Qatar Insurance Company (QIC) has signed the UN Environment Programme-Finance Initiative’s Principles for Sustainable Insurance (UNEP-FI PSI), making it the first insurer in the Middle East to sign the global agreement.
The last flow of business interruption (BI) claims stemming from COVID-19-related lockdowns in the GCC region can be expected between the start of 2022 and the spring, according to Clyde & Co partner Wayne Jones, who is based in the global legal firm’s Dubai office.
The Insurance Supervisory Commission (ISC) of the Finance Ministry has started out the new year calling out motor insurers, several of whom have violated a multilateral MoU on motor insurance pricing.
The insurance sector in Algeria expanded by 5% during the 2022 financial year in terms of premium income, according to the Algerian Union of Insurance and Reinsurance Companies (UAR) president Youcef Benmicia.
The Financial Regulatory Authority (FRA) has issued new rules relating to claims settlement in the supplementary auto insurance branch.
Kuwait’s Insurance Regulatory Unit (IRU) has launched its first strategy for the next four years, 2023-2024 to 2026-2027, with the aim of developing and regulating the insurance sector.
The Insurance and Social Security Supervisory Authority (ACAPS) is currently working on several projects to boost the insurance sector, according ACAPS director of insurance regulation and standardisation Abdelkerim Sahbeddine in an interview with the news site LesEco.
The costs of insurance for pilgrims on the 2023 hajj and umrah have been reduced by 73% and 63% respectively, announced the minister of hajj and umrah Tawfiq Al-Rabiah.
The contributions of insurance agencies to the private pension system (PPS) should be increased, with significant incentives and regulations provided to help agencies be more competent in the pension branch, said the Union of Chambers and Commodity Exchanges of Turkiye (TOBB) member of the board of directors Ozgur Yilmaz.
The Central Bank of the UAE (CBUAE) has issued new guidance on anti-money laundering and combatting the financing of terrorism (AML/CFT) for the insurance sector comprising insurance and reinsurance companies, agents and brokers.
Global
The market has faced a very late, complex and in many cases frustrating renewal, said Gallagher Re in its recent report ‘Market Turns’, providing highlights on the 1 January renewals.
With overall losses of around $270bn (previous year $320bn) and insured losses of roughly $120bn (previous year $120bn), 2022 joins the recent run of years with high losses, said Munich Re in a recent report.
Takaful
El Djazair Takaful has opened its first commercial agency in Algiers, specialising exclusively in offering all types of general takaful products. The agency will gradually market all classes of insurance currently offered in the market - such as motor, home, property, transport (land, sea and air), as well as agriculture, reported Algerian Press Service citing a statement issued by the company.
Gross takaful contributions in Egypt reached EGP7.4bn ($251m) in the first nine months of 2022 against EGP3.76bn in the same period of the previous year, a growth of 97.5% against 6.5% growth rate achieved by conventional players (GWP: EGP36.6bn vs EGP39.2b), according to the Financial Regulatory Authority’s monthly performance report of non-banking financial activities.
Takaful companies have introduced around 60 products since they started operations in Morocco in 2022, according to Insurance and Social Welfare Supervisory Authority (ACAPS) director of insurance regulation and standardisation Abdelkerim Sahbeddine, in an interview with the news portal LesEco.
Sukoon announced in December that it had signed a share purchase agreement to acquire a majority stake (in excess of 93%) in Arabian Scandinavian Insurance Company – Takaful (ASCANA Insurance).
Islamic Arab Insurance Company (SALAMA) announced last month that it will acquire the insurance portfolio of Dubai Islamic Insurance and Reinsurance Company (AMAN) which includes its motor, medical, non-motor and group life insurance business (target portfolio).