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

Apr 2021



Bahrain: 4 listed insurers see 17% surge in combined profit in 2020

Four insurers listed on the Bahrain Bourse have posted an aggregate net profit of BHD13.75m ($36.6m) for the 2020 financial year, an increase of 17% compared to BHD11.78m for the year 2019.

Bahrain: gig-Bahrain joins BIBF's corporate sponsorship project

Bahrain Kuwait Insurance Company (gig-Bahrain), a subsidiary of Gulf Insurance Group (gig), announced that it has joined the corporate sponsorship project within the Bahrain Institute of Banking & Finance (BIBF) new iconic building at Bahrain Bay.

Egypt: Insurers' combined net profit jumps by 25% in 2020

The Egyptian insurance sector has posted a 25% jump in net surplus to EGP6bn ($381.5m) – comprising underwriting gains and investment returns – for the 12 months to 31 December 2020, compared to EGP4.8bn in 2019.

Jordan: COVID-19 causes 3.5% drop in total premiums in 2020

Total premiums in Jordan fell by 3.5% last year to JOD594m ($837.8m), compared to JOD615.3m for 2019, according to official data issued by the Insurance Department of the Ministry of Industry, Trade and Supply.

Jordan: Mandatory motor insurance system covers all accidents except for criminal or deliberate acts

The compulsory insurance system for vehicles covers all motor accidents by vehicles that are fully insured unless they constitute a felony or intentional misdemeanour, the Ministry of Industry, Trade and Supply’s director of the Insurance Department Wael Mahadin has said.

Kuwait: New stricter regulations could accelerate insurance M&A

Anticipated new and tougher regulations in Kuwait could lead to some capital raising and consolidation in 2021, said S&P Global Ratings.

Kuwait: Reinsurer posts 11% rise in net profit in 2020

Kuwait Reinsurance Company (Kuwait Re) has posted an increase of 10.8% in net profit to KWD5.23m ($17.3m) in 2020 compared to KWD4.73m in 2019, according to financial statements lodged with the Boursa Kuwait.

Lebanon: Non-life premiums grow marginally in 2020 despite economic and political ills

Non-life premiums generated by 38 insurance companies operating in Lebanon reached $1.16bn in 2020, up 2% from $1.13bn produced by 44 insurers in 2019, according to the annual survey by Al-Bayan magazine of the insurance sector in Lebanon.

Oman: CMA launches electronic licensing system for health insurance TPAs

The Capital Market Authority (CMA) has launched an electronic system for licensing health insurance TPAs, in line with its goal of speeding up digital transformation in the country. TPAs can now apply for registration and renewal of licences electronically.

Qatar: Oman Re grows with new branch at QFC

Oman Re, the sole reinsurer based in Oman, has launched its branch at the Qatar Financial Centre (QFC) in Doha to provide its regional clients with greater access to its underwriting expertise and capacity. The establishment of the branch follows the receipt of necessary regulatory approvals.

Saudi Arabia: Health insurance council offers incentive to encourage mergers among insurers

The Council of Cooperative Health Insurance (CCHI) in Saudi Arabia has announced that small and medium-sized health insurance companies when merged would be exempted from paying qualification and supervision fees for a maximum period of three years, according to specific conditions and requirements.

UAE: DIFC records 20% growth in annual registrations in 2020

DIFC said it has reported the best performance in its 16-year history and the achievements contribute to all pillars of Dubai’s 2021 strategy, including raising the emirate’s status as a pivotal global economic hub and a smart and a sustainable city.

UAE: Belt-tightening drivers shun comprehensive motor insurance

The differences in pricing between comprehensive motor insurance and motor third party liability (MTPL) insurance have narrowed significantly over the past year, according to the Emirates Insurance Association (EIA).


Brokers adapted well to COVID-19's forced digital transformation

Brokers in general did a great job in the transition to working from home and dealing with people digitally, said Brokerslink chairman Jose Manuel Fonseca.

COVID-19 vaccine-related phishing attacks up by 26%

Hackers are increasingly using vaccine-related emails in their targeted spear-phishing attacks, according to a new report by Barracuda Networks, a cloud-enabled security solutions company. Barracuda conducted an analysis between October 2020 and January 2021.

Insurers should increase number of CAT risk models to boost insurability

Insurers should use a wider range of models to reduce CAT losses and halve the amount of uninsured risk for CAT events, according to new research from Oxford University.

UK: Barriers for insurance professionals to help vulnerable clients

Insurance professionals face several barriers when they try to support customers in vulnerable circumstances, according to a new survey by the Chartered Insurance Institute (CII).


Malaysia: Takaful operators less affected by COVID-19 than conventional insurers

Takaful business in Malaysia continued to gain ground in the insurance market during the 2020 pandemic, compared to conventional insurance business, according to Fitch Ratings.

Saudi Arabia: Health insurer posts 15.5% increase in net profit before zakat of $220m in 2020

UAE: Watania posts 40% surge in net profit for 2020

UAE: SALAMA's audited net profit jumps by 160% in 2020 to over $42m

The audited net profit of Dubai-listed Islamic Arab Insurance Company (SALAMA) stood at AED157.04m ($42.76m) in 2020, more than 2.5 times the AED59.82m posted for 2019, according to a company statement.