The finance sector in the Middle East which experienced a general slowdown in 2016 is now firmly in a recovery phase, an industry expert said, adding that a growth of 8 to 10 per cent in premium is expected in 2018.
 
“2017 has been a much better year for us, this business is starting to grow again, and there are parts of our business that continued to grow right through the recession,” Tarun Khanna, CEO of the Nexus Group added.

“2018 will continue this growth, but is also going to be a year of change right across the industry.”
 
As the market continues to recover, Khanna expects that regulatory changes will emerge as a growing issue for the industry during the coming year. He predicts that some financial services companies will struggle to meet increasing capital requirements, and may have to merge.
 
Khanna said regulators are also moving towards higher qualification requirements for those working in the industry. This will raise standards, but will also be a challenge for many consultants and operators.
 
“Nexus is well placed to meet the expected changes, but many smaller brokers will need to consolidate,” he said.

The Nexus Group, with its core operations of Nexus Insurance Brokers and Nexus Financial Services, is the largest financial advisor in the GCC region and one of the largest in Singapore, he noted.

It offers a range of insurance, savings and investment products to both corporate and individual clients, sourced from a range of international and domestic product providers. – TradeArabia News Service