The Arabian Peninsula last year experienced its most active tropical cyclone season since 1992, said Willis Re in its report, ‘Summary of Natural Catastrophe Events 2018 - Insured losses and economic impact due to natural disasters’.
The economic outlook for the GCC region as a whole remains positive, as the surge in oil revenues and fiscal reforms of past years will provide the necessary cushion for GCC countries to support economic growth through capital expenditure, said Kuwait Financial Centre Markaz, an asset management and investment banking institution, in a recent report.
A unified policy for comprehensive vehicle insurance will be launched in June, Mr Yahya Nooruddin, chairman of the Bahrain Insurance Association, has revealed.
An insurance bond on escrow accounts for real-estate projects has been launched in Bahrain, and described as the first of its kind in the GCC.
Arig’s GWP during 2018 amounted to $262.8m, an increase of 16.5% compared to previous year. For the fourth quarter alone, GWP was $22.9m, compared to $9.3m in the same period in 2017.
Insurers in Egypt posted total premiums of EGP46.7bn ($2.7bn) in 2018, a growth of 32% compared to EGP35.5bn in 2017, according to data from the Financial Regulatory Authority (FRA).
The Financial Regulatory Authority (FRA) has approved amendments to microfinance rules, making it mandatory for microfinance institutions to provide coverage against the risk of death and total disability, through insurers, to borrowers.
A panel formed by the Executive Council for Property Insurance of the Insurance Federation of Egypt (IFE) has put forward seven proposals for determining the shares of companies in a compulsory motor insurance pool.
Insurers in Egypt plan to lodge objections to high capital requirements in the proposed new insurance law, following an industry meeting held in late January to discuss legislative amendments.
The Japan International Cooperation Agency (JICA) has been cooperating with Egypt on the latter’s universal health insurance scheme which is currently being implemented.
Kuwait Reinsurance Company has reported a solid profit after tax of KWD3.37m ($11.1m) for the year 2018, up 10% y-o-y, mainly contributed by the increase in net earned premiums and investment income.
Lebanon’s economy needs urgent “surgery” or it could collapse, Prime Minister Saad al-Hariri said at the World Government Summit in Dubai last month, adding that politicians remained fully united behind reforms agreed on last year, reported Reuters.
Regulations in Morocco have failed to keep pace with the evolution of risks in the country, according to Mr Aziz Derj, president of the Association for Risk Management and Insurance for Enterprises.
French global credit insurer Coface has given Morocco the highest country risk rating in North Africa of A4. This is higher than the ‘C’ given to Algeria and Tunisia and the ‘B’ awarded to Egypt.
The Moroccan subsidiary of German global insurer Allianz SE is entering the life insurance business in the North African kingdom, to expand its range of products and services.
Insurers listed on the Muscat Securities Market have increased their combined net profit after tax by 11.1% to OMR25m ($65m) in 2018, according to unaudited financial statements filed by the insurers with the bourse.
Qatar Insurance Company (QIC) said its net profit surged by 56.9% to $182m in 2018, while its GWP grew by 8.1% to $3,463m.
Najm for Insurance Services Company has launched its Comprehensive Auto Insurance Management System (CAMS) which will serve as a centralised insurance repository for motor data in Saudi Arabia.
Saudi Arabia is working on an infrastructure programme that aims to attract more than $426bn in foreign investments by 2030, create 11 new industries ranging from aerospace to biomedicine, and add 1.6m new jobs, said a government statement.
Insurers in Saudi Arabia have increased their rates for the coverage of rental cars by more than 75%, depending on the type of the car.
Insurers should contract out fire risk assessments to independent experts, Mr Resit Cakas, chairman of the Insurance Agencies Association (SAB). This is to ensure that enterprises which currently lack fire coverage will be included in the system.
Insurance agencies in Turkey are seeing falling insurance demand due to increased interest and inflation rates, while operating costs are rising, according to Mr Resit Cakas, chairman of the Insurance Agencies Association (SAB).
A member of the Federal National Council has questioned the weak Emirati representation in employment in the UAE insurance industry.
Premium rates for health insurance are likely to increase going forward, according to industry players.
The UAE Insurance Authority (IA) said that it is developing a legal framework to regulate M&A in the insurance sector to ensure that the deals are transparent and fair.
Orient Insurance has posted a 10.8% increase to AED393.42m ($107.1m) in net profit attributable to shareholders for 2018.
Oman Insurance Company (OIC) has recorded a GWP of AED3.70bn ($1bn) for 2018, down marginally from AED3.72bn in 2017, making the company once again the largest insurer in terms of gross premiums.
elseco, the high-tech specialty underwriting platform, has entered into an agreement with global specialty insurer StarStone to acquire its Dubai-based MGA, Malakite Underwriting Partners, as well as the renewal rights to StarStone’s Zurich-based airlines and products portfolio.
Abu Dhabi National Insurance Company’s (ADNIC) GWP rose by 10.1% y-o-y to AED2.91bn ($792.4m) in 2018, driven by growth across its core lines of business. It also achieved 22.8% growth in net technical profit to AED145.4m due to strong margins in key portfolios and 3.7% rise in net profit to AED235.6m.
Abu Dhabi Global Market (ADGM), the international financial centre in the capital of UAE, announced that the World Bank will establish its office in ADGM on Al Maryah Island.
Growth in general insurance in the UAE is unlikely to be organic, despite the upsurge in medical insurance proliferation in Dubai in recent years resulting from the introduction of the mandatory health insurance scheme, according to Mr Issam Kassabieh, senior financial analyst in the research department at MENACORP which is a multi-line financial services group.
AIG MEA, a wholly owned subsidiary of AIG, is now providing insurance and reinsurance solutions from its office in the DIFC.
Global
Climate change is the top security concern in a poll conducted by the Washington-based Pew Research Centre. It is followed by Islamist terrorism and cyber attacks. In 13 of 26 countries, people listed climate change as the top global threat, with the Islamic State militant group topping the list in eight and cyber attacks in four countries, the non-profit, non-partisan body said in its report.
Investors Trust has announced the opening of a new insurance company in Puerto Rico called ITA International Insurer in a bid to expand its global footprint.
S&P has started to include environmental, social and governance (ESG) sections within its issuer credit rating reports on corporate entities.
A global ransomware cyber attack could cost $193bn and affect more than 600,000 businesses worldwide, according to a new report from the Cyber Risk Management (CyRiM) project, the Singapore-based public-private initiative that assesses cyber risks, of which Lloyd’s is one of the founding members.
Takaful
Takaful should no longer be considered merely as a niche segment of the insurance industry, but as an alternative, according to Mr Ezzedine Ghlamallah, consultant and co-founder of SAAFI, a consulting firm specialising in the distribution and design of takaful solutions and Islamic finance.
Global
Divergences of an accounting and financial nature between takaful and conventional insurance will have to be resolved, as the implementation of IFRS 17 draws closer.
Takaful
Bahrain-based Takaful International Company (Takaful), one of the region’s pioneering Islamic insurance companies, has launched its new brand identity, incorporating a revamped logo that reflects the company’s forward-thinking momentum.
Solidarity – First Insurance Group, part of takaful giant Solidarity Group Holding, has partnered with ESKADENIA Software to boost its distribution, administration and operation processes.
Howden, part of the Hyperion Insurance Group and the world’s largest independent retail broker, is acquiring a strategic stake in Malene Insurance Brokers.
Syarikat Takaful Malaysia Keluarga Bhd’s (STMKB) net profit surged by 43% to a record high of MYR294.92m ($71.5m) for 2018 compared with MYR206.7m for 2017, as revenue jumped by 23% to MYR2.63bn in 2018 from MYR2.14bn a year ago.
A draft Bill that would provide for takaful operations in Morocco has been voted on unanimously by the lower house of Parliament in early February.
The Company for Cooperative Insurance (Tawuniya) has renewed a contract with state-owned Saudi Arabian Airlines (Saudia) to provide health insurance services for a year, according to a statement on the Saudi Stock Exchange (Tadawul).
Solidarity Saudi Takaful Co has terminated the contractual agreements with Saudi Anadel Insurance Co and Theatle Insurance Co, according to a bourse statement.
Islamic Arab Insurance (Salama) has posted a sharp fall of 98.3% in its net profit to AED619,000 ($168,500) for the year 2018 from AED37.5m in 2017, according to preliminary financial statements filed with the stock exchange.
Abu Dhabi National Takaful Co (ADNTC) has recorded a combined net profit increase of 33%, reaching AED86m for the year 2018 (for policyholders and shareholders before qard hasan provision), compared to AED64.6m for the year 2017.