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.
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’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.
The Jordan Insurance Federation (JIF) has outlined how the government will help promote and develop the insurance industry in the kingdom.
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’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’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.
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.
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.
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.
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.
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 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 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.
The board of Saudi Cooperative Reinsurance (Saudi Re) has recommended an increase in capital by SAR445.5m ($118.7m).
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.
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.