Experts in the insurance industry have confirmed that the London-based Joint War Committee (JWC) has not announced any increase in the risk of war on ships in the Arabian Gulf, since the 19 July seizure of a British tanker by Iran in the Strait of Hormuz, said media reports.
Zurich Middle East is marking its 30th anniversary in the region with a series of initiatives and appointments aligned with its objective of becoming the leading provider of life insurance in the Middle East.
Beyontec Solutions – a global insurance technology solutions provider, has partnered AJMS – a leading accounting, tax and governance, risk & compliance (GRC) consulting firm, to develop a comprehensive IFRS 17 solution for the Middle East and Africa (MEA) insurance markets.
Afro Asian Assistance has outlined its plans for the future and announced leadership changes to execute the plans.
Egypt’s new insurance bill, which was recently finalised, aims to tighten governance in private insurance funds, requirements for members’ general meetings and forming the boards at private insurance funds.
Egypt’s state-run lender Banque du Caire (Bank of Cairo) is negotiating with a number of public and non-life insurers operating in the country to cover its assets and facilities, an official source has revealed.
A new Social Insurance and Pensions Act, passed in early July by lawmakers, aims to raise the age of retirement to 65 by the year 2040.
Some insurers have slashed supplementary motor premiums by more than 50% to cope with the aftermath of the ‘Khalia Tada’ (‘Let them rust!’) social media campaign that has resulted in lower vehicle prices.
Insurers want to and are able to insure risk, unless prospective customers cannot meet the requirements and conditions for securing cover, said Mr Majed Smairat, chairman of the Jordan Insurance Federation (JIF).
The government has abolished a rule obligating vehicle owners to prove that they have not committed traffic violations when requesting a reduction in premiums when they seek renewal of their compulsory motor third party liability insurance cover.
The combined profits of 22 insurers operating in the domestic market increased by 40% to JOD13m ($18.3m) in the first half of this year, compared with the corresponding period last year, according to an analysis by Sanabel Alkhair for Financial Investments.
Kuwait has witnessed over the last few years natural catastrophic damage in the winter caused by heavy rains and floods that resulted in huge losses because of damage to private property, cars and others, in addition to a steady rise in summer temperatures that caused losses due to vehicles catching fire, electricity short circuits, power outages and fires in some areas and buildings.
Lebanese companies signed $13.6m worth of export credit insurance contracts with Kuwait-headquartered Arab Investment & Export Credit Guarantee Corporation (Dhaman) in 2018.
Wafa Assurance has reportedly submitted an application to the Egyptian Financial Regulatory Authority (FRA) for its initial approval to establish a subsidiary in Egypt.
Preparations for the implementation of Oman’s national health insurance scheme, called ‘Dhamani’, have reached an advanced stage.
GWP in Qatar increased by 7.5% during 2018, representing slower growth compared to 2017 when the pace of increase was 14.5%, according to the Qatar Central Bank (QCB) Financial Stability Report.
The rate of motor fraud in the insurance sector in Saudi Arabia has risen up to 15-20%, which is higher than the global average of between 9% and 10%, according to Dr Mohammad Alsuliman, CEO of Najm Insurance Services Company.
The Tunisian insurance sector saw premium income fall by 5.8% to TND726.3m ($252.5m) in the first quarter of 2019, compared to the corresponding quarter in 2018 when premiums increased by 12.2%, according to data from the General Insurance Committee (CGA),
The number of earthquake-safe houses in Turkey has increased from around 500,000 in 1999 to more than 9.1m currently. With around 17.7m residential buildings in the country, the proportion of earthquake-safe homes has reached 51.6%, reported Insurance Gazette.
The insurance sector generated premium income of TRY33.25bn ($6bn) in the first half of this year, achieving growth of 19.3% over the corresponding half of 2018, according to data from the Turkey Insurance Association (TSB).
Etihad Credit Insurance (ECI), the UAE federal credit insurer, has signed three strategic MoUs with China Export and Credit Insurance Corporation (Sinosure), the Industrial and Commercial Bank of China (ICBC), and the Bank of China (BOC).
Five insurers are the first to adopt an integrated blockchain platform developed by the DIFC-based Addenda, an InsurTech startup firm that uses distributed ledger technology to streamline processes between insurers.
The Dubai Financial Services Authority (DFSA) announced that it is now a member of the Central Banks and Supervisors Network for Greening the Financial System (NGFS), becoming one of the first regulatory authorities in the MENA region to join the NGFS.
Oman Insurance Company (OIC) retained its positive business momentum as net profit in the first half of 2019 grew by 75% to AED105.6m ($28.8m), supported by strong underwriting results, increased investment income, accelerated collections and leaner operating expenses. The profit was the highest half yearly net profit over five years.
The heads of the Roads and Transport Authority (RTA) and Dubai Police recently held a coordinative meeting to discuss boosting joint efforts to improve the security and safety of roads and public transit means in Dubai.
The deal environment in Asia-Pacific is becoming more fully integrated with western markets, according to a study conducted by Aon and Mergermarket. With 4,569 M&A deals announced in Asia in 2018 and with targets mostly in Asia, Australia and New Zealand, the growth in transaction volume and cross-border deals continues its steady pace.
Total global InsurTech investment in 2Q2019 amounted to $1.41bn, according to Willis Towers Watson’s InsurTech Quarterly Briefing report.
Insurers are increasingly exposed to environmental, social, and governance (ESG) risks, which can influence their ability to meet financial obligations and therefore affect their credit strength, said a Moody’s Investors Service report.
Environmental risks from human activities are becoming increasingly complex and interconnected, with far-reaching consequences for food production and livelihoods, said researchers from the US, Sweden and Australia in a research journal ‘Nature Sustainability’.
Total contributions in the takaful sector in the MENA region (ex-GCC) grew on average by 8.2% to $10.2bn in 2017, accounting for 31% of the global takaful contributions, according to the Islamic Financial Services Industry Stability Report 2019 released by the Islamic Financial Services Board (IFSB).
Prospects for growth in the takaful sector in the GCC remain positive, as takaful operators are realigning their strategic focus towards meeting the needs of the market, according to the latest report by the Islamic Financial Services Board (IFSB).
Egypt’s proposed new insurance law, announced by the Financial Regulatory Authority (FRA) prohibits the merger of a takaful operator with a conventional insurance company.
The Central Bank of Iraq has established a takaful company for Islamic banks in cooperation with the Insurance Bureau.
Morocco’s second law-making chamber, the House of Councillors, has passed without amendments the Takaful Insurance Bill, about five months after the lower house of Parliament approved the Bill unanimously on 5 February.
Almost 90% of insurers currently operating in Saudi Arabia will have to raise new capital, consolidate through M&A or exit the market entirely when the regulatory authorities raise minimum capital requirements, according to S&P Global Ratings.
Solidarity Saudi Takaful and Aljazira Takaful Taawuni have signed a non-binding MoU to evaluate a potential merger between them.