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

Jan 2021



COVID-19 testing and treatment cost burden in the MENA region

The outbreak of the COVID-19 pandemic has caused a plethora of challenges worldwide. Travel restrictions have been put in place where most countries require travellers to present a negative COVID-19 PCR test result issued not more than 72 hours from arrival to the country of destination.

Middle East: Gulf Insurance Group to acquire AXA's Gulf operations for $269m

French global insurer AXA has entered into an agreement with Kuwait’s Gulf Insurance Group (gig) to sell its insurance operations in the Gulf region, which includes its shareholding in AXA Gulf, AXA Cooperative Insurance Company and AXA Green Crescent Insurance Company.

Algeria: Insurers study creation of insurance scheme for pandemic risks

The Algerian insurance sector and the authorities are looking at creating a new insurance scheme to cover COVID-19 and other pandemic risks.

Bahrain: First insurance platform launched following regulatory sandbox trial

The motor claims recovery platform from Braxtone Corporate Services, a subsidiary of Braxtone Group, has graduated from the regulatory sandbox of the Central Bank of Bahrain.

Egypt: Insurers propose pandemic risk pool

Insurance companies in Egypt have proposed setting up a pool to cover the risk of epidemics and to fund scientific research on them. Insurers would set aside part of their annual profits for the pool.

Egypt: Federation issues underwriting guide for fire risk

The Insurance Federation of Egypt (IFE) has prepared, through its general committee for fire insurance, a guide to sound technical underwriting of fire risk.

Jordan: Federation examines impact of COVID-19 on insurers

The Jordan Insurance Federation has conducted a study on the impact of the COVID-19 pandemic on the sector.

Lebanon: Ministry takes position on Beirut port blast insurance compensation

The Insurance Control Commission (ICC) is urging insurance companies to settle claims related to the 4 August Beirut port blast for the most vulnerable insured clients, without waiting for the findings of a judicial investigation into the destructive explosion, according to a statement posted on the website of the Ministry of the Economy and Trade.

Lebanon: Sector posts 6% fall in premiums in 1H

Insurance premiums generated in Lebanon totalled $822.8m in the first half of 2020, constituting a decrease of 6% from $874.3m in the same half of 2019, according to data released by the Association of Insurance Companies in Lebanon (ACAL).

Morocco: Govt council approves implementing texts to insurance law relating to decennial liability cover

The Council of Government has approved the implementing texts to the Insurance Code relating to decennial liability insurance and construction all risk insurance.

Qatar: QLM Life & Medical to digitise member engagement, expand provider network

QLM Life and Medical Insurance, which aims to raise QAR659.4m ($181.2m) through an IPO, has adopted a two-pronged strategy of investing in IT platforms for member engagement and expanding its provider network.

Saudi Arabia: SAMA is renamed Saudi Central Bank

King Salman bin Abdulaziz Al-Saud has approved the Saudi Central Bank Law which provides for, among other things, changing the name of the Saudi Arabian Monetary Authority (SAMA) to Saudi Central Bank, with direct reporting to the King.

Saudi Arabia: More mergers on the horizon

Saudi Arabia’s insurance sector is expected to witness more mergers in 2021, said Mr Abdullah Al Towaijri, head of the Insurance Companies Control Department at Saudi Central Bank (SAMA).

Saudi Arabia: Amana directors propose capital reduction

Amana Cooperative Insurance announced that its board of directors have recommended slashing the company’s capital by 45.83% to write off accumulated losses.

Turkey: Regulator continues to cap price increases in motor third party insurance business

The Insurance and Private Pension Regulation and Supervision Authority (SEDDK) has extended the application of a ceiling on premiums for compulsory motor TPL insurance for another year starting on 1 January 2021.

Turkey: Technical profit of sector soars 73% in first 9 months

The insurance industry achieved a technical profit of TRY13.9bn ($1.8bn) for the first nine months of 2020, representing an increase of 72.8% compared to the corresponding period in 2019, according to data from the Insurance Association of Turkey.

UAE: Drivers in telematics scheme to receive additional discount on motor premiums

The UAE Insurance Authority (IA) has said that drivers will be granted an additional discount of up to 10% on their motor premiums if they agreed to install telematics technology on their vehicles to monitor driving behaviour.

UAE: IA sets out new regulation for brokers

The UAE Insurance Authority (IA) has published a draft regulation consolidating rules on insurance broking and online broking transactions.


Europe: Life insurers adopt predictive analysis for positive business impact

In a highly competitive market with tight margins, slow growth and high operating cost, life insurers are rapidly adopting predictive analytics to boost their business performance and customer relations according to a new survey conducted by Willis Towers Watson (WTW). 

Aon report shows path towards post-COVID-19 future

An Aon study showed that there is a global shift in attitudes of leading organisations toward long-tail risks and the impact on how society will continue to work, travel and convene.

London well-placed to be global cyber insurance hub after pandemic

As London and the rest of the UK emerge from the COVID-19 pandemic, cyber insurance has been identified as one of the next significant markets of growth for the capital city.

Pandemic pools may offer limited benefit to large corporations

With insurers largely unable to cover pandemics, many countries are considering public-private partnerships (PPP) to help businesses cope with future outbreaks. According to Swiss Re, there are at least 15 PPP pandemic solutions under discussion around the world, including proposals in the US, Canada and Australia.


Global: IFSB publishes FAQs on risk management standard for takaful undertakings

The Islamic Financial Services Board (IFSB) released frequently asked questions (FAQs) on a risk management standard for takaful undertakings (IFSB-14).

Malaysia: Central bank aims to promote microtakaful under low-cost insurance framework

Bank Negara Malaysia (BNM) has released an exposure draft seeking to promote more innovative, sustainable and inclusive insurance and takaful business models.

Saudi Arabia: First comprehensive analysis of kingdom's Islamic finance sector published

In conjunction with the G20 Summit held virtually in Saudi Arabia in November last year, the Islamic Research and Training Institute (IRTI) of the Islamic Development Bank (IsDB) Group has launched a report on Islamic finance in Saudi Arabia.

Saudi Arabia: Gulf Union-Al-Ahlia merger takes effect

The merger between Gulf Union Cooperative Insurance (Gulf Union) and Al-Ahlia Cooperative Insurance (Al-Ahlia) has entered into force, according to statements issued by both companies to the Saudi stock exchange Tadawul in December.

UAE: Aman lays out new 3-year growth plan

The board of directors of Dubai Islamic Insurance & Reinsurance Company (Aman) have given the nod to a new three-year growth plan.