The lack of awareness and the transient nature of expatriates are key factors linked to the very low levels of insurance penetration in the Middle East and North Africa (Mena), experts told Gulf News.
The Ernst & Young’s Global Insurance Consumer Survey 2012 reported that insurance across the region remains underdeveloped, with penetration rates pegged below 2 per cent in almost all GCC countries. Life insurance, in particular, is nascent, accounting for less than 20 per cent.
Some experts said people’s cultural and religious reservations have something to do with low insurance penetration rate, but Ashok Sardana, managing director at Continental Group, disputed this, saying that only a very small percentage of the population considers insurance non-Islamic and there have always been Sharia-compliant solutions to cater to this segment.
Read more: http://gulfnews.com/business/banking/insurance-penetration-is-below-2-per-cent-in-gcc-1.1160233
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