The Chartered Insurance Institute (CII) is opening a new office to cover the Middle East and Africa (MEA) in response to growing demand from the region for the raising of professional standards and has appointed Ms Gaenor Jones as regional director, MEA, CII and Personal Finance Society (PFS).
A great majority (93.2%) of respondents believe that it is the employer’s responsibility to promote health and well-being at work, according to a new survey by regional job site Bayt.com. In addition, nearly seven in 10 respondents place greater value on health insurance compared to a higher salary.
Only 10% of housing in Algeria is covered by insurance against natural disasters, an indication of the absence of insurance culture among Algerians.
The Algerian Insurance Company (CAAT) has raised its share capital to DZD20bn ($168.1m) from DZD16bn, an increase of 25%, the insurer has said in a statement. The capital increase was effected by capitalising reserves of DZD4bn.
Bahrain’s King Hamad bin Isa Al Khalifa has issued orders for four new laws covering data protection, competition, bankruptcy and health insurance as part of the reforms that will enhance the kingdom’s investment ecosystem.
Following previous statements released by Trust Re regarding delay in releasing consolidated financial statements for the year ended 31 December 2017 causing its rating to be placed under review, Trust Re announced that A.M. Best has downgraded its Financial Strength Rating to B++ (Good) from A- (Excellent) with the Long-Term Issuer Credit Rating changing to “bbb+” from “a-”. Both ratings remain under review with negative implications.
The Financial Regulatory Authority (FRA) is considering the establishment of a reinsurer in Egypt with a capital of EGP10bn ($558.3m).
Officials of the Financial Regulatory Authority (FRA) may embed a provision allowing for the incorporation of mutual or cooperative insurers specialising in providing coverage to micro enterprises into a proposed new insurance law.
The board of the Cairo Chamber of Commerce is studying details of group life and property insurance for merchants provided by a number of insurers, including state-owned Misr Insurance.
The Jordanian government is considering establishing an independent body to oversee health insurance, in line with the Ministry of Health’s executive plan for the reform of the health sector for the years 2018-2022.
The Health Insurance Company (Dhaman) will offer compulsory health insurance for expatriates, taking over from the Ministry of Health as the company keeps pace with the development plan of the state, according to Mr Ahmad Al Saleh, board member and CEO of Dhaman.
The aggregate net profit of insurers active in the health insurance branch in Lebanon reached $15.6m in 2017, constituting a decline of 26.7% from $21.3m in 2016, according to data released by the Insurance Control Commission.
A draft circular issued by the Insurance and Social Insurance Supervisory Authority (ACAPS) has introduced qualitative requirements for new standards in the governance and risk management of insurers. The risks that must be controlled include operational risks.
Moroccan startup DabaDoc, which allows users to find doctors and book appointments online, has raised funding from AXA Assurance Morocco to increase the company’s footprint in its existing markets and further develop its offering.
The Capital Market Authority (CMA) has introduced a new electronic complaint system to serve the customers of insurers. The new system aims to transfer all complaint-related dealings to insurers electronically.
The Omani insurance market is expected to have positive growth prospects in the next two to five years, even though short-term growth may be subdued, said S&P Global Ratings.
The Capital Market Authority (CMA) has issued a circular to all insurers and Oman Re urging them to prepare for the implementation of International Financial Reporting Standard (IFRS) 17.
Twelve of Saudi’s top ‘rising talent’ insurance professionals are visiting London to take part in an eight-week internship programme across the Lloyd’s London market in partnership with the Saudi Arabian Monetary Authority (SAMA).
The Tunisian Federation of Insurance Companies (FTUSA) has prepared a Bill whose purpose is to make insurance mandatory against all kinds of natural disasters.
A reinsurance pool will be established, easing access to insurance for some businesses which had been labelled as ‘risky’.
The New Economic Plan (YEP) presented by Treasury and Finance Minister Berat Albayrak in September includes changes to the regulation of the Private Pension System (BES), requiring wage earners to stay in the plan for three years.
Awareness of the risk of high blood pressure (HBP) in the UAE is a key concern, with close to half of respondents (44%) in a recent survey failing to perceive the condition as potentially fatal, according to a nation-wide survey carried out by Cigna.
The recently introduced visa rules that allow expatriates aged over 55 to retire in the UAE could boost the life insurance sector in the country.
Most consumers believe there is a need for local insurers to continue to launch modern insurance programmes that are suitable for different segments of society, according to a survey by the newspaper Al Bayan.
Brand reputation and price have the greatest influence on people’s decision to buy life and critical illness insurance in the UAE, according to FPI’s fourth annual protection survey results.
Etihad Credit Insurance (ECI), the national export credit agency of the UAE Federal Government, in partnership with Abu Dhabi Chamber of Commerce and Industry (ADCCI) has conducted a focus group workshop with Abu Dhabi-based exporters, aimed at listening to UAE exporters’ challenges and needs to boost their competitiveness in global trade.
The prices of motor insurance in the UAE fell by 20% in the first half of 2018 compared to the same period last year, Mr Ebrahim Obaid Al Zaabi, director general of the UAE Insurance Authority (IA), has said.
Abu Dhabi National Insurance Company (ADNIC) has announced it will utilise Al Etihad Credit Bureau (AECB) products.
Global
In the rapidly changing political situation, the world economy and the global reinsurance market, the pooling of efforts and cooperation between national reinsurers are key conditions for supporting local insurance markets in emerging economies, said president of Russian National Reinsurance Company (RNRC) Nikolay Galushin in his opening speech at the 1st Summit of National Reinsurers in Moscow, Russia in September.
Almost 3,750 jobs are on the line as a result of the Marsh & McLennan Companies (MMC) $5.6bn takeover of JLT Group, according to media reports.
The new IFRS 17 for insurance contracts aims to bring consistency and compatibility across the world, and likely to provide greater granularity, said a new A.M. Best briefing.
The reinsurance sector faces weak business conditions, even after modest price increases in 2018, said S&P Global Ratings which adds that this view remains unaltered even after it discussed reinsurance pricing and the latest market trends with reinsurers, insurers, brokers, and other market participants at the 62nd Rendez-Vous de Septembre in Monte Carlo.
The first quarter of 2018 has been the strongest quarter in terms of issuance of insurance-linked securities (ILS) since 2009 despite significant Nat CAT losses in 2017 from hurricanes Harvey, Irma and Maria, according to the latest Bermuda ILS market report.
Takaful
Zurich Insurance is acquiring an 80% stake in Indonesia’s Adira Insurance from PT Bank Danamon Indonesia and a minority investor for about $414m, the Swiss group has announced.
Insurance industry players are preparing for the introduction of new regulations on Islamic insurance in Kenya by the end of the year.
Prudential BSN Takaful Bhd (PruBSN) has announced the conversion of its composite licence to single licence and the transfer of its general takaful business to Syarikat Takaful Malaysia Am Bhd (STMAB), reported New Straits Times.
The Shariah Advisory Council (SAC) of Bank Negara Malaysia (BNM) has issued new rulings for the takaful and retakaful industry following its 187th meeting in late August. The SAC has decided that the application of musyarakah contract between a retakaful operator and takaful operator in managing the expense strain of the latter arising from the implementation of ‘minimum allocation rate’ requirement is permissible, subjected to conditions.
Alizz Islamic Bank has signed an MoU with Takaful Oman, the sultanate’s first full-fledged Islamic insurance provider, to launch takaful products for the bank’s customers, according to a press release issued by the bank.
The Securities and Exchange Commission of Pakistan (SECP), the country’s capital market regulator, has granted approval to Pakistan Reinsurance Company Limited (PRCL) to conduct retakaful window operations as part of its efforts to boost the fledgling takaful sector.
A new shariah-compliant index launched by FTSE Russell, the global index, data and analytics provider, will track companies listed on the Singapore Exchange (SGX).
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the UAE’s export credit agency Etihad Credit Insurance (ECI) have signed an MoU to boost export trade through the promotion of shariah-compliant export credit and investment insurance instruments.