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Sep 2021



MENA: Sharm-FAIR conference to tackle the post-pandemic era

In coordination and cooperation with the Afro-Asian Insurance and Reinsurance Federation (FAIR) and under the patronage of the Financial Regulatory Authority (FRA), the Insurance Federation of Egypt (IFE) and FAIR are organising the 3rd annual Sharm El-Sheikh Rendezvous for Insurance and Reinsurance and the 27th General Conference of FAIR.

Algeria: Biggest agricultural insurer posts net profit of $13m in 2020

The National Agricultural Mutual Fund (CNMA) has posted a net profit of DZD1.8bn ($13.3m) for 2020, 50% higher than for 2019.

Bahrain: gig Bahrain launches revamped mobile application and website

Bahrain Kuwait Insurance (gig Bahrain) has launched its revamped mobile application gig-GO and its website.

Egypt: Work on the first actuarial life tables to start in early Sep

Work on the first Egyptian actuarial tables for life insurance will start next September, said the Financial Regulatory Authority (FRA) chairman Mohamed Omran.

Kuwait: DHAMAN appoints Markaz to manage auction of strategic investor shares

Kuwait Financial Centre (Markaz) has been appointed by the Health Assurance Hospitals Company (DHAMAN) to manage the auction of strategic investor shares in the company. The entity will become a major healthcare provider for expatriates in Kuwait.

Lebanon: Insurers pay out less than 10% of claims 12 months after Beirut Port blast

Of an estimated $1.1bn in insured losses caused by the August 2020 Beirut Port explosion, only about $100m have been paid to date, according to Association of Insurance Companies of Lebanon board member and the CEO of Capital Insurance & Reinsurance Assaad Mirza.

Morocco: Bancassurance channel grows marginally, increases market contribution in 2020

The bancassurance channel generated premiums totalling MAD13.75bn ($1.53bn) in 2020, representing flat growth of 0.4% from the MAD13.69bn recorded for 2019, according to data from the Insurance and Social Insurance Supervisory Authority.

Oman: Calls renewed for Nat CAT insurance pool

The devastation caused by thunderstorms to public infrastructure, commercial establishments and homes in several parts of Oman in July has revived calls for the urgent institution of a Nat CAT fund and insurance pool, among other measures.

Qatar: Qatar Insurance Group in the black for 1H2021

Qatar Insurance Group reported a net profit attributable to equity holders of QAR342.2m ($94m) for the first half of this year, turning around from a loss of QAR207.8m for the corresponding half of 2020, according to interim financial statements lodged with the Qatar bourse.

Turkey: Gallagher takes majority share in Istanbul-based specialty broker

Gallagher has acquired a majority stake in Brokers’ House, a specialty broker based in Istanbul. Details of the transaction were not disclosed.

UAE: Auto claims jump by nearly 45% in recent months

Motor insurance claims have risen over the last few months, increasing by almost 45% compared to during the worst months of COVID-19, according to a study by RSA Insurance and RoadSafetyUAE.


Global: Improved results for major European reinsurers in 1H

The four major European reinsurance companies fared well in the first half of the year and remain well-equipped to cope with potentially high catastrophe claims in the second half, according to a Fitch Ratings report.

UK: Government launches insurance scheme to support the events industry

The live events sector in the UK is set to get a boost with a government-backed insurance scheme worth over GBP750m ($1.03bn), launched in partnership with Lloyd’s to help plan events through the next year.

US: 30% rise in frequency of large wildfires since the 2000s

The average number of major US wildfires (over 40,000 acres) per year has risen 30% over the last 15 years from an average of 32.4 a year to 41 a year now, according to a study by Chaucer.

Gallagher to take over WTW's treaty reinsurance brokerage operations

Arthur J Gallagher (Gallagher) has agreed to acquire Willis Towers Watson’s treaty reinsurance brokerage operations. The transaction is expected to close during the last quarter of 2021.


Saudi Arabia: Saudi Re profit up 89% in 1H

Net profit before zakat for Saudi Re for Cooperative Reinsurance (Saudi Re) rose 88.8% to SAR36.5m ($9.7m) in the first half of this year compared to SAR19.3m in 1H 2020, according to the reinsurer’s announcement on the Saudi stock exchange.

GCC: Profitability momentum for takaful operators in doubt

Islamic insurers’ strong profitability might not continue throughout 2021, according to an S&P Global Ratings report. Unlike in the corporate sector, where the pandemic led to widespread downgrades in 2020, its credit ratings on takaful providers and conventional insurers in the GCC have been stable over the past 18 months, supported by relatively strong capital buffers.

UAE: Watania posts positive 1H2021 financial results

The National Takaful Company (Watania) has announced financial results for the first half of 2021, reporting a net profit of AED7m ($1.9m) and annualised ROE of 13.5% for 1H2021 against a net profit of AED16.6m in 1H2020.

UAE: SALAMA reports net profit of over $10m for 1H2021

Dubai-listed Islamic Arab Insurance (SALAMA) has reported a net surplus after tax of AED40.29m ($10.97m) for the first half of 2021, according to financial statements lodged with the Dubai bourse. In comparison, the insurer posted a net surplus after tax of AED47.90m for 1H 2020.