It was a new day yesterday
General
DWIC 2022: What will the future of the industry look like?
Profit margins under pressure for motor insurers
Motor industry trends and benchmarks
Insurance fraud: Leveraging technology to highlight blind spots
Life & health
Medical malpractice claims trends in the UAE
Saudi Arabia
Regulation in high gear
Life growth accelerates
General insurance ready for reform
Clear vision leads to clear growth opportunities
Paving the way for InsurTech growth
Profit woes persist
Health insurance in pole position
Turbulent year for reinsurance brokers
Legal developments for a rapidly changing market
Regulatory changes from a two-year pandemic
Overcoming tech barriers
UAE takaful operators in turnaround bid
A value-based proposition for takaful
Revisiting the takaful model
View from India
Women can build their own future in insurance
Actuaries must be valued for their skills
Retirement and savings - an overlooked segment
MENA
MENA: Russia President Vladimir Putin's invasion of Ukraine spells higher oil prices
Middle East and Africa: Gallagher launches new insurance business in DIFC
GCC: IFRS17 preparatory process seen as organised
GCC: Outlook for Gulf insurance markets improves on resurgent demand for oil
Egypt: Insurance market expands by 26% to over $3bn in 2021
Jordan: 18 insurers post one-third fall in combined profits in 2021
Qatar: New health insurance scheme to give insurance market a huge boost
Tunisia: Senegalese reinsurer grows in MENA through Tunis office
UAE: Investment gains drive aggregate net profit growth of listed insurers in 2021
UAE: EIC completes first phase of motor e-claims platform implementation
UAE: Fidelity United ready to compete following capital injunction
UAE: Africa Re launches DIFC branch
Global
Global: Russia prohibits (re)insurance from 'unfriendly states'
Global: ILS fund managers are re-underwriting and de-risking their portfolios
Reinsurers return more capital on very strong 2021 results
Takaful
Global: Slower sukuk issuance expected in 2022
Jordan: Al-Manara becomes a takaful operator
Morocco: Wafa Assurance adds Islamic insurance to group's business
Qatar: Al Khaleej back in the black
Saudi Arabia: SABB Takaful, Walaa sign binding merger agreement
UAE: Dar Al Takaful and Watania agree to merge
Cyber agencies join forces to warn businesses of mounting ransomware risks
Climate tops pandemic as top emerging risk
Lack of regulatory guidance stalls progress of ESG initiatives
January 2022 was Earth's sixth-warmest January on record
The sixth International Climate Report and insurers
'No end' to rising cyber threat for financial services
Ukraine invasion increases spill over risks of global cyber attacks
Less than half of US executives think supply chains will ease by late 2022
Bahrain: bni launches new cyber insurance solution
Oman: OIFC Khedmah signs a collaboration agreement with Dhofar Insurance
UAE: OIC partners with Aster to offer healthcare services for corporates and individuals
People on the move
Callidus Consulting celebrates 10th anniversary
Gen Re celebrates digital transformation and innovation
MARKET PROFILE - Saudi Arabia
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INSURANCE - General
Discussions at this year’s Dubai World Insurance Conference focused on the industry’s most pressing issues and challenges to find solutions that respond to today’s business environment.
ACTUARIAL
Mr Ronald Chidiac, an independent actuary who has been involved in the MENA region for over 25 years, feels that there is an urgent need for the insurance industry to recognise the technical skills that actuaries bring to the table.
HFW’s Messrs Justin Whelan and John Barlow talk about how Saudi Arabia’s legal and regulatory landscape is developing to keep up with the changes sweeping through the country.
How quickly we moved from worrying about the worst health crisis in living memory to the worst humanitarian crisis in Europe since WW2.
Motor insurance in the MENA region saw stiff competition during the pandemic with premium prices falling by as much as 20% in the UAE in the first half of 2021. With countries lifting restrictions, traffic is back to normal levels and claims are...
Badri Management Consultancy’s Mr Omar Khan and Ms Mahnoor Mir offer insights into how the motor insurance industry in the UAE has been affected by regulatory developments and pandemic-driven changes and what they mean for the sector.
As the kingdom’s economy accelerates towards more growth and financial sophistication, the insurance regulator has a full agenda in preparing the sector for more competition and more integrated services. We look at some of SAMA’s more...
Life insurance business in Saudi Arabia accounts for a modest share of the market’s GWP but this is about to change as faster growth has been witnessed over the past couple of years.
The general economic surge, emphasis on infrastructure development, technological innovations, regulatory reforms and focus to achieve Vision 2030 goals spell some good times ahead for Saudi Arabia’s insurance industry.
Ince’s Mr Mohamed El Hawawy and Ms Ruby Modare provide insights into the regulatory framework governing the insurance industry in the UAE and the regulatory changes made in response to the pandemic.
Technology has the power to help takaful realise its full potential. There are, however, certain challenges that takaful companies face when trying to bring said technology into their processes. We spoke to Deloitte’s Dr Hatim El-Tahir to find...
Six out of nine listed UAE takaful operators have reported weaker earnings, including one swinging to net loss, resulting in aggregate profits dropping by almost 50% in 2021. It remains to be seen whether these listed Islamic insurers will pull off...
Swiss Re Asia’s Mr Marcel Omar Papp talks about how the takaful industry can set itself apart from traditional insurance to realise its full potential.
The Indian insurance industry can be safely termed as gender-sensitive, however, there is still some more that can be achieved and some of the onus can lie with women themselves. ICICI Lombard General Insurance’s Ms Sheena Kapoor says young...
General Arab Insurance Federation’s Mr Chakib Abouzaid looks at some of the issues affecting pension systems in Arab countries and the possible role that insurance can play in improving them.
Russia President Vladimir Putin’s invasion of Ukraine has lifted crude prices over $105 a barrel for the first timesince 2014, extending gains earlier propelled by economies around the world reopening after coronavirus lockdowns, reported...
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 haslargely been organised, according tothe latest commentary published jointly by the UAE market research firm...
National cyber agencies of the US, UK and Australia have urged businesses to take ‘protective action’ against an increase in ‘sophisticated, high-impact’ ransomware attacks.
While pandemic and infectious diseases rank as the top current risks, climate risk was identified most often as the top emerging risk, followed by cyber/network risks, according to the 15th Annual Survey of Emerging Risks sponsored by the Canadian...
A lack of regulatory guidance is preventing companies from investing more in environmental, social and governance (ESG) initiatives, according to a new survey.
Bahrain National Insurance (bni) has launched a new cyber insurance solution, an exclusive cyber security and risk-mitigation cover for companies and organisations. The insurance policy will help corporate and SME clients quickly and effectively...
Oman Investment and Finance Company (OIFC) Khedmah, a billing and collection services provider for utilities in the sultanate, has signed a collaboration agreement with Dohfar Insurance as part of the newly introduced service in the Khedmah app for...
Oman Insurance Company (OIC) has partnered Aster DM Healthcare (Aster), a network of integrated healthcare providers in the GCC and India, to offer exclusive and comprehensive health insurance plans for corporates and individuals in the UAE.
To celebrate its 10th anniversary in March, Callidus Consulting (MENA) hosted a dinner reception in the Ritz-Carlton, DIFC. Callidus is a niche compliance practice established in the UAE over a decade ago.
General Reinsurance (Gen Re) (DIFC branch) last month held a reception to review its digital transformation over the past five years. The event welcomed more than 100 guests from over 15 countries.