The number of unemployed youth in the Arab world is expected to more than double to 50 million by 2020, from 22 million at the end of 2013.
Economic losses caused by January's powerful winter storm which hit several territories in the Middle East have totalled US$100 million, according to a report by Impact Forecasting, Aon Benfield's catastrophe model development unit.
A draft bill, when passed, will make it compulsory for construction companies to take out insurance on road and other infrastructure projects and provide a maintenance warranty, said a Public Works Ministry official.
Egypt's national reinsurance company will be established with capital of about US$450 million, higher than previously stated.
Non-life insurers in Egypt reported total medical insurance premiums of nearly EGP1 billion (US$131.1 million) for the fiscal year ended 30 June 2014, according to data from the Egyptian Financial Supervisory Authority (EFSA).
Arab Orient Insurance has posted an after-tax profit of JOD5 million (US$7 million) for 2014, an increase of 23% compared to around JOD4 million for the previous year. The insurer achieved total premiums of JOD94.95 million for 2014, compared to JOD86 million in 2013.
The Kuwait Medical Association has called for a review of a new law providing for health insurance for retirees to ensure that the standards of medical services in the country are maintained and that public funds will not be wasted.
Gulf Insurance Group (GIG) saw its net profit grow by 17.6% to KWD12 million (US$40.7 million), and GWP increase by 10.6% y-o-y to KWD173.6 million in 2014.
Transportation Insurance Company (Compagnie D'Assurance Transport or CAT) is turning to telematics to improve its performance, said media reports.
Oman's insurance industry reported total premiums of OMR400.4 million (US$1 billion) for 2014, 10% higher than the OMR364 million registered for 2013, according to unaudited data from the Capital Market Authority (CMA).
American International Group (AIG) has opened four new branches in Oman. These branches will be located in Nizwa, Ibri, Salalah and Sur, and will allow AIG to further expand its business in the Sultanate where it has been active for the past 14 years.
Qatar Re said it expects to write about US$432 million of property, casualty and specialty lines premiums from the 1 January renewals, representing an increase of 25% from the 2014 expiring renewable base of business of $344 million.
The insurance regulator in Tunisia, the General Insurance Committee, has announced the start of a five-year programme for the insurance industry, aimed at modernising the regulatory framework and moving the sector towards international standards.
Motor third-party liability insurance premiums in Tunisia have been increased by 10% since February, according to the Vice President of the Tunisian Federation of Insurance Companies, Mr Lotfi Bezzargua. The increases apply to personal vehicles, trucks, farm vehicles and motorcycles.
Premiums in Turkey rose by 7.3% to TRY26 billion (US$10.4 billion) last year from TRY24.23 billion in 2013, said the Insurance Association of Turkey.
The UAE Insurance Authority has issued new rules for conventional and Islamic insurance firms, clarifying policyholders' rights and setting investment limits for the sector, the regulator said.
Abu Dhabi-based Insurance House (IH) will weed out unprofitable businesses this year to put its performance back into the black. The effect of these initiatives will be reflected clearly in 2015, said the company.
Oman Insurance Company (OIC) said its GWP grew by 10.3% in 2014 to hit AED3.2 billion (US$871.2 million).
Dubai-based Millennium Insurance Brokers and Oman's Risk Management Services (RMS) have announced a joint venture to provide comprehensive risk consultancy and insurance broking services to customers across GCC, India, Pakistan and Sri Lanka.
Third-party administrator NEXtCARE and the American Hospital Dubai have signed a new agreement under which all NEXtCARE general network (GN) cardholders across 11 countries in the MENA region will have access to the medical services of the American Hospital Dubai.
The Emirates Insurance Association (EIA) said that the UAE Insurance Authority (IA) will approve a standard uniform motor insurance policy (theft, own damage, and third party liability) by June this year.