The long-term effects of COVID-19 and shifting workplace needs are driving change in healthcare plans, from increased claims costs as a result of delayed diagnoses, to insurers’ digital innovation and inclusivity criteria, said Mercer Marsh Benefits (MMB).
Insurers in the GCC are reaping the benefits of ongoing economic growth in the region. The expansion of infrastructure investment and medical insurance covers will continue to spur premiums in 2023, albeit at a slower pace than in 2022, S&P Global Ratings (S&P) said in a report.
The impact of ESG considerations on the credit strength of most insurers in the GCC countries is neutral to low, according to Moody’s Investors Service.
The Financial Regulatory Authority (FRA) has released rules governing insurance companies commissioning investment companies to manage their investment portfolios. The goal is to help insurers earn more attractive investment returns.
The interest of some Lebanese in home insurance has risen, leading to an increase in the demand for such coverage recently, in the wake of the February earthquakes in Turkiye and Syria, with tremors felt too in Lebanon.
The total premium income of insurance and reinsurance companies in Morocco reached MAD54.9bn ($5.3bn) in 2022, increasing by 9.3% in nominal terms compared to 2021, according to the Insurance and Social Welfare Supervisory Authority (ACAPS).
The Capital Market Authority (CMA) has organised a meeting to introduce insurers to the new standard credit life insurance policy.
Najm Insurance Services Company, in cooperation with the Insurance Supervision Department at the Central Bank of Saudi Arabia (SAMA), has upgraded the no-claims discount (NCD) eligibility service.
Chedid Re Europe, a member of Chedid Capital Holding, has announced that it has chosen Saudi Arabia as headquarters for its regional operations, through establishing Chedid Europe Regional, keeping pace with its strategy to expand its business and operations in the Middle Eastern reinsurance market.
Dubai International Financial Centre (DIFC) has granted a captive insurance licence to Ma’aden, the largest multi-commodity mining and metals company in the Middle East, and one of the top five largest mining companies in the world based on market capitalisation.
The insurance market in the UAE reported a marked deterioration in underwriting profitability in 2022, noted AM Best.
Spending on life insurance, retirement savings, investment in property, children’s education, top the list of how the majority of UAE residents plan to use their annual bonuses, according to the findings of a survey commissioned by Zurich International Life (Zurich), part of Zurich Insurance Group.
Global
Natural disasters resulted in global economic losses of $275bn in 2022, of which $125bn were covered by insurance. Economic growth and accumulation of property assets in exposed areas were main loss drivers, aggravated by exceptional inflation pressure, said Swiss Re’s latest Sigma report.
Losses stemming from hurricane Ian, following several years of heightened catastrophe losses, have solidified the arrival of a hard market and dampened the influx of new capital from insurance-linked securities (ILS) investors, according to a new AM Best report.
Takaful
The Côte d’Ivoire unit of Cameroon-headquartered SAAR Assurances (African Insurance and Reinsurance Company) has established a takaful window to offer Islamic-compliant insurance products.
Kaf Life Insurance has become the first Egyptian insurance company to transform from takaful to conventional insurance operations, the insurer said in a statement.
Expectations are that takaful providers in the GCC countries will report a decline in their combined net income for the fiscal year ended December 2022 compared with 2021, said Moody’s Investor Service in a recent report.
Pak-Qatar Family Takaful has partnered with Takaful Bazaar to promote shariah-compliant products and ensure effective handling of customers through the use of technology.