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By the Numbers: growth forecast in Middle East, North Africa.


Middle Eastern insurance markets will experience a significant increase in premiums in personal lines, especially motor, in the coming three to five years, according to according to
prep.
1. As stated or indicated by; on the authority of: according to historians.

2. In keeping with: according to instructions.

3.
 the A.M. Best Special Report, "Middle East and North African North Africa

A region of northern Africa generally considered to include the modern-day countries of Morocco, Algeria, Tunisia, and Libya.



North African adj. & n.

Adj. 1.
 Insurance Markets." Obstacles to expansion in the Middle Eastern insurance market will remain as the concept of insurance is still not well ingrained in·grained  
adj.
1. Firmly established; deep-seated: ingrained prejudice; the ingrained habits of a lifetime.

2.
 in the mindset mind·set or mind-set
n.
1. A fixed mental attitude or disposition that predetermines a person's responses to and interpretations of situations.

2. An inclination or a habit.
 of the local population.

In Saudi Arabia Saudi Arabia (sä`dē ərā`bēə, sou`–, sô–), officially Kingdom of Saudi Arabia, kingdom (2005 est. pop. , comprehensive motor insurance accounts for 90% of all motor policies.

Egypt's local insurance sector is dominated dom·i·nate  
v. dom·i·nat·ed, dom·i·nat·ing, dom·i·nates

v.tr.
1. To control, govern, or rule by superior authority or power:
 by three large public companies that control 74% of total premiums.
Insurance Penetration, Middle East and North African Markets-2003

                                         Insurance
                       Gross Premiums   Penetration
                          Written       (GPW as a       No of
                       (US$ Millions)    % of GDP)    Companies

Algeria                    $403.2          0.6%          13
Egypt                       564.4          0.7           20
Jordan                      222.0          2.2           26
Kuwait                      322.0          0.9           17
Lebanon                     523.8          2.9           62
Morocco                   1,282.5          2.9           18
Oman                        260.4          1.2           16
Saudi Arabia *              935.3          0.5           75
Tunisia                     455.0          1.8           22
United Arab Emirates        963.2          1.1           47
Total/Average              $3,002          1.1           n.a.

* In 2003, NCCI (National Company for Co-operative Insurance) was
the only insurance provider officially licensed in Saudi Arabia and
74 other companies operated as agencies to foreign companies.

Sources: Swiss Re, Sigma No. 3/2004 (2003 figures) and A.M. Best Co.
COPYRIGHT 2005 A.M. Best Company, Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2005, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Title Annotation:insurance markets
Publication:Best's Review
Article Type:Brief Article
Geographic Code:60NOR
Date:Jul 1, 2005
Words:233
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