OLDWICK, N.J.--(BUSINESS WIRE)--The Gulf Cooperation Council insurance markets are finding it difficult to grow profitability and differentiate themselves due to heavy competition, while also feeling the effects of the global economic slump, according to a new A.M. Best compendium report on the region. Mahesh Mistry, director of analytics for A.M. Best Europe - Rating Services Ltd., said that even though the pace of new entrants into the markets has slowed down in recent years, competition continues to increase as many local companies are attempting to expand outside their local markets. On underwriting performance, Mistry said primary insurers tend to have low retention levels, as they rely heavily on the reinsurance market for commercial risks, and profits are largely generated from inward reinsurance commission. Click on http://www.ambest.com/v.asp?v=gcc813 to view the video program.
For the full report, titled “GCC Insurance Markets Brace for Competitive and Profitability Pressures,” please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=216106.
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