Published: Jul 08, 2014
Source: Saudi Gazette

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MENA logs strong growth in insurance premiums: Survey

NEXUS Insurance Brokers has become the first Middle Eastern member to join the ASINTA network of elite benefits firms.

ASINTA, a collegial partnership of global independent benefits firms, serves more than 3000 multinational client companies in 44 countries, for a total of 11,000 domestic employers and 2.5 million employees. 

Nexus Insurance Brokers, which is one of the region’s largest and most respected independent financial firms, joined ASINTA following a rigorous 9-month-long process. 

“MENA is one of the world’s fastest growing regions for insurance, and welcoming Nexus into our global network will elevate the region’s status as a hub of insurance excellence,” said Wendi Pickerel, Global Executive Director, ASINTA. 

“We are dedicated to driving best practices and sharing knowledge to empower people and businesses across MENA, and meet their insurance needs.”

Insurance premiums in MENA are outpacing the region’s GDP growth, thanks to government spending on construction and infrastructure, and mandatory health insurance policies, according to a recent report from Qatar Financial Centre (QFC).

“Joining the ASINTA network provides us with access to a wealth of like minded global partners, enhancing our capability to service our multinational clients,” said Duncan Crerar, Head of Employee Benefits at Nexus. 

“We’re leveraging ASINTA to enhance our services for the international offices of our Middle East clients and the local offices of multinationals entering MENA, while fuelling our global expansion plans.”

From 2007-2012, the MENA region posted real GDP growth of 4.7 percent, outpacing the global average of 3.3 percent, according to QFC. The region is set to post strong annual real GDP growth of 3.8 percent from 2013-2018. 

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