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Nov 2022



MENA: GAIF proposes a regional Nat CAT insurance pool

The General Arab Insurance Federation (GAIF) has raised the possibility of forming a regional Nat CAT insurance pool at a forum on insurance coverage for natural disasters.

Bahrain: BNH forms internal actuarial unit

Bahrain National Holding Company (BNH) has established an internal actuarial unit, which includes specialised Bahraini cadres.

Egypt: Insurers urged to match pricing to risks

The insurance sector needs to consider hiking the pricing of its products in response to the increase in the degree and size of risks that it covers, according to the Financial Regulatory Authority (FRA) chairman Mohamed Farid.

Kuwait: GIG makes exit from UAE life insurer HAYAH

Gulf Insurance Group (GIG) has made a profit from the sale of its entire stake in the UAE’s HAYAH Insurance, the Kuwaiti group said in a statement lodged with Boursa Kuwait.

Morocco: SCR expands to Azerbaijan

Société Centrale de Réassurance (SCR), a reinsurer in Morocco and the second-largest Africa-based reinsurer, is expanding overseas by taking its underwriting activities to the Azerbaijani market.

Morocco: Online motor insurance claims platform starts operations

E-constat, the official motor claims online platform designed for insurers to digitalise and accelerate the processing and settlement of auto claims, has been activated.

Oman: Launch of mandatory health insurance to bolster market growth

The Omani insurance industry wrote a total GWP of OMR250m ($649m) in the first half of 2022 (1H2021: OMR222m), representing growth of 13%.

Qatar: QIC Global unifies core companies under Antares brand

QIC Global, the international specialty insurance and reinsurance subsidiary of Qatar Insurance Group, has announced its intention to align its core companies under the Antares name, creating a single identity to unify the brand across respective entities.

Qatar: Executive regulations for new mandatory health insurance scheme launch seismic change

Qatar has forged ahead with the rollout of its mandatory healthcare insurance scheme by issuing the long-awaited executive regulations, which form an integral part of the health insurance law that came into effect in May 2022, said Clyde & Co.

Saudi Arabia: CMA approves Bupa's capital increase

Saudi Arabia’s Capital Market Authority (CMA) has approved the application for a capital increase by Bupa Arabia for Cooperative Insurance (Bupa) through the issuance of bonus shares.

Saudi Arabia: Saudi Enaya gets SAMA's nod to raise capital to SAR230m

Saudi Enaya Cooperative Insurance received on 7 October the Saudi Central Bank’s (SAMA) approval to increase the company’s capital to SAR230m ($61.3m) from SAR100m by offering a rights issue. The approval is valid for six months.

Turkiye: More farmers are buying agricultural insurance

Farmers in Turkiye have become increasingly aware of insurance, and more are taking steps to obtain coverage for their crops and livestock, according to the Agricultural Insurance Pool (TARSIM) general manager and board member Serpil Gunal.

UAE: Oman Insurance Company rebrands as Sukoon

Oman Insurance Company (OIC) has adopted a new branding, called Sukoon, to reinforce its deep-rooted heritage in the UAE market.

UAE: Specialty MGA Optio Group to launch MGA and reinsurance broking unit in Dubai

London-based Optio Group, a specialty MGA, has announced that it will establish an MGA and reinsurance broker in Dubai, subject to final approvals from the UAE regulatory authorities.


Global: Over $270tn in climate investments needed to meet 2050 net-zero targets

Climate investments must be made sooner and on a much larger scale if the world is to meet the Paris Agreement and 2050 net-zero targets, according to a new Swiss Re Institute study tracking progress on decarbonising the economy.

Global: Hurricane Ian insured losses could touch $74bn

RMS has estimated total private market insured losses from hurricane Ian to be between $53bn and $74bn, with the best estimate of $67bn. RMS also estimated that the National Flood Insurance Program (NFIP) could see an additional $10bn in losses from storm surge and inland flooding as a result of the event.

Global: Rate rises staying sizeable for 2023 P&I renewal

The 2022-2023 policy year has seen a dramatic shift in the P&I clubs’ underwriting performance, according to S&P Global Ratings. Following three years of elevated pool claims, at the end of September 2022 no new pool claims have been notified for the policy year.

Global: Reinsurer estimates $1.3bn in claims from hurricane Ian

Swiss Re estimates its preliminary claims from hurricane Ian at approximately $1.3bn, resulting in an expected group net loss of approximately $500m for 3Q2022.

US: P&C insurers in line for higher revenues, lower EPS in 3Q

Revenues at 10 of the largest publicly traded US property and casualty insurers are expected to increase year over year in the third quarter, while 11 would see their EPS decrease, according to an S&P Global Market Intelligence examination of sell-side analyst forecasts.


Malaysia: Takaful association launches value-based intermediation roadmap

The Malaysian Takaful Association (MTA) has launched the Value-based Intermediation for Takaful (VBIT) roadmap, which is an extension of a framework launched last year.

Saudi Arabia: Walaa announces the effectiveness of the resolution to merge with SABB Takaful

Walaa Cooperative Insurance Company (Walaa) announced the effectiveness of the resolution to merge SABB Takaful Company in Walaa on 18 October, according to a stock market statement.

UAE: Salama and Takaful Emarat form merger assessment panel

Islamic Arab Insurance (Salama) and Takaful Emarat (TE) have formed an assessment committee to act on the proposed merger of the two Islamic insurers.

UAE: Aman to pull out of insurance operations, become holding company

Dubai Islamic Insurance and Reinsurance Company (Aman), listed on the Dubai Financial Market (DFM), has announced its intention to exit its general takaful, health insurance and group family takaful operations.