A complete digital transformation of the insurance sector is unlikely at present, even though the COVID-19 pandemic has accelerated digitalisation in the sector.
GlobeMed, the leading healthcare benefits management group in the Middle East, published a white paper titled ‘Improving Care while Battling Costs’ detailing the importance of adopting prevention and care management programmes to drive better health outcomes and curb the rising healthcare costs.
Global rating agency AM Best continues to hold a negative market segment outlook on the insurance markets of the GCC. Factors supporting the outlook include COVID-19-driven uncertainty and the risk that further oil price volatility will maintain economic pressure across the region.
The Economic Affairs Committee of the House of Representatives has held meetings to consider and discuss the Bill for a long-awaited unified insurance law, said media reports. The meetings were held in conjunction with the committee on constitutional and legislative affairs.
Insurers in Lebanon have received at least 16,000 claims for estimated losses of close to $1.1bn from last year’s 4 August Beirut Port explosions, according to the latest report released in February by the Insurance Control Commission (ICC). Only $60m of this total has been settled so far.
The National Council for Financial Inclusion has called for the development of new distribution channels for universal insurance, especially microinsurance.
Oman’s financial regulator is considering drafting new rules to regulate insurance companies’ investments to help the sector counter the impact of the COVID-19 pandemic, Mr Ahmed Al-Mamari, vice president with the insurance sector at the Capital Market Authority in Oman, has revealed.
The Shura Council, or legislative body, has approved a draft law regulating healthcare services within Qatar, that also covers compulsory health insurance.
The National Health Insurance Company – Daman said that over 60% of participants in its diabetes management programme have maintained or reduced their risks to develop complications over a period of 12 months with 89% following the programme’s guidance to improve their quality of life.
An in-depth analysis conducted by Willis Re of the results of a set of 17 reinsurers shows that their reported combined ratio deteriorated from 100.6% in 2019 to 104.1% in 2020, due entirely to COVID-19 loss reserving.
Pandemic-induced economic stress will continue to exacerbate political risk throughout 2021, according to Marsh Specialty’s latest political risk map.
The International Union of Marine Insurance (IUMI) is refocusing efforts on environmental, sustainability and governance (ESG) issues to ensure the marine insurance sector and its clients are better prepared to deal with their impact.
Global reinsurers are expected to post modest underwriting profits in 2021, as increases in reinsurance rates across almost all business lines are expected to outpace loss cost inflation, said Fitch Ratings. Pandemic-related losses are projected to normalise across non-life (re)insurance, life and health reinsurance mortality businesses.
The Bahrain Institute of Banking and Finance (BIBF) has issued a book on Islamic insurance in a strategic partnership with Gulf Insurance Group (GIG).
First Takaful Insurance has announced that it will invest in a new Islamic insurance company in Pakistan.
New business contributions for family takaful business in Malaysia increased by 7% to MYR6.59bn ($1.59bn) in 2020 from MYR6.16bn in the previous year despite the challenges brought on by the COVID-19 pandemic, said the Malaysian Takaful Association (MTA).
Morocco is putting the final touches on takaful, which is seen as key to supporting the growth of participatory finance in the country mainly triggered by real estate.
National Takaful Company (Watania) has approved a dividend payment of 7.5% to shareholders for 2020. Last year marks the third consecutive year the company has declared dividends, following 6% declared in 2019 and 5% in 2018.