Investments in MENA-based startups jumped by 31% in 2018 to $893m with 366 deals, according to data from UAE-based Magnitt, a leading data platform tracking the region’s startup ecosystem. The number of deals grew by 3% compared to 2017, showing continued appetite in startups from the region.
Capacity for property reinsurance from regional reinsurers in the Middle East has been a major issue during the 1 January renewals, according to Willis Re in its 1st View renewals report.
The Algerian insurance market achieved a turnover of DZD105.4bn ($887.4m) in the first nine months of 2018, an increase of 3% over the DZD102.3bn posted for the corresponding period of 2017, according to the National Insurance Council (CNA).
The Financial Regulatory Authority (FRA) is proposing to increase the minimum capital of life and non-life insurers to EGP150m ($8.4m) from the existing EGP60m, according to a draft of the new comprehensive insurance law.
The Financial Regulatory Authority (FRA) is allowing individual insurance brokers to participate in the electronic marketing and distribution system of common classes of insurance. The move places them on par with brokerage companies.
The Financial Regulatory Authority (FRA) has proposed to make life insurance mandatory for those who take up microfinance, Dr Mohammed Omran, the chairman of the regulatory body, has said.
Total premiums generated in the Egyptian insurance market in 2018 should not be less than EGP27.5bn ($1.5bn), an increase of EGP3.5m or 14.6% over the previous year, according to Mr Alaa El Zoheiry, chairman of the Insurance Federation of Egypt.
Five to seven insurers could leave the insurance industry in Jordan because of shortfalls in their solvency ratios, according to the chairman of the Jordan Insurance Federation, Mr Maged Smairat.
The Council of Ministers has approved the establishment of a separate regulatory body for the Kuwaiti insurance sector, announced the Ministry of Commerce and Industry.
The life insurance market in Kuwait is weak in creating products that meet the needs of customers and lacks experience in developing the market, according to Mr Sami Sharif, actuary and CEO of Kuwait Insurance Company.
The life insurance market in Lebanon is estimated to have declined by 7% in 2018, weakened by lower new business and little activity on mortgage and personal loans, according to Mrs Nadine Habbal, the acting head of the Insurance Control Commission of Lebanon.
Online insurance startup, Comin Insure, is looking to raise funds of between $3m and $5m from a strategic partner to fund its regional expansion.
The Moroccan insurance industry has continued to be strong, according to Morocco’s central bank, Bank Al-Maghrib.
Losses arising from Cyclone Mekunu, which ravaged Oman in May 2018, have led to insurers receiving claims of over OMR155m ($403.1m), according to new data from the Capital Market Authority (CMA).
Palestine’s Capital Market Authority (CMA) has launched a comprehensive insurance awareness campaign in line with the strategy of the Authority to promote the insurance sector.
Gulf Union Cooperative Insurance has offered one share for 1.74 shares of Al Ahlia for Cooperative Insurance under a swap deal for the planned merger between both entities, according to a stock exchange filing.
A data exchange system involving insurers, the Technical Agency for Land Transport and the General Insurance Institute (IGA) has been established.
The Ministry of Treasury and Finance has extended for another year the ceiling on premiums for compulsory motor third-party liability insurance.
The Turkish Grand National Assembly has approved a law providing for the establishment of Turk Reasurans (Turkish Reinsurance) to insure risks that the insurance sector is unable to cover and to develop new products in line with market needs.
The revised Private Pension Insurance Scheme (BES), requiring wage earners to stay in the plan for at least three years, has started last month to cover employees in workplaces which have a staff of five to nine people.
Balances due from other insurers in the UAE market is a material component of insurance debtors for the UAE market, according to A.M. Best.
The UAE Insurance Authority (IA) has set out a three-stage plan for the implementation of the International Financial Reporting Standard for insurance contracts (IFRS 17) for all insurers operating in the country in order to facilitate a rapid and smooth transition, according to a circular issued by Mr Ebrahim Obaid Al Zaabi, director general of the IA.
Total premiums written in 2018 are expected to have exceeded AED50bn ($13.6bn), the first time the industry has broken through this mark.
Premium rates for comprehensive and mandatory third-party liability motor policies in the UAE fell by between 15% and 18% in 2018 compared with 2017, according to the Emirates Insurance Association (EIA) and several managers of insurers operating in the UAE.
The UAE insurance market is about to price new motor insurance products (comprehensive and third party liability) according to the distance driven by the customer, said media reports. However, no specific implementation date has been mentioned for the plan.
Marsh has established a China desk in Dubai as part of its strategy to tap growing business relations between China, the Middle East and Africa, said media reports.
The Dubai Government Workshop (DGW) has signed a partnership agreement with Abu Dhabi National Insurance Company (ADNIC) to provide innovative motor fleet insurance for DGW. The agreement will be for two years, ADNIC said in a statement.
Allianz Care has signed a B2B telehealth contract with Health at Hand (HAH), a leading telehealth provider in the Middle East.
Yallacompare, a regional financial comparison site for financial products, has raised $8m from existing venture capital partners and a new significant investor in its latest funding round.
Global healthcare benefits provider Aetna International has collaborated with Neuron for the administration of its regional medical insurance business. The objective of this strategic partnership is to work proactively towards building a healthier society, whilst making healthcare even more accessible for Aetna’s customers in the region.
Global
Cyber incidents and business interruption (BI) are the top business risks globally, according to an annual survey conducted by Allianz Global Corporate & Specialty (AGCS). BI remains the top threat for businesses worldwide for the seventh year running and is the top risk in countries such as the US, Canada, Germany, Spain, Italy and China. Cyber incidents join BI at the top of the rankings for the first time.
Reinsurance buyers continue to secure protection at accretive cost of capital terms despite a reduction in global reinsurer capital through 9M18, said Aon’s Reinsurance Solutions in its January 2019 edition of the ‘Reinsurance Market Outlook: Value Proposition to Buyers Remains High Despite Interesting Market Dynamics’.
The marine industry has issued the third edition of the industry cyber risk management guidelines which addresses the requirement to incorporate cyber risks in ships’ safety management systems.
Takaful
Takaful is still hovering at 2% of the Islamic financial industry with Islamic microfinance expected to catch up with it in terms of market share.
A new working paper released by the Islamic Financial Services Board (IFSB) suggests that market practices can deviate significantly from supervisory expectations, particularly with regard to the scope for takaful operators and intermediaries seeking to maximise their own benefit rather than to pursue the consumer’s best interests.
The state-owned Misr Insurance group has taken steps to launch a new company to undertake family takaful business, said Mr Basel El Hini, chairman of Misr Insurance Holding Company (MIHC).
Indonesia’s takaful industry is expected to benefit from developments in the broader shariah ecosystem over the long term, according to Fitch Ratings.
Kuala Lumpur-based Actuarial Partners Consulting (APC) has signed a formal partnership with Moody’s Analytics to provide insurers in Malaysia and neighbouring countries with actuarial consulting services and software solutions to support the insurance industry with IFRS 17.
Malaysia’s takaful segment will benefit from the government’s push for affordable insurance and higher insurance penetration, particularly as Muslims dominate the country’s population, according to Fitch Ratings in its report ‘Malaysia Takaful Dashboard 2019’.
Long-awaited regulations for takaful will finally be in place this year.