{"id":89472,"date":"2024-02-27T00:00:00","date_gmt":"2024-02-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/buoyed-by-population-growth-ksa-will-remain-the-gccs-biggest-ins-market\/"},"modified":"2024-02-27T00:00:00","modified_gmt":"2024-02-27T00:00:00","slug":"buoyed-by-population-growth-ksa-will-remain-the-gccs-biggest-ins-market","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/02\/27\/buoyed-by-population-growth-ksa-will-remain-the-gccs-biggest-ins-market\/","title":{"rendered":"Buoyed by population growth, KSA will remain the GCC\u2019s biggest ins. market"},"content":{"rendered":"

Saudi Arabia is expected to remain the largest ins. market in the GCC region for <\/strong>the foreseeable future<\/strong>, with a compound annual growth rate (CAGR) of 5.8% to USD 19 bn between 2023 and 2028, said Alpen Capital in its latest ins. industry report<\/a>. KSA took over the top spot from the UAE last year.<\/p>\n

Thanks to growing demand: <\/strong>The financial advisory based its projections on the Kingdom\u2019s fast moving infrastructure sector and rising demand for automotive and medical ins. coverage.<\/p>\n

The regional market in a nutshell: <\/strong>The market\u2019s gross written premium (GWP) is predicted to grow 5.3% in the medium term (until 2028) to USD 44 bn on the back of diversification efforts and a growing population. The majority of the premiums comprises non-life ins. which is expected to expand 5.4% to USD 40 bn over the same period.<\/p>\n

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Asian markets are trading sideways this morning<\/strong>, and futures point to a soft opening for markets in Europe, the United States and Canada later today after US stocks yesterday took a breather after the Dow and S&P 500 cooled from record highs last week.<\/p>\n

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<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

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9,260<\/p>\n<\/td>\n

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-0.2% (YTD: -3.3%)<\/p>\n<\/td>\n<\/tr>\n

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<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

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4,223<\/p>\n<\/td>\n

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-0.1% (YTD: +4.0%)<\/p>\n<\/td>\n<\/tr>\n

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<\/use><\/svg><\/p>\n<\/td>\n\n

Nasdaq Dubai UAE20<\/strong><\/p>\n<\/td>\n

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3,727<\/p>\n<\/td>\n

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0.0% (YTD: -3.0%)<\/p>\n<\/td>\n<\/tr>\n

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<\/use><\/svg><\/p>\n<\/td>\n\n

USD : AED<\/strong> CBUAE<\/strong><\/p>\n<\/td>\n

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Buy 3.67<\/p>\n<\/td>\n

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Sell 3.67<\/p>\n<\/td>\n<\/tr>\n

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<\/use><\/svg><\/p>\n<\/td>\n\n

EIBOR<\/strong><\/p>\n<\/td>\n

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5.3% o\/n<\/p>\n<\/td>\n

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5.2% 1 yr<\/p>\n<\/td>\n<\/tr>\n

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<\/use><\/svg><\/p>\n<\/td>\n\n

TASI<\/strong><\/p>\n<\/td>\n

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12,531<\/p>\n<\/td>\n

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-0.6% (YTD: +4.7%)<\/p>\n<\/td>\n<\/tr>\n

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<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

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28,931<\/p>\n<\/td>\n

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+3.9% (YTD: +16.2%)<\/p>\n<\/td>\n<\/tr>\n

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<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

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5,070<\/p>\n<\/td>\n

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-0.4% (YTD: +6.3%)<\/p>\n<\/td>\n<\/tr>\n

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<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

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7,684<\/p>\n<\/td>\n

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-0.3% (YTD: -0.6%)<\/p>\n<\/td>\n<\/tr>\n

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<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

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4,864<\/p>\n<\/td>\n

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-0.2% (YTD: +7.6%)<\/p>\n<\/td>\n<\/tr>\n

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<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

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USD 82.53<\/p>\n<\/td>\n

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+1.1%<\/p>\n<\/td>\n<\/tr>\n

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<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

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USD 1.63<\/p>\n<\/td>\n

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-1.8%<\/p>\n<\/td>\n<\/tr>\n

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<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

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USD 2,040.60<\/p>\n<\/td>\n

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+0.1%<\/p>\n<\/td>\n<\/tr>\n

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<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

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USD 54,636<\/p>\n<\/td>\n

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+5.6% (YTD: +29.3%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The DFM fell 0.1% yesterday<\/strong> on turnover of AED 289.6 mn. The index is up 4.0% YTD.<\/p>\n

In the green: <\/strong>Orascom Construction (+9.9%), Union Properties (+6.9%) and Dubai Electricity & Water Authority (+2.1%).<\/p>\n

In the red: <\/strong>Shuaa Capital (-6.8%), Takaful Emarat (-5.3%), and Dubai Islamic Ins. and Reins.<\/p>\n

Over on the ADX<\/strong>, the index closed down 0.2% on turnover of AED 1.1 bn. Meanwhile, Nasdaq Dubai stayed flat.<\/p>\n

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CORPORATE ACTIONS-<\/p>\n

#1- Q Holding will change its name to Modon Holding, <\/strong>and will use Modon as its trade name, according to an ADX disclosure (pdf)<\/a>. The company\u2019s board also approved the following decisions:<\/p>\n