Gallagher has launched a new business in the DIFC to support clients across the Middle East and Africa (MEA) with its specialty and facultative reinsurance solutions.
Insurance companies in the GCC region have been working towards alignment with IFRS17 for over three years now, and the process to date has largely been organised, according to the latest commentary published jointly by the UAE market research firm Insurance Monitor and LUX Actuaries & Consultants.
AM Best said it is revising its market segment outlook for the insurance markets of the GCC region to ‘stable’ from ‘negative’.
The Egyptian insurance industry produced total premiums of about EGP49bn ($3.1bn) during the 12 months ended 31 December 2021, up 25.6% from EGP39bn in 2020, according to data issued by the Financial Regulatory Authority.
The aggregate profits of 18 insurance companies operating in Jordan’s domestic market fell by 35.2% last year compared to results in 2020, according to a study by Sanabel Al Khair for Financial Investments.
Qatar’s compulsory health insurance law, which is expected to take effect in May 2022, could generate an additional QAR1bn ($275m) to QAR1.5bn in GWP in Qatar in the coming years, according to S&P.
Senegalese Reinsurance Company (SENRE) has recorded a turnover in MENA of around $4.5m in 2021, according to SENRE manging director Adama Ndiaye.
The UAE insurance market maintained its momentum in 2021, posting another year of strong premium growth, analysis from AM Best showed.
Emirates Insurance Company (EIC) has successfully rolled out of the first project phase of Merimen’s E-claims solution, marking an important development in the company’s digital transformation progress.
Fidelity United (formerly known as United Insurance Company) has recently successfully completed its AED60m ($16.3m) rights issue, which is the second injection of funds in the company since 2017 and is aimed at accelerating the company’s sustainable and long-term profitable growth.
Last month, the African Reinsurance Corporation (Africa Re) officially launched its DIFC branch at a gala dinner during the Dubai World Insurance Congress.
Global
President Vladimir Putin has signed a law banning insurers in Russia from conducting business with insurers, reinsurers and brokerage firms from ‘unfriendly states’. The move comes in response to economic sanctions imposed by western nations against Russia, because of Mr Putin’s invasion of Ukraine. The measures include banning Russian businesses from accessing international services. M
The global insurance-linked securities (ILS) market remains saddled with prior CAT losses, a decline in assets under management (AUM) for some prominent ILS funds, and a drop in the overall performance of ILS funds despite another year of a record cat bond issuance, said a recent report by AM Best.
The four major European reinsurers – Hannover Re, Munich Re, SCOR and Swiss Re – improved their earnings significantly in 2021 due to better pricing and substantially lower coronavirus claims in property and casualty, Fitch Ratings said in a new report titled European Reinsurers’ Earnings Much Improved in 2021.
Takaful
Higher oil prices will lead to fewer sukuk issuance in 2022, mainly due to lower financing needs in the GCC states, according to Moody’s Investors Service (Moody’s) in a report last month.
Al-Manara Insurance has announced the amendment of the company’s article and memorandum of association to convert its operations from conventional insurance business to adopt the takaful model, the company said in a statement published on the Amman Stock Exchange last month.
Wafa Takaful, among the first three Islamic insurers licensed in Morocco, consolidates the status of the Wafa Assurance Group, which is one of the biggest insurance groups in the country.
Al Khaleej Takaful Insurance (Al Khaleej) has generated net profit of QAR40.13m ($11m) in 2021 against net loss of QAR39m in the preceding year, according to the company’s interim financial statement published on the Qatar Stock Exchange. The earnings per share amounted to QAR0.16 by the end of 2021 versus loss per share of QAR0.15 in the past year.
SABB Takaful has signed a binding merger agreement with Walaa Cooperative Insurance (Walaa), the insurers said in a statement posted on the Saudi Stock Exchange (Tadawul) last February. Upon completion of the merger transaction, Walaa shall become, by operation of law, the legal successor of the assets, liabilities, rights and obligations of SABB Takaful and SABB Takaful shall cease to exist.
Islamic insurers Dar Al Takaful and National Takaful Company (Watania) have reached an agreement for a potential merger as they look to consolidate market share in the UAE.