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Jul 2022



Middle East: Europ Assistance acquires MAPFRE Asistencia's operations in the region

Europ Assistance, a subsidiary of the Generali Group, has announced the acquisition from MAPFRE Asistencia of a 74.6% stake in Bahrain-based Gulf Assist. Gulf Assist also owns Arab Assist in Jordan where most of its operations and support functions are located and it has a commercial branch in Dubai.

GCC: Region's listed insurers post lower profits but higher GWP in 1Q

The aggregate net earnings of listed insurance companies in the GCC for 1Q2022 fell by 17.3% to $335.7m compared to $405.7m in the corresponding quarter of 2021, according to data compiled by Insurance Monitor.

Bahrain: Health authority and broker sign deal on medical insurance scheme for expats

The Supreme Council of Health (SCH) and Aon Bahrain have signed an agreement on the implementation of a health insurance scheme for foreign residents within the framework of the National Health Insurance (NHI) programme.

Egypt: FRA drafts rules governing digital insurers and online financial entities

The Financial Regulatory Authority (FRA) has laid down rules for the use of fintech by non-bank financial institutions, including digital insurers, according to FRA assistant chairman Hesham Ramadan.

Kuwait: Insurers hope to see the last of decades-old motor TPL tariff

The Insurance Regulatory Unit (IRU) is working on preparing a new motor TPL insurance system under which various insurance packages will be offered based on the driver’s age and traffic record, the vehicle type and other factors that affect the degree of risk.

Morocco: New rules for online insurance sales take effect on 1 July

The Insurance and Social Security Supervisory Authority (ACAPS) has published new rules for online insurance sales that will apply from 1 July 2022.

Saudi Arabia: Motor losses render 1Q2022 extremely challenging for insurers

The first quarter of this year continued to be extremely challenging for the Saudi insurance market and brought higher losses following 2021 which was already one of the toughest years for profitability in the kingdom’s insurance sector, said Badri Management Consultancy (Badri). Most of the 1Q2022 loss was from motor insurance business.

Tunisia: Insurers raise awareness of fire risk

The insurance industry in Tunisia paid fire insurance claims totalling TND25m ($8m) in 2015 and the quantum jumped over the years to TND107m in 2020. That represented an average increase over 30% a year, according to a statement released by the Tunisian Federation of Insurance Companies (FTUSA).

Türkiye: Motor insurers say 1 June tariff increase is inadequate to cover losses

The insurance sector in Türkiye said the 25% tariff increase for compulsory motor TPL insurance (dubbed ‘traffic insurance’) that took effect on 1 June will not cover their costs, particularly as the coverage sum has also been increased.

UAE: Motor insurance premiums fall back to levels seen before 2017

Motor insurance prices have continued to decline in the UAE, with some insurers charging a premium that is about 40% less than the average premium they were charging less than three years ago.

Global: MGA, MGU and cover-holder revenue up 21% in 2021

According to an analysis by Insuramore, the value of revenues earned worldwide by MGA, MGU and cover-holder groups reached around $15.23bn in 2021, signifying annual growth of approximately 21.7% before adjusting for inflation. This is substantially ahead of the growth rate of world’s insurance broking sector which is believed to have risen in value by almost 12.5% in 2021.


Global: Businesses need to prepare for a rise in social unrest

Businesses should prepare for a rise in civil unrest incidents as the cost-of-living crisis follows hot on the heels of the COVID-19 pandemic, according to Allianz Global Corporate & Specialty (AGCS).

Global: Work required before IFRS17 goes live

According to a WTW survey, most IFRS17 programmes will require a pragmatic approach to deliver on time.

Global: Renewal rates continue its upward trend

Nearly all average premium renewal rates for major commercial lines of business remain up y-o-y, according to the May 2022 results of the Ivans Index.


Egypt: Earned contributions register 153% increase by April 2022

Earned contributions in Egypt reached EGP777m ($41.5m) in the first four months of 2022 against EGP306.7m in the same period of the previous year, a 153.3% increase, according to the monthly report of the Financial Regulatory Authority.

Oman: Rights issue of takaful operator fully subscribed

Takaful Oman has announced the successful completion of its OMR6m ($15.6m) rights issue.

Morocco: Qatari and local investors to establish takaful operator

Four parties have signed a memorandum of understanding (MoU) to establish a takaful venture in Morocco to meet demand in the market for Islamic insurance. The four are Casablanca-based AtlantaSanad Assurance, Moroccan Tourism and Real Estate Loan Bank (CIH), Qatar International Islamic Bank (QIIB) and Qatar Islamic Insurance Company (QIIC).

Morocco: Licensing 6 participating banks to offer takaful products

The Insurance and Social Welfare Supervisory Authority (ACAPS) granted approval to six participating banks to offer takaful products in Morocco last month. A statement issued by ACAPS said that the banks will offer products of takaful operators which were licenced at the beginning of 2022.

UAE: Merger to create UAE's largest takaful provider

With the successful end of the creditor’s notice period, the plan to merge Dar Al Takaful (DAT) and Watania to create the UAE’s largest takaful company continues towards completion at end June 2022.