Informa Insurance News 24
AM BEST REVISES GCC MARKET OUTLOOK TO NEGATIVE
AM Best has revised its market segment outlook on the insurance markets of the Gulf Cooperation Council (GCC) to negative from stable. The rating action reflects an economic downturn across the region stemming from lower oil prices and Covid-19 containment measures, along with delays in infrastructure projects and the rollout of mandatory health insurance plans, and the postponement of Expo 2020. Negative factors are partially offset by the introduction of regulatory requirements over the past five years in Saudi Arabia, the UAE and Qatar, which have encouraged companies to implement more robust governance and risk management frameworks.