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Magazine

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

Mar 2024

March-Home

Editor's Letter

GAIF as a symbol of growth

Market Profile

Algeria

Algerian insurance regulation picks up pace

Health insurance sees highest growth in GWP

Macroeconomics impact Algerian reinsurance

More to come for Algeria's insurance industry

Untapped potential in Algerian general insurance

GAIF

GAIF triumphant

Great achievements for GAIF's 60th anniversary

Insurance is not ready for AI

How insurance regulators cope with AI

Sustainable insurance practices brought to life

Broking

Challenges faced by regional brokers in the Middle East

Lebanon: Overcoming brokerage challenges hinges on regulator

New regulation to support brokers in North Africa

Promising prospects for Saudi broker industry

UAE broking anticipates a boom year

Market spotlight

Syria

Growth in Syria's insurance market despite economic challenges

Insurance

General

View from India - Indians are ready to adopt motor telematics

How substantial consolidations impact insurers in the Middle East

Marine insurance capacity remains unaffected by Israel-Gaza war

Life & health

MENA insurers addressing mental health challenges

Reinsurance

SIRC Connect

Innovating insurance for a resilient future

Public-private partnerships can mitigate climate impact

Further cooperation between Arab markets must be promoted

Saudi Arabia

Integrated healthcare system crucial for Saudi's health insurance goals

Saudi's vast health insurance goal

Takaful

Complementing offerings from conventional insurers

Takaful offers valuable alternative risk mitigation for South Asia

Notebook

International Women’s Day

Passing the torch: A heartwarming tale of family succession

News

MENA

GAIF: GAIF's 34th Conference award addresses AI development in the region

GAIF presidency goes to Oman

GAIF resolutions: Aspirations for further development with emphasis on AI and technology

GAIF: Jordan to host GAIF's next conference

GCC: Insurance market to be propelled by economic diversification, demographics and infrastructure projects

Middle East: Marine insurers continue to support trade in the Red Sea

Egypt: Inflation and currency problems to drag on insurance market growth in 2024

Egypt: Regulator said insurers are to record sales calls with customers

Jordan: Insurers and doctors reach agreement on medical fees

Lebanon: Chedid Capital's risk management institute launches second cohort of professional certificate course

Morocco: Parametric insurance pool pays out $275m for Sep 2023 'quake

Qatar: Insurance industry's prospects boosted by economic growth, infrastructure

Saudi Arabia: Country's share of GCC insurance market projected to expand in next five years

Türkiye: Government's 2023 cash support for Kahramanmaras earthquakes exceeds $3.46bn

Türkiye: Regulation governing traffic insurance platform begins

UAE: Dubai health insurance system handles transactions totalling over $5.9bn in 2023

UAE: Insurance association explains when cosmetic surgery claims are allowed

Global

Global: New global advisory council to drive industry-wide collaboration and digitalisation

Global: Marine insurers continue to support trade in the Red Sea and Black Sea

Global: Swiss Re's net income surges by 580% to $3.2bn

Takaful

Algeria: El-Djazair Takaful's contributions reach around $600,000 in 2023

Indonesia: Flat growth for takaful market expected in next three years

Indonesia: New capital requirements for takaful operators to shape sector's dynamics

Malaysia: Takaful association targets doubling of penetration rate to 40% by 2028

Malaysia: FWD launches new takaful products

Qatar: Takaful operators report encouraging results in 2023

Tanzania: First United Takaful launches operations

UAE: Watania's turnaround strategy places group in healthy financial stead for 2024

UAE: SALAMA records 20% revenue growth in 2023

Global Risk Review

Spike in political risk threat to supply chains

Companies are recognising the dangers of reputational risk

Workplace deaths up 12% in past two decades

Global economic stagnation could cost $5.2tn

Work-life balance is as important as career progression

New code of conduct for insurance market using AI

Deepfake fraud and deglobalisation among new insurance risks

Insurers must adapt to energy transition or will disappear

Cyber insurance market growing dramatically

Global warming exceeded benchmark for the first time

Increasing air pollution may spur risk of suicides

Cyber risk predictions for 2024

Product Bites

Al Futtaim Willis and iO Health partner to enhance healthcare delivery in UAE

Guy Carpenter new cyber reinsurance product, CatStop+

WTW cyber insurance coverage for SMEs

Takaful International launch insurance product for critical illnesses

Diary

People on the move

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

Magazine Table of Contents

Insights - Accounting standards

IFRS 17: How simple is the simplified approach?

Source: Middle East Insurance Review | Nov 2018

IFRS 17 marks a fundamental shift in accounting principles. With this comes opportunities but also implementation challenges. Messrs Safder Jaffer and Asad Irshad of Milliman present five key challenges that insurers will need to address when using the Premium Allocation Approach.

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