Nexus, CII to help improve ME certification standards
DUBAI — Nexus is working with the UK's Chartered Insurance Institute (CII), to help improve the standard of professional certification across the region.
The move is an important step in helping to increase the level of training within the insurance industry and boost consumer confidence in the market.
Although insurance penetration rates have historically remained low in the region - around two percent compared to the average of 10 per cent in European markets — industry analysts agree that changing market conditions are creating a major opportunity for growth.
The untapped status of many markets in the Middle East, rising awareness of the importance of insurance and a series of government initiatives taken by governments in the region are all resulting in a compound growth rate of 18-20 per cent, according to the Research and Markets Group.
However, the ability of insurance companies in the Middle East to match and potentially even exceed the market penetration of other parts of the world will depend on whether the industry can build confidence and competency through training and certification of its advisers.
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