The insurance market in the Middle East continues to present a range of challenges and opportunities. The economic downturn following the 2014 oil crash plus a lack of compatibility with Islam has kept insurance penetration low across the Gulf States. This has triggered a wave of M&A activity that is expected to continue.
However, with compulsory insurance schemes in areas such as health on the increase, there is an opportunity for the insurance and reinsurance market to develop significantly in the Middle East over the coming years.
Unusually for a law firm, our Insurance and Reinsurance team is headed by an insurance expert, which gives us a unique insight into the requirements and needs of the industry in the Middle East and beyond.
Over the years we’ve created solutions for both conventional and Islamic insurance, advising on, developing and structuring Sharia-compliant Takaful and Re-Takaful products.
With experience in working on speciality lines of insurance including event cancellation, offering complex claims handling, regulatory and legal advice for underwriters (including Lloyds of London syndicates), our full range of insurance and reinsurance services includes:
- Regulatory including prudential and corporate governance
- Market entry including M&A licensing and penetration strategy
- Arbitration and litigation for treaty or facultative arrangement
- Motor claims litigation
- New market insurance exploratory
- New market insurance licensing
- Life insurance litigation and arbitration
- Marine insurance litigation and arbitration
- General insurance litigation and arbitration
- Legal and regulatory advice for life insurance
- Legal and regulatory advice for marine insurance (including marine and non-marine classes)
- Legal and regulatory advice for general insurance