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

Nov 2020



Middle East: Dive In reveals sector's views on cross generational working

The Middle East edition of the Dive In festival, with its theme ‘The future of the insurance sector: Is age just a number?’, ran an online poll for all attendees seeking opinions about cross generational working. 

MEA: Chedid Capital acquires 80% of ASCOMA, creates broking leader in the region

Chedid Capital Holding has acquired an 80% stake in ASCOMA’s (Ascoma Assureurs Conseils) insurance brokerage business in Africa comprising a network of 21 subsidiaries across 21 African countries, with an office for international affairs in Paris.

Africa: Allianz and Jubilee Insurance forge strategic partnership

East Africa’s leading insurance group Jubilee Holdings Limited (JHL or Jubilee Insurance) and Allianz have signed an agreement to establish a strategic partnership in the five African countries where Jubilee Insurance currently operates. The partnership covers the general insurance business in Kenya, Tanzania and Uganda, as well as the short-term insurance segment in Burundi and Mauritius. JHL will retain ownership of its life and pensions operations and medical insurance business in Kenya, Uganda and Tanzania.

Bahrain: COVID-19 strains solvency levels of insurers

Lower asset valuations in 1Q2020, a result of the economic fallout triggered by COVID-19, is expected to have a negative impact on the solvency levels of Bahraini insurers, adding to the challenges of the local reinsurance sector.

Egypt: Insurers directed to set up reserve for risks related to new accounting standard

The board of the Financial Regulatory Authority (FRA) has directed insurers to set aside a reserve to deal with the risks of applying the Egyptian Accounting Standard No. 47 for Financial Instruments to insurance companies.

Kuwait: P&C and health sectors carry intermediate risk

Kuwait’s P&C and health insurance sectors have been assigned ‘intermediate risk’ by S&P Global Ratings.

Lebanon: Insurers see huge support from reinsurers

Insurers have noticed huge support from reinsurers in relation to insured losses arising from the 4 August Beirut Port explosion, according to the president of the Association of Insurance Companies of Lebanon (ACAL) Elie Torbey.

Morocco: Insurance market weakens in August

Premiums issued by insurance and reinsurance companies in Morocco totalled MAD2.47bn ($267.8m) in August, down 17% compared to a year earlier, according to data from the Supervisory Authority of Insurance and Social Welfare (ACAPS).

Oman: Listed insurers report 56% increase in combined profit in 1H

The performance of the insurance industry in Oman in the first half of the year has been fairly robust in the face of the ongoing coronavirus pandemic, said a report published by Badri Management Consultancy.

Saudi Arabia: 2 more insurers hold talks on possible merger

Saudi Enaya Cooperative Insurance and Amana Cooperative Insurance are holding talks about a potential merger.

Saudi Arabia: Insurers face headwinds as drop in claims from lockdown seen as temporary

Saudi Arabia’s insurance industry faces numerous challenges after benefiting from reduced claims in the first half of the year due to the country’s coronavirus-induced lockdown, said Moody’s Investors Service in a report.


Tunisia: Ageing population highlights need for supplementary pension plans

The Tunisian population has entered a demographic phase which raises questions over the sustainability of the pensions system, according to Mr Skandar Lahrizi, technical director at Hayet Insurance.

UAE: Govt launches post office system to enhance online health insurance management

The Ministry of Health and Prevention (MoHAP), has launched a Post Office initiative to enable better management of the central information system related to online insurance claims and their tracking.

UAE: Bayzat and Sehteq among MENA's 50 most-funded startups

Four insurance-related providers are among the 50 most-funded startups in the region in 2020, according to a Forbes report.

UAE: Africa Re sets up office in DIFC for Middle East expansion

Africa Reinsurance Corporation (Africa Re) Group, the largest reinsurer in Africa, has established its first office outside Africa in the DIFC.


Global: IFSB disseminates first set of country-level takaful data

The Islamic Financial Services Board (IFSB) has launched for the first time country-level data from IFSB member jurisdictions on the financial soundness and growth of the takaful sector. The inaugural dissemination covers quarterly data for takaful indicators from the four quarters of 2019.

Nigeria: Capital hike underway for microinsurers and takaful operators

Plans are underway to increase the capital base of microinsurance firms and takaful operators in Nigeria, according to local daily Leadership. 

Saudi Arabia: ICIEC signs MoU with Spanish state export credit agency

Jeddah-headquartered Islamic Corporation for the Insurance and Investment of Export Credit (ICIEC) has signed an MoU with Companía Espanola de Seguros de Credito a la Exportacion, Compania de Seguros y Reaseguros (CESCE).

Saudi Arabia: Gulf Union Cooperative and Al Ahlia Insurance to merge under new brand

The shareholders of Gulf Union Cooperative Insurance have approved the terms and conditions of the merger with Al Ahlia Insurance Company during an extraordinary general meeting held in October. 

UAE: Abu Dhabi National Takaful expected to enhance position in domestic market

Abu Dhabi National Takaful Company (ADNTC) is expected to enhance its position in its domestic market whilst continuing to outperform takaful and conventional insurance peers as it executes its business plan, said AM Best in a report.


Number of insurer-MGA relationships will hold steady or increase in 2020

Two thirds of carriers and managing general agents (MGAs) polled in a recent survey think the number of insurer-MGA relationships will hold steady or increase in 2020, even in a hardening market, according to international law firm Clyde & Co in a report.

IFRS 17 a major challenge for reinsurers

With the approaching implementation of IFRS 17, and the race to get balance sheets in order, reinsurers have much to consider, said S&P Global Ratings.

Future pandemic risk should be tackled via public-private partnership

Given the systemic risk posed by the pandemic, public-private partnerships (PPPs) to address the disastrous effects on businesses related to COVID-19 are warranted.

Pandemic-related BI case reduces trust in insurers

The Financial Conduct Authority’s (FCA) test case for non-payment of COVID-19 pandemic-related business interruption (BI) claims has weakened trust in the insurance sector, according to a Chartered Insurance Institute (CII) poll.