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Covid-19 fuels increasing commercial insurance costs


Covid-19 fuels increasing commercial insurance costs
Published: 8:59 PM, May 26, 2021
98
BUSINESS REPORTER
MUSCAT, MAY 26
The Covid-19 pandemic and resulting economic slowdown has adversely affected insurers globally and is contributing to commercial insurance pricing increases and reduced capacity across many lines of business.
This is affecting the insurance markets across the Middle East and North Africa (MENA) at a time when companies are focused on reducing costs according to the ‘MENA Insurance Market Update’ released on Wednesday by Marsh, the world’s leading insurance broker and risk advisor.
The MENA region which comprises Oman, the United Arab Emirates, Saudi Arabia, Bahrain, Egypt and Qatar has experienced rising commercial insurance rates over the last 12 months, including in the construction, cyber, trade credit, professional liability, and energy and power lines of business. ....

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