The Geneva Association has authorised and agreed to the translation to Arabic of its research reports that were issued in the past two years and new research to be issued in the future. The association has also agreed to publish these translated research studies as books with a publisher in Lebanon.
The Algerian market is estimated to have grown by 4% in 2021, the Algerian Union of Insurance and Reinsurance Companies (UAR) president Youcef Benmicia has said, citing forecasts made by the National Insurance Council (CNA).
The Bahrain Insurance Association (BIA) has reached an agreement with the Central Bank of Bahrain and the Labor Market Regulatory Authority to reduce premiums for voluntary insurance policies for domestic workers by 20%.
State-owned Misr Life Insurance plans to increase its paid-in capital to EGP3bn ($191m) before the current fiscal year ends on 30 June 2022 (FY2022).
The cabinet has endorsed the amendments to the health insurance bylaw which will allow the inclusion of new beneficiaries to the public health insurance system, said media reports.
The Competition Protection Agency (CPA) in Kuwait has suggested an updated study setting minimum prices for motor third-party liability (MTPL) insurance.
A government body has announced that it aims to provide the entire population of the country of about 36m with basic health insurance by the end of 2022.
International financial reporting standards (IFRS) should be adopted for accounting years beginning on or after 1 January 2023, for the consolidated financial statements of public interest entities (financial institutions, insurance and reinsurance companies and listed companies) according to a decision of the National Accounting Council (CNC).
Premium rates of comprehensive and third-party liability motor insurance in the UAE dropped by between 20% and 30% in 2021 compared to 2020, according to the Emirates Insurance Association.
Cigna Insurance Middle East (CIME) said it has received the participating insurer (PI) licence issued by the Dubai Health Insurance Corporation.
Abu Dhabi-based ADQ and Alpha Dhabi Holding have entered into an agreement to merge several companies under one entity called Pure Health, creating the largest healthcare provider in the UAE.
Global
In 2021, Nat CAT caused overall losses of $280bn, of which roughly $120bn were insured, said Munich Re in a report issued last month. Alongside 2005 and 2011, the year 2021 proved to be the second costliest ever for the insurance sector (record year 2017: $146bn, inflation-adjusted) – overall losses from Nat CAT were the fourth-highest to date (record year 2011: $355bn).
The 1 January renewals reflected a healthy but evolving market as reinsurers adjusted risk appetite and pricing thresholds for certain sectors in response to ongoing and emerging challenges, according to Guy Carpenter.
Takaful
Last month, Cardif El-Djazair and Generale Assurance Mediterraneenne (GAM) received licences to open takaful windows in Algeria, as stated in the Official Gazette issues number 94 and 95.
Oman finance minister Sultan Salim Said Al Habsi, who is also the chairman of the Capital Market Authority (CMA), has issued Decision No. 171/2021 establishing the Supreme Shariah Supervisory Board (SSSB) in the CMA to enhance the legislative and regulatory processes for takaful operators based on best international practices. The decision was published in the Official Gazette.
Saudi Arabian insurer AlAhli Takaful has announced that its proposed merger with Arabian Shield Cooperative Insurance is effective after no objections were raised by creditors by the set deadline, said a statement on the Saudi stock exchange last month.
A merger bid by Amana Cooperative Insurance (Amana) and Saudi Enaya Cooperative Insurance (Saudi Enaya) has fallen through. Shareholders of Amana had approved the merger proposal. However, shareholders of Saudi Enaya turned down the terms of the merger offered by Amana, according to bourse statements. The voting was carried out at an extraordinary general meeting by each insurer on 9 January.
Dubai Islamic Insurance & Reinsurance Company (Aman), a UAE-based takaful operator, has been awarded participating insurer (PI) status by the Dubai Health Authority (DHA) with effect from 1 January 2022.