The sequel to the 2021 movie is an average thriller
movie reviews7 hours ago
Gross written premiums (GWPs) will likely remain weak in most of the Gulf Cooperative Council (GCC) insurance markets in 2021 amidst lower business activity and increased competition among Takaful and conventional insurers in recent years, says a new report.
“Our credit ratings on Islamic (Takaful) and conventional insurers in the GCC have remained broadly stable over the past 18 months, supported by relatively strong capital buffers. The outlook on the sector for the next 12 months (also) remains stable. However, given that risks related to the pandemic persist, we could take rating actions in the event of a sharp decline in asset prices, unexpected and severe technical losses, or governance and internal control failures,” S&P Global Ratings said in a note released on Wednesday.
"An uneven recovery, ongoing cost-saving measures in many industries, and a shift to less business travel have further increased the pressure in key sectors such as real estate, retail, transportation, and hospitality," said S&P Global Ratings credit analyst Emir Mujkic.
"We believe these factors, combined with very intense competition in the insurance sector, are weighing on growth prospects for gross written premiums of both Takaful and conventional insurers," Mujkic added.
S&P noted that very high competition in the overcrowded GCC insurance industry will continue to weigh on earnings in 2021.
“Despite a recent material improvement in profitability in Saudi Arabia's insurance sector, more than one-third of insurers continue to report losses. A new insurance law with higher reserving requirements due to come into force over the next year could also increase pressure on small and unprofitable takaful players in Kuwait that will need to raise capital to meet these requirements,” S&P said.
"Overall, while we expect growth in the sector, we think it'll be unevenly spread, with larger conventional insurers taking more of the gains than the Takaful," added Mujkic. — waheedabbas@khaleejtimes.com
The sequel to the 2021 movie is an average thriller
movie reviews7 hours ago
A realisation prompted her to seek a fresh start and explore new opportunities beyond the catwalk
entertainment7 hours ago
The festival returns for its third edition with bigger and better events, including the ultimate gaming event, the GameExpo
gaming7 hours ago
Casa Arabe is committed to being a meeting point between Spain and the Arab world
uae7 hours ago
From stocking up essentials to ensuring safety of vehicles and properties, they take no chances
uae7 hours ago
The UAE face a tricky challenge on Friday in what could be a rain-interrupted qualifying game against Vanuatu
cricket7 hours ago
The daughter of Sheikh Mohammed married Sheikh Mana in a grand ceremony last year
uae8 hours ago
Authorities also apprehended 179 suspects across 196 operations worldwide
crime8 hours ago