
Insurance is considered as a sector with lot of potential in the Middle East and the UAE, thanks to the current low penetration levels, high growth in population and supportive economies. As per the forecasts, the UAE and Saudi Arabia would combine to take up 75 per cent of the premiums generated by 2015, while Qatar is expected to register the fastest growth of 30 per cent — over the next four years.
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