Addressing the Middle East Insurance Forum (MEIF) 2009 in the Gulf Conference Centre, Bahrain, Tony Ferguson of Unirisx drew attention to the huge growth rates in internet adoption being experienced across the MENA region.
Latest statistics showed some 42 million users out of a combined population of 193 million, with some 6.2 million users in Saudi Arabia. Overall internet penetration at 23.1% meant that the Middle East had caught up with world averages and is expanding faster than any other theater worldwide. Such widespread and expanding internet usage could have a profound impact on the distribution of insurance, in a region with comparatively low average insurance penetration of 1.5%.
Ferguson argued that MENA insurers need to consider not only how they are going to use the internet to improve their business processes, but also how they are going to interact with the growing band of consumers who use the internet as a natural extension to their everyday lives. Insurers should incorporate the internet in their distribution channels and consider both Business to Business (B2B) and Business to Consumer (B2C) strategies. Substantial growth was predicted for both Takaful and Affinity.
The Middle East Insurance Forum (MEIF) was sponsored by EastNets and attracted over 400 delegates.
For further details see http://www.ameinfo.com/184138.html.
