The GCC Takaful Insurance Industry Displays Broad Resilience in 2020 Despite COVID-19 Impacts: Alpen Capital 

The Takaful insurance industry in the Gulf Cooperation Council (GCC) has displayed broad resilience despite motor and medical claims dropping on the back of COVID-19 movement restrictions, with Saudi Arabia leading the market based on asset size, succeeded by the United Arab Emirates (UAE), Qatar, and Bahrain, according to Alpen Capital.

Why it Matters? Takaful insurers saw strong capital buffers in 2020, sustaining a good position as a result of profitable results in the run up to the year. Yet, on the back of lower economic and business activity amid the pandemic and increased competition, most GCC markets reported negative or modest growth in Gross Written Premium (GWP) during 2020. The weak economy and ongoing volatility in asset prices are expected to have...