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Mar 2023



MENA: Morocco leads region in climate finance

Morocco is a regional leader in establishing channels to finance climate action, according to a new report from Green For South, a Toronto-based consultancy.

Bahrain: Five insurers sign agreements on training actuaries

The Labour Fund (Tamkeen) has signed partnership agreements with five insurance companies in Bahrain to train and employ Bahrainis in the field of actuarial sciences, to prepare them for quality careers in the insurance sector and increase the Bahrainisation rate in this specialty.

Egypt: Reputation insurance business expected to grow as digitalisation intensifies

Specialists in the field of risk management and the insurance market expect reputation insurance business to be dynamic due to the increase in the number and size of reputation threats in the current digital age, said the Insurance Federation of Egypt (IFE) in its weekly bulletin released on 4 February.

Kuwait: Insurance Regulatory Unit sets penalties for errant insurers

The Kuwaiti Insurance Regulatory Unit (IRU) has issued Decision No. 3 of 2023 setting out of penalties, violations and special restrictions that can be ordered by its disciplinary board.

Qatar: AI-driven insurance platform company establishes office

DESAISIV, a B2B company offering AI-driven SaaS for medical insurance companies and TPAs is establishing an office in Qatar.

Saudi Arabia: SAMA licenses first foreign insurance branch

The Saudi Central Bank (SAMA) announced that it has granted a licence to Cigna Worldwide Insurance Company, the first foreign health insurance company branch to operate in the kingdom.

Saudi Arabia: Insurance industry adopts IFRS17 and IFRS9

The Saudi Central Bank (SAMA) has announced the formal adoption of International Financial Reporting Standard 17-Insurance Contracts (IFRS17) and International Financial Reporting Standard 9-Financial Instruments (IFRS9) by the Saudi insurance sector.

Tunisia: Tunis Re shows strong profitability

Societe Tunisienne de Reassurance’s (Tunis Re) earnings are strong, supported by a sound technical profitability, said Fitch Ratings as it affirms the reinsurer’s National Insurer Financial Strength (IFS) Rating at ‘AA(tun)’. The outlook is ‘Stable’.

Turkiye: Earthquakes pose another challenge to the (re)insurance industry

The impact of two powerful earthquakes in south-eastern Turkiye on 6 February 2023, represents another blow for the local (re)insurance industry, according to a commentary from AM Best.

UAE: Bermuda-based insurer opens regional hub

Bermuda-headquartered Mosaic Insurance has opened an office in Dubai as a strategic regional platform to access risks from across the Middle East, Africa and South Asia market.

UAE: Optio Group's Dubai operations fully licensed and trading

Specialty MGA, Optio Group, said that its recently established Dubai-based operation, Optio Re MENA, has begun trading after receiving all necessary approvals from the UAE regulatory authorities.

UAE: Insurers hold talks with auto workshops on reducing costs related to electric cars

Insurers are in negotiations with automobile repair shops, especially in Dubai, to reduce the costs of repairing electric vehicles to encourage individuals to buy environmentally friendly vehicles, said media reports.


Global: P&C insurers must reset relevance by plugging protection gaps

As the nature of risk is evolving faster than ever, commercial carriers must step up to fulfil the societal desire for resilience in a volatile world by closing protection gaps - or risk losing relevance, said the McKinsey & Company’s Global Insurance Report 2023: Expanding commercial P&C’s market relevance.

Global: Reinsurance could be turning the corner

Better pricing is helping reinsurers turn the corner after years of failing to earn their cost of capital, according to S&P Global Ratings. Its new report finds a hard market in short-tail  lines across geographies that it predicts will continue throughout 2023.

Global: Swiss Re to split its life and non-life operations

Swiss Re announced plans to separate its life and non-life activities into two independent entities. The restructuring is aimed to streamline its organisational structure, said Swiss Re.

US: Hard market gives way to changing dynamics for D&O insurers

A key question in the US directors and officers (D&O) insurance segment is whether carriers can sustain their recent, more favourable results given less aggressive pricing amid high social inflation and inflationary economic pressure, according to a new AM Best report.


Egypt: New rules for takaful providers seeking to convert operations to conventional insurance

Financial Regulatory Authority (FRA) chairman Dr Mohamed Farid Saleh has issued a decision (No. 194 of 2022) regarding rules and procedures for revising the licensing of takaful providers to allow them to operate in the traditional conventional insurance system in the Egyptian market. The decision was published in the Official Gazette on 29 January 2023.

Jordan: Islamic Insurance shareholders' profit reaches $3.4m in 2022

Islamic Insurance Company (IIC) announced that its preliminary results have shown that shareholders’ profit before tax in 2022 amounted to around JOD2.35m ($3.4m), compared to JOD2.6m in 2021.

Indonesia: Long-term challenges for takaful sector amid growing market share

The takaful sector’s contribution in Indonesia will grow by 5%-10% in 2023, further supported by the developing Islamic finance ecosystem; however, long-term challenges persist due to very low awareness of and demand for takaful products, Fitch Ratings forecast in a recent commentary.

Qatar: QIIG reports 26% increase in net profit

Net profit for Qatar Islamic Insurance Group (QIIG) grew by 26%, to QAR101.1m ($27.8m) versus QAR80m in 2021.

UAE: Salama and Takaful Emarat cancel merger

An intended merger between Islamic Arab Insurance Company (SALAMA) and Takaful Emarat has been called off, according to a statement filed on the Dubai Financial Market (DFM) last month.

UAE: AMAN approves exit, sale of portfolios and transformation into investment company

The general assembly of Dubai Islamic Insurance and Reinsurance Company (AMAN) approved the exit and sale of insurance portfolios. The general assembly authorised the company’s board of directors to complete all procedures with the official authorities and policyholders to exit the insurance business.