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Nov 2023



MENA: Expertise and advice capability rated highly in picking reinsurance brokers

More than half (55%) of respondents to a regional survey on selecting a reinsurance broker for treaty placements said that know-how and the ability to advise the insurer about reinsurance structures are their top two criteria in making their choice.

Algeria: Largest insurer eyes growth in overseas, starting with Africa

Algeria’s biggest insurance company, the state-owned National Insurance Company intends to expand its operations abroad.

Bahrain: Insurance market improves topline and net results in 1H2023

Bahrain’s insurance market saw a growth of 3.1% during the first half of this year, with insurance premiums reaching BHD151.49m ($401.89m), compared to BHD146.86m in the corresponding period of 2022, according to data from the Central Bank of Bahrain.

Egypt: Proposals raised for Nat CAT insurance pool

A senior insurance executive has proposed a minimum price for natural disaster insurance so that the price of the basic insurance policy, to which Nat CAT cover is attached, would remain unaffected.

Jordan: Government and officials intensify efforts to prepare for Nat CAT

Following the earthquakes in southern Turkey and northern Syria in February and Morocco in September, the government in Jordan is directing efforts to prepare the country to deal with any natural disaster.

Oman: Authority issues online insurance regulations

Oman’s Capital Market Authority has issued a decision to adopt regulations covering online insurance operations.

Qatar: Central Bank to regulate insurance price comparison platforms

The Qatar Central Bank (QCB) has announced that it aims to regulate insurance policy price comparison sites service providers in the country.

Saudi Arabia: SAMA launches public consultation on draft revised motor insurance rules

The Saudi Central Bank (SAMA) has launched a public consultation exercise on draft amendments to the comprehensive motor insurance rules.

Tunisia: Around 100 exporters enjoy trade credit insurance subsidies for exports

He indicated that this low take-up rate to date is due to global doldrums.

Tunisia: Proportion of farmers with insurance is less than 8%

Less than 8% of farmers are insured in Tunisia, according to Tunisian Federation of Insurance Companies (FTUSA) president Hassène Feki.

Türkiye: High reinsurance premiums are inevitable in 2024

Reinsurance premiums have been raised due to the increasing natural disasters all over the world, which include the 6 February Kahramanmaras earthquake in Türkiye, according to Mapfre Sigorta general manager Erdinç Yurtseven. The increases will also be reflected in policy premiums in 2024.

Türkiye: 'Quake insurance coverage jumps higher in Istanbul

Two-thirds (65%) of residential properties in Istanbul, making up approximately 4.15m homes, have taken up mandatory earthquake insurance, according to data released data by the Turkish Catastrophe Insurance Pool (TCIP).

UAE: Central bank's directive restores order to motor insurance pricing

Motor insurers are adhering to a circular issued last month by the Central Bank of the UAE (CBUAE), which warned them not to sell auto insurance policies at premium rates lower than the minimum limits stipulated in the unified motor insurance policy.


Scenario planning for insurers crucial amid economic uncertainty

Economic uncertainty is high, with recession and inflation risks still elevated, an environment which underlines the importance of scenario planning for insurance and reinsurance providers, according to a recent Swiss Re Institute report.

Global: Important developments expected in global insurance standards in 2024

Finalisation of the Insurance Capital Standard (ICS), a new global solvency standard for international insurance groups, is likely to be the most significant regulatory development for global insurers in 2024, according to a new Fitch Ratings report.

Global: 100 insurer groups command 61% of total gross direct premiums in 2022

According to global rankings updated recently by Insuramore, and across life/annuity, health and P&C (nonlife) business combined, 638 insurer groups worldwide were ‘insurer billionaires’ in 2022 having achieved gross direct premiums for the year of more than $1bn. Insuramore found that 100 of these insurer groups controlled almost 61% of the global total gross direct premiums in 2022.


Indonesia: Extending spin-off deadline will boost development of takaful

The extension of a deadline and incentives provided by new rules on spin-off requirements for conventional insurers’ takaful windows will support the development of Indonesia’s takaful sector in the long term said Fitch Ratings in a recent release.

Malaysia: Great Eastern proposes to acquire two AmMetLife units

Last October, Great Eastern Holdings (GEH) announced that its Malaysia subsidiaries, Great Eastern Life Assurance (Malaysia) (GELM) and Great Eastern Takaful (GETB), have entered into an implementation agreement with AMAB Holdings (AMAB) and MetLife International Holdings (MetLife), to acquire two of its insurance operations in the country.

Pakistan: TPL takaful window in strategic partnership with the country's biggest banks

TPL Insurance window takaful operation (WTO) has announced a strategic collaboration with HBL Islamic Banking, the largest bank in Pakistan.