Read the latest edition of AIR and MEIR as an Interactive e-book

Dec 2022



Mitigating inflation impact while preserving fiscal sustainability

Countries in MENA have to act now to mitigate the cost-of-living crisis while preserving fiscal sustainability and building resilience, said IMF director of the Middle East and Central Asia department Jihad Azour.

GCC: Dubai-based online insurer expands to Bahrain

Dubai-based online-only insurer Beema, part of the diversified state-owned global energy group Emirates National Oil Company (ENOC), is expanding its operations within the GCC to include Bahrain.

Bahrain: Insurance sector shows steady results for 1H2022

The Central Bank of Bahrain (CBB) said that the kingdom’s insurance industry has shown steady results for the six months ended 30 June 2022.

Bahrain: CBB plans to issue ESG disclosure guidelines in 1H2023

The Central Bank of Bahrain (CBB) said that it is currently developing ESG disclosure guidelines to assist companies, including insurers and banks, with ESG integration and reporting. It expects to issue the guidelines in the first half of 2023.

Egypt: Insurance federation affirms carbon-neutral commitment

The Insurance Federation of Egypt (IFE) has affirmed the insurance sector’s commitment to carbon-neutral goals.

Egypt: Regulator holds talks with reinsurers about helping to promote economic growth

The Financial Regulatory Authority (FRA) is holding a number of consultations and meetings with reinsurance companies to discuss the development of the reinsurance market, including products and coverage, according to FRA chairman Mohamed Farid.

Jordan: 19 insurers post combined 9M net profit of over $26m

The aggregate profits of 19 insurance companies operating in the local market in Jordan increased by 9% for the first nine months of this year compared to the corresponding period last year, according to a study by Sanabel Al-Khair for Financial Investments.

Morocco: Online motor claim app to be implemented in December

The Moroccan Federation of Insurance and Reinsurance Companies (FMSAR) has announced that its e-Constat application, an online motor claim platform, will be implemented in all Moroccan cities with effect from 1 December 2022.

Saudi Arabia: Combined GWP surges but net profit stays flat

Listed insurance companies in Saudi Arabia saw an increase of 26% in their combined top line in 3Q2022, with premium volumes increasing to SAR40bn ($10.6bn) from SAR32bn in the corresponding period in 2021, according to an analysis by actuarial consulting firm, Badri Management Consultancy.

Saudi Arabia: SAMA issues comprehensive motor insurance rules

The Saudi Central Bank (SAMA) has released the Comprehensive Motor Insurance Rules aimed at regulating the contractual relationship between the insurer and the insured.

Turkiye: Entry of new insurance companies shows interest in sector

Eight new insurance companies were established in Turkiye recently, indicating interest in the insurance sector, according to the Insurance and Private Pension Regulation and Supervision Authority (SEDDK) chairman Mehmet Akif Eroglu.

UAE: Unemployment Insurance Pool will start on 1 Jan 2023

The Ministry of Human Resources and Emiratisation (MoHRE) has signed an agreement with nine local insurance companies to launch the framework of the new Unemployment Insurance Pool.

UAE: Aircraft leasing company sues insurers for claims on planes stuck in Russia

Aircraft leasing firm Dubai Aerospace Enterprise (DAE) has filed a London lawsuit against 11 insurers, including Lloyd’s of London, AIG, Chubb and Swiss Re, two months after it wrote off almost $600m for 19 aircraft stuck in Russia, reported Reuters.


Global: Insurers are rising to the world's social sustainability challenges

Amid growing stakeholder expectations for businesses to have more social impact, a new Geneva Association report, The Role of Insurance in Promoting Social Sustainability, highlighted insurance’s abundant, inherent social benefit in providing financial stability and peace of mind to people and businesses.

Global: Insurance industry to return to growth in 2023-2024

The insurance industry is forecast to return to growth in 2023-2024 after total global premiums are estimated to have contracted by 0.2% in real terms in 2022, according to Swiss Re Institute’s latest sigma report.

Global: New era of cyber risks calls for a novel approach to insurance

The cyber risk landscape is rapidly evolving, with cyber attacks increasing in severity and sophistication.

Australia: COVID-19 accounts for more than half of excess deaths in 2022

Excess deaths for the first seven months of 2022 were over 13,700, or 14% more than predicted, according to Australia’s Actuaries Institute.


Indonesia: Takaful association and London counterpart sign cooperation MoU

The Indonesian Shariah Insurance Association (AASI) has signed a memorandum of understanding with the Islamic Insurance Association of London (IIAL) to cooperate on takaful.

Malaysia: Takaful association launches five-year blueprint

The Malaysian Takaful Association has launched its Financial Sector Blueprint (FSB) 2022-2026 to empower the takaful industry.


Pakistan: Takaful company embeds parametric product in travel insurance policies

InsurTech firm Blink Parametric has reached agreement with Salaam Takaful which will lead to a parametric product to be embedded in the takaful company’s travel insurance policies in Pakistan.


Palestine: Al-Takaful profit increases by 31percent in 3Q

Al- Takaful Insurance Company (Al-Takaful) in Palestine has registered net profit of $1.7m by the end of the third quarter of 2022, a 31.7% increase of the same period of the preceding year, according to a statistic conducted by Al-Iqtisadi news agency.

Saudi Arabia: Aljazira Takaful profit registers 24 percent increase in 3Q

Net profit before zakat for Aljazira Takaful Taawuni Company increased by 23.83% to SAR26.15m ($7m) in the first nine months of 2022, versus SAR21.12m in the same period of the past year, according to the interim financial results posted on the Saudi stock exchange (Tadawul).

UAE: AMAN to sell life insurance portfolio to Abu Dhabi National Takaful Company

Dubai Islamic Insurance & Reinsurance (AMAN) has announced that it has reached agreement to sell its life insurance portfolio to Abu Dhabi National Takaful Company as part of its plans to transform into an investment company.

UAE: Management measures enable Abu Dhabi National Takaful to maintain strong underwriting

Management actions implemented in Abu Dhabi National Takaful Company (ADNTC) since 2020, including the restructuring of the family takaful reinsurance programme and strategic diversification of the underwriting portfolio, are expected to contribute toward the maintenance of the insurer’s strong underwriting performance over the coming years, said AM Best.