Publication:
The Insurance Sector in the Middle East and North Africa : Challenges and Development Agenda

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dc.contributor.authorLester, Rodney
dc.date.accessioned2012-03-19T18:01:17Z
dc.date.available2012-03-19T18:01:17Z
dc.date.issued2011-03-01
dc.description.abstractThis paper studies the causes of the low development of the insurance sector in the Middle East and North African (MENA) region, particularly for long term insurance. The paper shows that life and non-life premiums, as well as assets, are very low relative to expected levels given per capita income and demographic characteristics, and examines the causes of such poor performance. There is a wide range of factors constraining the development of the industry, including the absence of mandatory insurance in key areas, the predominant presence of the state in some countries, gaps in regulation and supervision, unsupportive tax regimes, fragmented market structures, a chronic lack of suitably skilled people, as well as the absence of products that conform with cultural/religious preferences, especially in the case of life insurance. The lack of development of the insurance sector is a matter of concern, as research shows that the sector can contribute to both financial and economic development. Key recommendations to accelerate the development of the sector include wider introduction of mandatory insurance lines that have clear positive externalities, continuing the privatization process for government owned insurers, employing non capital techniques to force rationalization of insurance sectors with too many small and inefficient players, removing tax distortions, taking steps to stabilize motor third party liability markets (typically the largest line of business), strengthening reporting and disclosure, regulating banc-assurance, improving consumer protection, further developing Takaful long term insurance ('Family Insurance'), and establishing regional centers of excellence for skills development.en
dc.identifierhttp://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20110324090347
dc.identifier.doi10.1596/1813-9450-5608
dc.identifier.urihttps://hdl.handle.net/10986/3374
dc.languageEnglish
dc.relation.ispartofseriesPolicy Research working paper ; no. WPS 5608
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCIDENT INSURANCE
dc.subjectACCOUNTING
dc.subjectACCOUNTING STANDARDS
dc.subjectADMINISTRATIVE AUTONOMY
dc.subjectAGENTS
dc.subjectALLOCATION
dc.subjectALLOWANCES
dc.subjectAMOUNT OF CAPITAL
dc.subjectARBITRATION
dc.subjectARBITRATION CLAUSES
dc.subjectASSETS
dc.subjectASSURANCE
dc.subjectAUDITS
dc.subjectBANK BRANCHES
dc.subjectBANKRUPTCY
dc.subjectBOND
dc.subjectBOND MARKETS
dc.subjectBROKER
dc.subjectCAPITAL MARKET
dc.subjectCAPITAL REQUIREMENTS
dc.subjectCAPITALIZATION
dc.subjectCASH FLOW
dc.subjectCASH SURRENDER VALUE
dc.subjectCASUALTY INSURANCE
dc.subjectCATASTROPHE INSURANCE
dc.subjectCENTRAL BANK
dc.subjectCOINSURANCE
dc.subjectCOMMERCIAL INSURANCE
dc.subjectCOMMISSIONS
dc.subjectCOMPENSATION
dc.subjectCOMPETITIVENESS
dc.subjectCOMPULSORY INSURANCE
dc.subjectCONSUMER CREDIT
dc.subjectCONSUMER PROTECTION
dc.subjectCONSUMERS
dc.subjectCONTRACTUAL SAVINGS
dc.subjectCONVENTIONAL INSURANCE
dc.subjectCORPORATE GOVERNANCE
dc.subjectCOVERAGE
dc.subjectCREDIBILITY
dc.subjectCREDIT GUARANTEES
dc.subjectCREDIT INSURANCE
dc.subjectCREDIT MARKETS
dc.subjectCREDIT RATINGS
dc.subjectDEBT
dc.subjectDEMOGRAPHIC
dc.subjectDEVELOPING COUNTRIES
dc.subjectDISASTERS
dc.subjectDISPUTE RESOLUTION
dc.subjectDISPUTES RESOLUTION
dc.subjectECONOMIC DEVELOPMENT
dc.subjectECONOMIC GROWTH
dc.subjectEFFICIENCY GAINS
dc.subjectEMERGING MARKET
dc.subjectEMERGING MARKETS
dc.subjectENTRY REQUIREMENTS
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL INTERMEDIARIES
dc.subjectFINANCIAL PRODUCTS
dc.subjectFINANCIAL REPORTING
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL SYSTEM
dc.subjectFOREIGN HOLDINGS
dc.subjectFOREIGN INSURERS
dc.subjectFOREIGN INVESTMENTS
dc.subjectFRAUD
dc.subjectGLOBAL INSURANCE
dc.subjectGOVERNANCE ISSUES
dc.subjectGOVERNMENT GUARANTEES
dc.subjectGOVERNMENT SUPPORT
dc.subjectGUARANTEE FUNDS
dc.subjectHEALTH INSURANCE
dc.subjectHOLDING
dc.subjectHUMAN CAPITAL
dc.subjectHUMAN RESOURCES
dc.subjectIMPORTS
dc.subjectINCOME LEVEL
dc.subjectINCOME STREAM
dc.subjectINCOMES
dc.subjectINDEMNITY
dc.subjectINDUSTRIAL COUNTRIES
dc.subjectINFLATION
dc.subjectINSPECTIONS
dc.subjectINSURANCE
dc.subjectINSURANCE BROKERS
dc.subjectINSURANCE COMPANIES
dc.subjectINSURANCE COMPANY
dc.subjectINSURANCE INDUSTRY
dc.subjectINSURANCE MARKET
dc.subjectINSURANCE MARKETS
dc.subjectINSURANCE PENETRATION
dc.subjectINSURANCE PREMIUMS
dc.subjectINSURANCE PRODUCTS
dc.subjectINSURANCE SECTOR
dc.subjectINSURANCE SUPERVISION
dc.subjectINSURANCE SUPERVISORS
dc.subjectINSURANCE SYSTEM
dc.subjectINSURANCES
dc.subjectINSURER
dc.subjectINSURER SOLVENCY
dc.subjectINSURERS
dc.subjectINTERNAL CONTROLS
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL BEST PRACTICE
dc.subjectINTERNATIONAL STANDARDS
dc.subjectINVESTMENT CLIMATE
dc.subjectINVESTMENT CONTRACTS
dc.subjectINVESTMENT FUND
dc.subjectINVESTMENT HORIZONS
dc.subjectINVESTMENT PRODUCTS
dc.subjectINVESTMENT REQUIREMENTS
dc.subjectINVESTMENT VEHICLES
dc.subjectIPO
dc.subjectISLAMIC BANKING
dc.subjectISLAMIC BANKS
dc.subjectISLAMIC FINANCIAL SERVICES
dc.subjectISLAMIC INSURANCE
dc.subjectLACK OF TRANSPARENCY
dc.subjectLAWS
dc.subjectLEGAL JURISDICTIONS
dc.subjectLEGAL PROTECTION
dc.subjectLENDERS
dc.subjectLEVIES
dc.subjectLEVY
dc.subjectLIBERALIZATION
dc.subjectLIFE INSURANCE
dc.subjectLIFE INSURANCE INDUSTRY
dc.subjectLIFE INSURANCE POLICY
dc.subjectLIFE INSURANCE PREMIUMS
dc.subjectLIFE INSURERS
dc.subjectLIQUIDATION
dc.subjectLOAN
dc.subjectLOCAL CAPACITY
dc.subjectLOCAL MARKETS
dc.subjectLONG TERM SAVINGS
dc.subjectLONG-TERM FINANCE
dc.subjectMARKET DEVELOPMENT
dc.subjectMARKET FRAGMENTATION
dc.subjectMARKET PLAYERS
dc.subjectMARKET SHARE
dc.subjectMARKET SHARES
dc.subjectMARKET STRUCTURE
dc.subjectMARKET STRUCTURES
dc.subjectMINIMUM CAPITAL REQUIREMENTS
dc.subjectMONETARY AUTHORITY
dc.subjectMONOPOLIES
dc.subjectMONOPOLY
dc.subjectMORAL HAZARD
dc.subjectMORTGAGE
dc.subjectMORTGAGE INSURANCE
dc.subjectMORTGAGE LENDING
dc.subjectMORTGAGE LOANS
dc.subjectMORTGAGE MARKET
dc.subjectMORTGAGE MARKETS
dc.subjectMOTOR INSURANCE
dc.subjectMOTOR THIRD PARTY LIABILITY INSURANCE
dc.subjectNATURAL DISASTERS
dc.subjectNEW MARKETS
dc.subjectNON LIFE INSURANCE
dc.subjectNON-LIFE INSURANCE
dc.subjectOUTPUT
dc.subjectOVERHEAD COSTS
dc.subjectPENETRATION RATES
dc.subjectPENSION
dc.subjectPENSIONS
dc.subjectPER CAPITA INCOME
dc.subjectPERSONAL LOANS
dc.subjectPOLICY MAKERS
dc.subjectPOLICYHOLDERS
dc.subjectPORTFOLIO
dc.subjectPORTFOLIOS
dc.subjectPREMIUM REVENUES
dc.subjectPRICE COMPETITION
dc.subjectPRIVATE SECTOR DEVELOPMENT
dc.subjectPRIVATIZATION
dc.subjectPROFESSIONAL LIABILITY
dc.subjectPROGRAMS
dc.subjectPROPERTY INSURANCE
dc.subjectPROTECTION OF POLICYHOLDERS
dc.subjectPRUDENTIAL STANDARDS
dc.subjectRATES
dc.subjectRECIPROCITY
dc.subjectREFORM PROGRAM
dc.subjectREGULATORS
dc.subjectREGULATORY CAPACITY
dc.subjectREGULATORY PRACTICES
dc.subjectREINSURANCE
dc.subjectREINSURERS
dc.subjectRENEWALS
dc.subjectREPUTATION
dc.subjectRESERVE
dc.subjectRESERVE REQUIREMENTS
dc.subjectRESERVES
dc.subjectRETURNS
dc.subjectRISK AVERSION
dc.subjectRISK CAPITAL
dc.subjectRISK MANAGEMENT
dc.subjectRISK POOLING
dc.subjectRISK PREMIUMS
dc.subjectSAVINGS
dc.subjectSECURITIES
dc.subjectSETTLEMENT
dc.subjectSHAREHOLDERS
dc.subjectSOCIAL INSURANCE SYSTEM
dc.subjectSOCIAL PROTECTION
dc.subjectSOLVENCY
dc.subjectSOLVENCY REQUIREMENTS
dc.subjectSTAMP DUTY
dc.subjectSUPERVISORY AGENCY
dc.subjectSUPERVISORY AUTHORITY
dc.subjectSUPERVISORY FRAMEWORK
dc.subjectSUPERVISORY REGIME
dc.subjectTAX
dc.subjectTAX POLICY
dc.subjectTAX REGIME
dc.subjectTAX REGIMES
dc.subjectTAX RULES
dc.subjectTERMS OF CAPITAL
dc.subjectTORT
dc.subjectTOTAL COSTS
dc.subjectTRADE CREDIT
dc.subjectTRADING
dc.subjectTURNOVER
dc.subjectUNDERWRITERS
dc.subjectUNDERWRITING
dc.subjectVALUE OF COLLATERAL
dc.subjectWEAK CORPORATE GOVERNANCE
dc.subjectWEALTH TAX
dc.titleThe Insurance Sector in the Middle East and North Africa : Challenges and Development Agendaen
dspace.entity.typePublication
okr.crossref.titleThe insurance sector in the Middle East and North Africa: Challenges and development agenda
okr.date.disclosure2011-03-01
okr.date.doiregistration2025-04-10T11:30:09.277693Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.docurlhttp://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20110324090347
okr.guid191531468110930768
okr.identifier.doi10.1596/1813-9450-5608
okr.identifier.externaldocumentum000158349_20110324090347
okr.identifier.internaldocumentum13957784
okr.identifier.reportWPS5608
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2011/03/24/000158349_20110324090347/Rendered/PDF/WPS5608.pdfen
okr.region.administrativeMiddle East and North Africa
okr.region.geographicalMiddle East and North Africa
okr.unitDevelopment Research Group (DECRG)
okr.volume1 of 1
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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