MIDDLE EAST EXPERIENCES GROWING PAINS
The insurance industry continues to be fascinated by the mysterious and successful land of the Middle East, according to a Reactions magazine article. The region’s uniquely low retention rates among local primary insurers and the Gulf Cooperation Council market’s fragmented nature leads to a lack of development in the region.
Wael Khatib, CEO of Lockton in Dubai commented on the marketplace and economy in the Middle East.
“There is no reason not to set up a single regulatory regime,” he said. “The peculiarities of each market could be catered for, and it would make life easier for everybody.” Khatib commented that a proposal should be a high priority for both regulators and firms in the region and that it would value to the economy.
Click here to read more on Khatib’s comments and on what the present and future looks like for the developing region. Note that many stories in Reactions require a subscription.
Lockton Companies Dubai