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Aug 2022



MENA: Inflation aggravates business interruption risks

Companies navigating global inflation are at risk of undervaluing or overvaluing their assets when assessing the impact of business interruption (BI) on their organisation - for those that get it wrong, the danger can be existential, according to Marsh Middle East and Africa CEO Christos Adamantiadis.

Bahrain: CBB launches survey to assess client satisfaction with minor motor accident processing

The Central Bank of Bahrain (CBB) has launched a survey through its website to evaluate clients’ satisfaction with an initiative involving insurance companies handling mutually resolved minor accidents.

Egypt: Pricing cited as hurdle to purchase of mental health insurance coverage

Pricing remains an obstacle to many employers making the decision to incorporate mental health insurance benefits into insurance policies for their employees, noted the Insurance Federation of Egypt (IFE).

Egypt: Lawmakers ask for study on insurers' capital requirements

The House of Representatives has asked for a study to be conducted on capital requirements for establishing insurance companies and comparing them with standards in other markets, according to the Financial Regulatory Authority (FRA) assistant chairman Hesham Ramadan.

Oman: Pricing practices improve among listed insurers

Listed insurance companies in Oman saw an increase in weighted average loss ratios to 68% in 1Q2022 from 65% in 1Q2021, as the increase in claims outpaced the increase in premium income, despite improved pricing practices among the insurers, according to Badri Management Consultancy (Badri).

Tunisia: Insurance sector makes progress towards full digitalisation

The insurance industry in Tunisia is moving towards full digitalisation, according to AMI Assurances head of the organisation and information system department Kadhem Naouar.

Turkiye: Motor insurance premiums soar

Premium income generated from motor insurance business in the January-May period increased by 131.9%.

Turkiye : Insurers seek to protect capital through inflation-indexed bond

The Insurance Association of Turkiye (TSB) is in talks with the country’s treasury on a potential inflation-indexed bond issue, the group’s head told Reuters, as insurers seek a new mechanism to protect their capital from soaring inflation.

UAE: Insurers to benefit from new value-based healthcare model

The Dubai Health Authority (DHA), which regulates the health insurance sector in Dubai, has launched its ‘Ejadah’ programme, a value-based healthcare model for the emirate.

UAE: Motor insurance premium rates of many insurers fall to floor limits

The auto insurance market, comprising third-party liability insurance and comprehensive insurance business, saw a number of insurers report a 20% decline in premiums during the first half of this year, compared to the corresponding period last year, according to the Emirates Insurance Association (EIA).

UAE: Dubai Sports Council announces mandatory insurance for sports events

Dubai Sports Council (DSC) has announced that insurance will be mandatory for sports events, beginning on 1 September 2022.


Global: Global insurance premium volumes to reach new high in 2022

The latest sigma report from Swiss Re Institute (SRI) expects the global insurance market to register notable growth in 2022 and 2023 despite challenges.

Personal accident and health insurance in North America to reach $1.5tn by 2026

The personal accident and health (PA&H) insurance industry written premium sales in North America are projected to grow from $1.2tn in 2021 to $1.5tn in 2026 at a compound annual growth rate (CAGR) of 5.2%, backed by an increase in health insurance awareness and rising healthcare costs, due to the COVID-19 pandemic, according to GlobalData in a report titled ‘Personal Accident and Health Insurance Market to 2025’.

Global: Cyber insurers are part of the solution to ransomware

A new Geneva Association report has highlighted the important role of private (re)insurers, alongside governments, in boosting society’s resilience to ransomware and ensuring the full benefits of digitalisation can be realised.


Oman: Takaful growth outperforms market's performance in 2021

Gross direct contributions of takaful companies operating in Oman increased by 9.1% to OMR70.78m ($184m) in 2021 from OMR64.85m in 2020, compared with a 3% increase in the market’s direct premiums (OMR479.85m in 2021 vs OMR465.89m in 2020), according to data released by the Capital Market Authority (CMA) last month.

UAE: DAT-Watania complete merger to form one of the UAE's leading national takaful operators

Dar Al Takaful (DAT) and National Takaful Co (Watania) announced the completion of their merger effective on 1 July 2022 pursuant to the merger plan announced on 3 March 2022, and after meeting all required regulatory and shareholders’ approvals.

Pakistan: Motor business contributes over half of takaful volume

The general insurance industry in Pakistan generates a total annual premiums of PKR133bn ($615m), of which takaful accounts for around 10%, according to Salaam Takaful managing director and CEO Rizwan Hussain.