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Middle East and North Africa Reinsurance Pricing Trends Q3 2022

Casualty underwriting appetite from reinsurers generally increased in the third quarter due to new insurers entering the market, as well as regional dynamics, including a low number of claims.

Casualty

Casualty underwriting appetite from reinsurers generally increased in the third quarter due to new insurers entering the market, as well as regional dynamics, including a low number of claims. The increase in casualty insurance capacity within the region is also influenced by the less litigious legal environment involving Sharia law.

Property

Property insurance pricing in MENA was relatively stable in the quarter due to low exposure to catastrophe (CAT) events such as earthquakes, hurricanes, and flooding (barring cyclonic activity in Oman and recent flooding in Saudi Arabia, Qatar, and the UAE). Local insurers generally sought to raise retentions on non-CAT risks, with each insured considered on its own merits.

(Figure 2) Regional Index: MENA Casualty and Property - Graph