Disaster losses could average around 0.7% of Algeria’s GDP per year, nearly double the historical average, according to a new joint study from the World Bank and the National Delegation for Major Risks under the Algerian Ministry of the Interior.
Reinsurers are unlikely to relax strict conditions in the January 2024 renewals, including risk retention rates for insurance companies and other stringent terms and conditions that they imposed in recent years, according to Misr Insurance Company CEO Amany Elmahy.
The proposed extension of social health insurance to the private sector will be postponed until further notice, due to financial concerns, said Social Security Corporation (SSC) director-general Mohammad Al-Tarawneh.
Kuwait Projects Company (KIPCO) officially transferred in December 2023 its 46.32% shareholding in Gulf Insurance Group (GIG) to Toronto-headquartered Fairfax, in line with the previously announced binding agreement between the two parties.
The bancassurance channel attracted a record premium volume of MAD18.3bn ($1.85bn) in 2022, exceeding that of brokers for the first time.
The insurance sector continues to demonstrate its resilience and develop, despite a difficult macroeconomic situation, according to the Systemic Risk Coordination and Monitoring Committee (CCSRS), which met last December at the headquarters of the central bank, Bank Al-Maghrib (BAM).
The insurance sector aims to provide health insurance coverage to 25m people by 2030, when health insurance contribution to GDP is expected to reach SAR61bn ($16.3bn) by 2030 or about 2% of the GDP, according to a report by the Saudi Council of Health Insurance.
Najm for Insurance Services has launched an initiative that helps individual employers to receive information on insurance policies for domestic workers through the Musaned platform, which falls under the umbrella of the Ministry of Human Resources and Social Development.
The Insurance and Private Pension Regulation and Supervision Agency has increased compulsory earthquake insurance coverage amounts and tariff rates. The increases will be applied as of 1 February 2024.
Minister of Agriculture and Forestry Ibrahim Yumakli has announced that the government plans to offer income protection insurance across the country in 2024 for growers of all types of grain.
Mental health insurance premiums in the UAE have been increasing by 10-15% every year, and this trend is expected to continue in 2024, according to insurance industry executives.
BMS, an independent specialist insurance and reinsurance broker, has completed its majority stake acquisition of Berns Brett Masaood, an insurance broker established in 2007 and headquartered in Abu Dhabi and Dubai.
Insurance companies do not refuse to accept insurance for paper, plastic and cardboard factories, as long as the latter adhere to acceptable safety standards and means, said the Emirates Insurance Federation (EIF).
Global
The global reinsurance industry demonstrated a significant recovery of prior-year capital losses in 2023, driven by strong technical results, unrealised capital gains and higher reinvestment rates, according to a new AM Best commentary.
The 1 January 2024 treaty renewal proceeded relatively smoothly, as a rebound in profitability, rebuilding capital positions and greater availability of retrocession capacity encouraged many reinsurers to display increased appetites at the enhanced terms established in 2023, said Aon latest Reinsurance Market Dynamics report, which reviews the 1 January reinsurance renewal period and evolving market dynamics.
Drawing on nearly two decades of original risks perception data, the World Economic Forum’s Global Risks Report 2024 warns of a global risks landscape in which progress in human development is being chipped away slowly, leaving states and individuals vulnerable to new and resurgent risks.
Worldwide, Nat CAT in 2023 resulted in losses of around $250bn (previous year $250bn), with insured losses of $95bn (previous year $125bn), said Munich Re in a recent report.
The unprecedented frequency of catastrophic events experienced across Canada in 2023 pushed the insured loss total for the region to C$3.1bn ($2.3bn), according to CatIQ, Canada’s insured loss and exposure indices provider.
Takaful
The Financial Regulatory Authority (FRA) has issued a resolution to form a committee to study applications from Islamic insurers for initial approval to change their business to conventional insurance.
Kuala Lumpur-based PolicyStreet, a regional InsurTech company, has secured approval from the Labuan Financial Services Authority to commence takaful and retakaful operations.
Global
Zurich Malaysia and Senang.io entered a strategic partnership with Bank Islam Malaysia (Bank Islam) to deliver takaful solutions through the Be U by Bank Islam app.
Takaful
Takaful providers in Morocco have shown positive results during the first half of last year, with total written contributions reaching MAD29m ($2.9m), which indicates improved performance in this vital sector, according to Alam24 news, citing the Supervisory Authority of Insurance and Social Welfare (ACAPS).