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May 2022

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MENA

MENA: Online Orange Card launch

The Inter-Arab Automobile Insurance Card (Orange Card) was launched in a digital format on 1 April 2022, dispensing with hard copies, said Tunisian Unified Automobile Bureau head Ahmed Hadroug.
 


GCC: Oman's NLGIC to enlarge regional footprint

Oman International Development and Investment Company (OMINVEST) said its subsidiary National Life & General Insurance Company (NLGIC) has entered into agreements to acquire 100% of UAE-based RSA Middle East.
 


Egypt: Financial regulator develops credit rating system for the unbanked

The Financial Regulatory Authority (FRA) is adopting an expansionary strategy to develop non-bank financial activities, by setting the necessary controls and legislation to keep pace with digital transformation processes, in line with global markets.
 


Egypt: Insurance for state-owned airline's Russia flights

Egypt’s parliament has passed a government-drafted law on providing insurance to state-owned EgyptAir to ease difficulties faced by the national airline amid the Russia-Ukraine war.
 


Jordan: Insurance federation lists measures needed to develop the sector

The Jordan Insurance Federation (JIF) has outlined how the government will help promote and develop the insurance industry in the kingdom.
 


Kuwait: KIC's strong operating performance backed by solid technical results

Kuwait Insurance Company (KIC) has shown strong operating performance as is demonstrated by a five-year (2017-2021) weighted average return-on-equity ratio of 10.9%, and is driven by the company’s solid technical results, according to AM Best.
 


Qatar: Listed insurers' net profit more than double in 2021

Qatar’s insurance sector, which has six listed constituents on the Qatar Stock Exchange, reported an aggregate net profit of QAR1.014bn ($278.5m) for 2021 compared to QAR426.4m the previous year, according to financial statements lodged with the bourse.
 


Tunisia: Regulator seeks presidential decree to enact insurance law

Tunisia’s General Insurance Committee (CGA) is seeking a presidential decree to pass an amended insurance law that will allow insurers to merge, among other moves, according to its head Hafedh Gharbi. This could halve the number of insurance companies that currently operate in the country.
 


UAE: Insurance players expect cyber business to surge

Insurance industry executives expect that cyber insurance business will surge in the coming years, against a backdrop of growing cyber risks and the greater adoption of technology in various sectors.
 


UAE: Federal credit insurer increases its coverage, reaches more markets in 2021

Etihad Credit Insurance (ECI), the UAE federal export credit company, provided support for exporters and SMEs in the non-oil sector which more than doubled last year.
 


Global

Global: Russia-Ukraine war adds to a bumpy start to 2022 for global reinsurers

Russia president Vladimir Putin’s invasion of Ukraine conflict will add uncertainty and exacerbate earnings volatility in global reinsurers’ specialty lines, although their direct asset exposure is minimal, said S&P Global Ratings in a report published recently.
 


Global: Insured Nat CAT losses to exceed $14bn for 1Q2022

Public and private insurers covered $14bn of Nat CAT losses in the first quarter of 2022, said the 1Q Global Catastrophe Recap report issued by Aon.
 


US: Cyber insurance sees rapid premium growth, declining loss ratios

Cyber insurance is the fastest growing product segment in the US P&C insurance market, driven by a sharp increase in cyber incidents, particularly ransomware, that led to higher claim counts and loss severity over the past two years, said Fitch Ratings in a recent paper.
 


Takaful

Egypt: Contributions drop by 25% in 2021

Takaful contributions in Egypt reached EGP4.7bn ($254.7m) in 2021 compared to EGP6.3bn in the previous year, showing a sharp decline of around 25%, according to a report published by the Financial Regulatory Authority.
 


Qatar: QIC to form shariah-compliant asset management joint venture

Qatar Insurance Company (QIC), the market leader in Qatar’s insurance sector, and QInvest, a leading investment bank in Qatar, have announced that they are joining forces to create a Qatar-based Islamic asset management venture.
 


Saudi Arabia: Local reinsurer to increase capital to $356m through IPO

The board of Saudi Cooperative Reinsurance (Saudi Re) has recommended an increase in capital by SAR445.5m ($118.7m).
 


UAE: Dar Al Takaful and Watania merger to take effect in June

UAE’s takaful operators Dar Al Takaful (DAT) and National Takaful (Watania) announced that their merger is expected to take place in June, the companies said in a filing to the Dubai Financial Market last April.
 


Global

Global: IFSB issues exposure draft on takaful core principles

The Islamic Financial Services Board (IFSB) has issued its Exposure Draft of Core Principles for Islamic Finance Regulation (Takaful Segment) for Public Consultation. The IFSB said that the standard is intended to provide a set of takaful core principles, closely aligned with the IAIS ICPs (as adopted in November 2019), but with additions and modifications where necessary to reflect the application of shariah principles in takaful.
 



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