Reinsurance markets in the Middle East and North Africa region (MENA) are generally perceived as a source of expansion, with continued market liberalisation and the gradual removal of sanctions from Iran expected to yield further opportunities for reinsurers.

Furthermore, the robust, albeit deteriorating, profitability achieved by leading primary insurers over the last five years has enhanced the region’s attractiveness to both foreign and domestic reinsurers.

A new Best’s Special Report, titled, “Pressure on MENA Reinsurance Market Persists as Regional Players Produce Mixed Earnings,” notes that the majority of markets are open with few restrictions on reinsurance operations, despite initiatives in some countries aimed at nurturing growth and the retention of business within the local market.