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This 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.

Climate Change Economics --- Debt Markets --- Emerging Markets --- Finance and Financial Sector Development --- Human Capital --- Insurance & Risk Mitigation --- Insurance Law --- Insurance Market --- Insurance Sector --- Mandatory Insurance --- Private Sector Development --- Takaful Insurance --- Middle East and North Africa (Mena) Region

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Many countries in the MENA region have established partial credit guarantee schemes to facilitate SME access to finance. These schemes can play an important role, especially in a period where MENA governments are making efforts to improve the effectiveness of credit registries and bureaus and strengthen creditor rights. This paper reviews the design of partial credit guarantee schemes in MENA, and assesses their preliminary outcomes. The paper is based on a survey conducted in 10 MENA countries in early 2010. The authors find that the average size of guarantee schemes in MENA (measured by the total value of outstanding guarantees) is in line with the international average, although there are wide differences across countries, and some schemes seem too small to make any significant impact. Most importantly, the number of guarantees looks generally small while their average value looks large. This suggests that guarantee schemes are not yet reaching the smaller firms. Guarantee schemes in MENA look financially sound and most schemes have room to grow. However, this growth should be accompanied by an improvement of some key design and management features, as well as the introduction of systematic impact evaluation reviews.

Access to Finance --- Bankruptcy and Resolution of Financial Distress --- Banks & Banking Reform --- Capacity Building --- Coverage Ratios --- Credit Guarantee Scheme --- Debt Markets --- Finance and Financial Sector Development --- Microfinance --- Private Sector Development --- Risk Management --- Mena Region

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This 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.

Climate Change Economics --- Debt Markets --- Emerging Markets --- Finance and Financial Sector Development --- Human Capital --- Insurance & Risk Mitigation --- Insurance Law --- Insurance Market --- Insurance Sector --- Mandatory Insurance --- Private Sector Development --- Takaful Insurance --- Middle East and North Africa (Mena) Region

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Among the principal constraints for SME lending is the lack of SME transparency, poor credit information from credit registries and bureaus, and weak creditor rights. If constraints can be addressed, lending can potentially reach bank targets of 21 percent. State banks still play an important role in financing SMEs in the MENA region, but they use less sophisticated risk management systems than private banks. On another hand, credit guarantee schemes are a popular form of support to SME finance in the region, and are associated with higher levels of SME lending. The paper concludes that MENA policy makers should prioritize improvements in financial infrastructure, including greater coverage and depth of credit bureaus, improvements in the collateral regime (especially for movable assets), and increased competition between banks and also non-banks. Weaknesses in insolvency regimes and credit reporting systems should also be alleviated. Direct policy interventions through public banks, guarantee schemes, lower reserve requirements and subsidized lending and other measures have played a role in compensating for MENA's weak financial infrastructure, but more sustainable structural solutions are needed.

World Bank --- Access to Finance --- Bank Lending --- Bankruptcy and Resolution of Financial Distress --- Banks & Banking Reform --- Debt Markets --- Enterprise-Level Surveys --- Finance and Financial Sector Development --- Financial Intermediation --- Private Sector Development --- Small and Medium Sized Enterprises (SMES) --- Middle East and North Africa (Mena) Region

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This edited volume is an open access title and assembles both the historical consciousness and transformation of the MENA region in various disciplinary and topical facets. At the same time, it aims to go beyond the MENA region, contributing to critical debates on area studies while pointing out transregional and cultural references in a broad and comparative manner. The Editors Prof. Dr Rachid Ouaissa is professor of Politics of the Middle East at the Center for Near and Middle Eastern Studies at Philipps-Universität Marburg. Prof. Dr. Friederike Pannewick is professor of Arabic Studies at the Center for Near and Middle Eastern Studies at Philipps-Universität Marburg. Dr. Alena Strohmaier is postdoctoral researcher in Media and Middle Eastern Studies at the Center for Near and Middle Eastern Studies at Philipps-Universität Marburg.

Middle East—Politics and government. --- Africa—Politics and government. --- International relations. --- Ethnology—Middle East . --- Middle Eastern Politics. --- African Politics. --- International Relations. --- Middle Eastern Culture. --- Coexistence --- Foreign affairs --- Foreign policy --- Foreign relations --- Global governance --- Interdependence of nations --- International affairs --- Peaceful coexistence --- World order --- National security --- Sovereignty --- World politics --- Middle Eastern Politics --- African Politics --- International Relations --- Middle Eastern Culture --- Peace and Conflict Studies --- Middle East --- North Africa --- Middle East and North Africa --- Cultures --- Revolution --- Transregional --- Politics --- Reconfigurations --- MENA Region --- Open Access --- Politics & government --- Africa --- Cultural studies --- Ethnology --- Culture. --- Politics and government. --- Middle East . --- Cultural sociology --- Culture --- Sociology of culture --- Civilization --- Popular culture --- Social aspects