AM Best warns of GCC flood risk

AM Best has highlighted flood as an emerging threat in the Gulf
Corporation Council (GCC) region, and warned of accumulation risk
as insurance penetration increases in the region.
The Gulf is often touted as a "cat-free" zone where
(re)insurers are less concerned about accumulation of losses from
natural disasters, the ratings agency said.
The region has thus far experienced very little damage from wind
and earthquake events, but floods as a result of storm surges,
cyclones and flash flooding ar