Insurance

Despite difficult economic conditions, insurers have succeeded in posting consistent net profits in recent years. With the economy recovering from the decline in global oil prices starting in mid-2014, the industry is well positioned to take advantage of new opportunities. This is especially true as the government moves to implement mandatory health care coverage for both foreign and domestic employees. The sector is not without its challenges, however. Competition remains intense, and in some cases the pursuit of premium has eroded underwriting standards and become a challenge to the long-term sustainability of the sector. Nevertheless, increasing awareness of offerings, a growing population, new compulsory lines and ongoing market reforms are working in tandem to give the industry notable momentum.