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Oct 2022



Finalists for 9th Middle East Insurance Industry Awards announced

A total of 58 insurers, brokers, risk managers, service providers and industry leaders have emerged as the finalists for the 9th Middle East Insurance Industry Awards.

Algeria: Insurance body says progress made on industry reform proposals

Representatives of Algeria’s insurance industry met officials of the Ministry of Finance in July on the need for reform of the sector, according to Algerian Union of Insurance and Reinsurance Companies (UAR) vice president and insurer Alliance Assurances CEO Hassen Khelifati.

Egypt: Head of regulatory body outlines scope of functions

The newly appointed chairman of the board of directors of the Financial Regulatory Authority (FRA), Dr Muhammad Farid, has issued a resolution setting out his terms of reference, as well as those of his deputies and assistants.

Jordan: Insurers and lawyers form cooperation committee

The insurance sector and the Bar Association have formed a joint committee to deal with common issues, with the aim of exchanging information and enhancing professional and institutional cooperation between insurance companies and legal firms.

Kuwait: Regulator reminds insurers to renew licences by 30 Sep under new law

The Insurance Regulatory Unit (IRU) has called on all insurance companies and related persons to regularise their status and renew their operating licences in compliance with the new insurance law by 30 September 2022.

Lebanon: GlobeMed partners with university to foster a culture of continuous learning

GlobeMed has partnered with the American University of Beirut (AUB) Suliman S. Olayan School of Business (OSB) as part of its efforts to foster a culture of continuous learning for all its team members.

Lebanon: Insurance data unclear in wake of economic and financial crisis

The economic and financial crisis that Lebanon has been going through since mid-2019 has affected all sectors of the country, including the insurance sector.

Oman: Insurance industry wants disaster insurance to be mandatory for properties

Discussions and consultations are being held between the insurance sector and the insurance authorities in Oman to find an appropriate mechanism to implement a mandatory insurance system to cover natural disasters for fixed properties, according to industry sources.

Saudi Arabia: Amana explores another merger opportunity

Amana Cooperative Insurance Company has announced the signing of a non-binding MoU with Allied Cooperative Insurance Group (ACIG) on 3 September 2022 to evaluate a potential merger between the two companies.

Tunisia: Sompo Japan shares insurance know-how in strategic partnership with AMI

Tunisian company AMI Assurances and Sompo Japan Insurance have signed a strategic partnership agreement.

Turkiye: New board of insurance regulator sets out work goals

The new board of the Insurance and Private Pension Regulation and Supervision Agency (SEDDK) has set out its work plan.

UAE: DIFC Courts pronounce landmark decision for regional insurance market

Clyde & Co has successfully represented Al Buhaira National Insurance Company (ABNIC) in a significant marine insurance case in the DIFC Courts.

UAE: Insurers ready to offer health cover for more UAE Golden Visa holders

Some of the leading Dubai-based insurers could soon introduce medical insurance packages tailored to fresh waves of Golden Visa holders and their dependents.


Global reinsurance capital down, profits and solvency up at 1H2022

Despite reinsurers’ strong premium growth and improving underlying profitability, total capital dedicated to the global reinsurance industry declined 11% at half-year 2022, primarily as a result of mark-to-market investment losses. Although capital has reduced on an accounting basis, rating agency and regulatory measures of capital adequacy have been less impacted.

Worldwide commercial lines direct premiums to exceed $1tn in 2022

According to a ranking published recently by Insuramore for the global commercial P&C (non-life) insurance market, 145 insurer (carrier/underwriter) groups had GDPW (gross direct premiums written) in this category of more than $1bn in 2021. Furthermore, at 103, just over a half of the top 200 groups recorded a double-digit increase in their commercial lines GDPW in that year (not adjusted for inflation) and 10 of these groups achieved growth of more than 50%.

Global: The reinsurance market has reached 'a tipping point'

A newly released report by Howden, titled ‘A Tipping Point’, has revealed the drivers behind the significant shifts taking place in the reinsurance market ahead of year-end renewals.

Global: Insurance sector outlooks at risk from inflation, rising rates

Insurance sector outlooks in several markets around the world could move to ‘deteriorating’ if high inflation and rising interest rates persist beyond Fitch Ratings’ latest forecasts, the ratings agency said in a new report.

Global: Rise in demand and prices expected to continue driven by increasing exposures and risk

Global geopolitical tensions, macroeconomic developments and climate change result in heightened demand for risk protection.


Oman: Restructuring of takaful company bears results

Takaful Oman chairman and acting CEO Mohammed bin Abdullah Al-Khonji has said that the corporate restructuring of the company has led to improved performance.

Palestine: Two new takaful operators to enter the market

The Capital Market Authority (CMA) in Palestine has approved the licensing of a new takaful operator, Al Baraka, with a capital of $5m.

Qatar: Local takaful companies post aggregate $31m in surpluses in 2021

Qatar’s five local takaful operators continued to achieve surpluses, which amounted to a total of QAR113m ($31m) in 2021.

Saudi Arabia: Walaa and SABB Takaful shareholders approve merger

Walaa Cooperative Insurance has received approval from its shareholders to merge with SABB Takaful, after a binding agreement was reached in February between the two parties, the insurer announced in a stock exchange statement last month.

Tunisia: Islamic bank gains control of takaful operator

The Financial Market Council (CMF) has given its approval for the Islamic bank, Wifak Bank, to acquire a block of shares in Assurances At-Takafulia (Takafulia).

UAE: Takaful Emarat board proposes $13.6m capital reduction

The board of Dubai-based Islamic insurer Takaful Emarat has agreed to reduce the company’s issued share capital by AED50m ($13.6m) to write off accumulated losses.