Reimbursement-type private health insurance (PHI) premiums in MENA are forecast to more than double from US$7.4 billion in 2013 to $15.6 billion by 2020, representing a compounded annual growth rate (CAGR) of 9.7%, according to Swiss Re's sigma study, "Keeping healthy in the emerging markets: insurance can help".
Medical insurance is expected to be the fastest-growing line of business in the MENA region over the next 12 months, according to the 3rd Annual MENA Insurance Barometer, published by the Qatar Financial Centre (QFC) Authority.
Premiums in Arab markets grew by 6% to about US$30 billion for 2014, according to the latest figures from by the General Arab Insurance Federation (GAIF).
Demand for reinsurance in the GCC will likely remain higher in commercial lines, such as marine, cargo and engineering, than in personal lines, said Moody's in a report.
FAIR Oil & Energy Insurance Syndicate (FOEIS) is expanding its reinsurance acceptance scope to include nuclear energy risks. The facility will cover all risks of physical loss or damage and business interruption, including nuclear perils, radioactive contamination and machinery breakdown, but excluding third-party liability for nuclear plants.
In a market characterised by global oversupply, Arig achieved net profits of US$15.6 million for the Group in 2014, down 16.1% y-o-y. While its Islamic reinsurance subsidiary, Takaful Re, produced a loss of $4.9 million as against a loss of $4.4 million, Arig's conventional reinsurance operations continued to perform well with net profits of $20.5 million in 2014, compared to $24.0 million in 2013.
Egypt market premiums reached EGP14.4 billion (US$1.9 billion) for the fiscal year ended 30 June 2014, according to the Egyptian Financial Supervisory Authority (EFSA).
Attacks on insurance establishments and their personnel have fallen to zero following the signing of an agreement between the Jordan Insurance Federation (JOIF) and the police almost three years ago.
Jordan's insurance industry has reported combined net profits of JOD32.7 million (US$46.2 million) last year, an increase of 30.5% compared to JOD22.7 million for 2013. GWP increased by 6.5% last year to around JOD537 million, compared to JOD492 million for 2013.
The Moroccan government has published draft legislation to revamp the Insurance Code to ease conditions for operating an insurance company and introduce new products such as insurance for natural catastrophes, terrorism, and riots.
Three quarters of Moroccans lack medical insurance, with 92% in rural areas lacking such coverage, according to the National Human Development Observatory in a first survey of its kind in the country.
Morocco's largest non-life insurer, Saham Assurance, has reported a 5.1% increase in written premiums to MAD3.68 billion (US$363.3 million) for 2014.
The Director General of the General Insurance Committee has announced a 10% increase in compulsory auto liability insurance premiums, effective since March. The hike will affect about 1.5 million vehicles in Tunisia.
The Turkish government has published guidelines for insurance covering the bankruptcy risk of builders of residential properties which are sold before construction is completed.
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has commenced its company branch operations from the new Lloyd's premises in the DIFC.
More than 500 leaders and senior executives from the region gathered under the stars at the Lloyd's Middle East launch cocktail at the Armani Hotel in Dubai, with most believing that Lloyd's coming will be a game changer for the market.
Sharjah Health Authority (SHA) and South Korea's Ministry of Health and Welfare have signed a cooperation agreement to study and recommend Korean medical specialties, including any successful paediatric oncology centres.
UAE residents from the Indian subcontinent find it easier to explain cricket's no-ball rule (39%) than a basic life insurance plan (29%), according to a survey commissioned by Friends Provident International (FPI).
Abu Dhabi-based Green Crescent Insurance Company (GCIC) posted a profit of AED40,000 (US$10,890) last year against a loss of AED4.7 million in 2013, after reducing costs as well as its exposure to the stock market.