Reinsurance structures for pro rata property business moved towards a full quota share model during the July renewal season in the Middle East, according to broker Gallagher Re.
The Ministry of Labour is examining the importance of strengthening complementary social security and broadening the base of members of mutual insurance companies.
The Financial Regulatory Authority (FRA) has issued decisions concerning the digital transformation of the non-banking financial sector in Egypt.
While Egypt’s insurance market is proving resilient in the face of the country’s challenging economic conditions in 2023, the continuing rise in interest rates and inflation means that insurers are finding it difficult to sustain growth rates in real terms, according to AM Best.
The General Confederation of Trade Unions, the National Society for Consumer Protection and the Jordanian Health Insurance Association (HIA) have announced their rejection of the new contract terms between pharmacies and insurance entities.
Total life premiums generated by 26 providers of life insurance in the Lebanese market reached $249.8m in 2022, constituting a decline of 32.4% from $369.3m in 2021, according to the bulletin ‘Lebanon This Week’ published by the economic research and analysis department of Byblos Bank.
The issue of the collection of premiums received by intermediaries but not forwarded to insurance companies is being debated, with such outstanding debts exceeding MAD3bn ($312.6m) to date.
The number of deaths on Tunisian roads recorded an increase of more than 29% in the first six months of 2023, compared to the same period in 2022.
Coinsurance arrangements among insurance companies are expected to increase in the current difficult operating environment, according to Unico Sigorta CEO Ender Guzeler.
The DIFC Insurance Association (DIFCIA) has recently become an affiliate member of the Association of International Life Offices (AILO), a trade organisation representing and promoting the cross-border life insurance and wealth management industry.
The aggregate solvency position of insurers in the UAE remained adequate with a Solvency Capital Requirement (SCR) of 193.8% at the end of December 2022, compared to a required minimum of 100%, said the central bank (CBUAE).
Some insurance companies are selling motor policies at lower premium rates, with discounts exceeding those stipulated under the unified motor insurance policy, according to industry experts.
Global
Global insurance premiums (non-life and life) are forecast to grow by 1.1% in 2023 and by 1.7% in 2024 despite economic slowdown, according to Swiss Re Institute’s latest Sigma report.
The first six months of 2023 featured above average natural catastrophe losses as the National Oceanic and Atmospheric Administration declared the official arrival of El Niño1 which was poised to bring further influence on global weather/climate events through the end of the year, according to Gallagher Re’s H1 2023 Natural Catastrophe Report, published last month.
Reinsurance pricing will likely increase further this year despite a drop in predicted storms for the 2023 hurricane season, which began in June, according to analysts at investment bank Morgan Stanley, reported Business Insurance.
Takaful
Issuance of sukuk denominated in foreign currency was up about 9% in the first half of 2023, thanks to Saudi Arabia and a few new issuers, according to a recent report S&P Global Ratings published, ‘The Global Sukuk Market is Showing Pockets of Opportunity’.
The Nigerian Council of Registered Insurance Brokers (NCRIB) has initiated moves to expand brokers’ retail business, by engaging operators in takaful and microinsurance.
Gross direct takaful contributions in Oman increased by 7.7% to OMR76.26m ($199m) in 2022, accounting for 14% of the insurance market GWP, according to the Capital Market Authority’s latest annual ‘Insurance Market Index’ report.
The Financial Market Council (CMF) in Tunisia has launched a mandatory offer for the shares of El Amana Takaful.
The general assembly of Methaq Takaful Insurance Company (Methaq), held on 12 July, refused to absolve the members of the board of directors and the auditors for the fiscal years 2021 and 2022.