Magazine

Read the latest edition of AIR and MEIR as an Interactive e-book

Feb 2024

Contents

February-Home
Editor's Letter
Magazine article aboutLiving-in-interesting-times

Living in interesting times

Market Profile
Magazine article aboutAI-and-aggregators-dominate-InsurTech-scene

Bahrain

AI and aggregators dominate InsurTech scene

Enhanced insurance regulations in Bahrain

Growth in most lines except life insurance

Reinsurance in Bahrain

Market spotlight
Magazine article aboutLife-and-property-drive-growth-in-Oman

Oman

Life and property drive growth in Oman

Oman insurance regulation

Takaful is a growing force in Oman

Broking
Magazine article aboutBrokers-should-evolve

Brokers should evolve

Insurance
Magazine article aboutYemen-Insurers-hopeful-of-stability-amid-conflicts

General

Yemen: Insurers hopeful of stability amid conflicts

Steering away from risks in the Red Sea

Life & health

Fraud and scams in health insurance

India needs digitally-empowered agents

Reinsurance
Magazine article aboutReinsurers-offer-Nat-CAT-capacity-but-it-comes-at-a-price

SIRC Connect

Reinsurers offer Nat CAT capacity but it comes at a price

Long-term motor reinsurance capacity limited

Takaful
Magazine article aboutMalaysia-Latest-retakaful-player-focuses-on-life-and-health-to-compete

Malaysia: Latest retakaful player focuses on life and health to compete

Notebook
Magazine article aboutThe-state-of-Arab-insurance-markets-today

The state of Arab insurance markets today

News

MENA

Algeria: Insurance industry grows by 2.65% in 2023

Algeria: Natural disaster losses could rise to 0.7% of GDP on average

Egypt: Market sees tightening of reinsurance terms

Jordan: Proposed health insurance extension scheme for private-sector workers suspended

Kuwait: Fairfax becomes majority shareholder of GIG on completion of purchase of stake

Morocco: Bancassurance beats insurance broking channel in premium income for the first time

Morocco: Insurance market continues to demonstrate resilience

Saudi Arabia: Insurers target health coverage for 25m people by 2030

Saudi Arabia: Najm simplifies process of buying domestic worker insurance policies

Türkiye: Compulsory quake insurance coverage amounts and tariff rates to rise from February

Türkiye: Government to launch income protection insurance scheme for grain growers

UAE: Mental health insurance premiums increase by 10-15%

UAE: BMS completes acquisition of Berns Brett Masaood and rebrands to BMS Masaood

UAE: Insurance federation explains need for stricter risk management for paper and plastics factories

Global

Global: Reinsurance industry recovers from capital losses

Global: 1 Jan property reinsurance renewal sets stage for an interesting 2024

Global: Disinformation tops global risks 2024

Global: Record thunderstorm losses and deadly earthquakes in 2023

Canada: Insured losses from catastrophic events top $2.3bn in 2023

Takaful

Egypt: Committee to study applications for switch from takaful to conventional

Malaysia: InsurTech gets green light to establish takaful and retakaful operations

Global

Malaysia: Zurich Malaysia and Senang.io teams with Bank Islam to introduce digital solutions

Takaful

Morocco: Takaful operators show improved performance in 1H2023

Global Risk Review

US: Stress at work reaches alarming proportions

As flood risk rises, populations abandon areas

Climate change makes weather forecasting harder

Drivers find vital safety features annoying and switch them off

Climate change forces millions to flee their homes

Forests in Southeast Asia can weather climate change better if left undisturbed

Supply chain biggest challenge for cyber security

Ample capacity for cyber insurance

APAC sovereigns have limited capacity to adapt to flooding risks

Product Bites

MS Amlin launches financial lines cover in the Middle East

National Bank of Oman and Takaful Oman launch range of bancatakaful products

GIG Life Takaful and Al Baraka Bank launch bancassurance products in more than 25 branches across Egypt

GIG Gulf launches online motor insurance solution for micro-SMEs

Diary
People on the move

People on the move

Market Profile

Bahrain

AI and aggregators dominate InsurTech scene

The InsurTech industry in the Kingdom of Bahrain is growing rapidly, with AI technologies and aggregators taking centre stage. We spoke with Braxtone Group’s Mr Mohamed Radhi to find out more.
 
 

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Enhanced insurance regulations in Bahrain

New rules and regulations have been introduced by the Central Bank of Bahrain, focusing on mandating health insurance for expatriates and citizens and making ESG reporting compulsory from 2024. We look at some of the regulator’s biggest announcements and how some laws have changed.
 
 

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Growth in most lines except life insurance

The insurance industry in Bahrain has shown steady growth in 2023 driven by strong performance across most lines of business. It is expected that the mandatory health insurance scheme will benefit insurers further. However, life insurance struggles to improve.
 
 

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Reinsurance in Bahrain

Bahrain has historically been something of a quiet achiever in the region – preferring substance over style. The financial services regulator, also the insurance regulator, the Central Bank of Bahrain, has a reputation for being one of the most principled and rigorous in the region. This bodes well for the growth of reinsurance in the kingdom. We spoke to Trust Re’s Mr Yassir Albaharna for reinsurance insights.
 
 

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