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Mar 2024



GAIF: GAIF's 34th Conference award addresses AI development in the region

Misr Insurance Holding senior specialist marketing and business development Azza Gaber has bagged the 34th GAIF Conference Research Award which was presented in Muscat last month on the sidelines of the GAIF conference.

GAIF presidency goes to Oman

As per the General Arab Insurance Federation’s (GAIF’s) rules, Oman as the hosting country for this year’s general conference will assume the presidency of the GAIF for the next two-year term which lasts until the next gathering of the organisation in 2026.

GAIF resolutions: Aspirations for further development with emphasis on AI and technology

At the end of the 34th GAIF General Conference, the board of directors announced a number of recommendations to be adopted for the next period, most of which emphasised developing the organisation’s corporate governance structure and forging a progressive outlook that focuses on leveraging the technological standards in the future.

GAIF: Jordan to host GAIF's next conference

The next General Arab Insurance Federation (GAIF) General Conference – the 35th - will be held in Jordan in 2026. The board of directors of the GAIF took the decision during the organisation’s conference in Muscat last month.

GCC: Insurance market to be propelled by economic diversification, demographics and infrastructure projects

Gross written premium (GWP) in the GCC insurance market is projected to grow at a CAGR of 5.3% reaching $44.4bn by 2028, said UAE-based investment banking advisory firm, Alpen Capital, in its latest “GCC Insurance Industry” report.

Middle East: Marine insurers continue to support trade in the Red Sea

At its annual winter meeting in London, the International Union of Marine Insurance (IUMI), confirmed that the global marine insurance market is continuing to support trade in the Red Sea and the Ukraine/Black Sea area.

Egypt: Inflation and currency problems to drag on insurance market growth in 2024

Growth in the insurance market in Egypt is expected to slow in 2024, coinciding with many economic challenges and problems, in particular, inflation and the exchange rate, according to insurance expert Ahmed Ibrahim.

Egypt: Regulator said insurers are to record sales calls with customers

The Financial Regulatory Authority (FRA) has stressed to insurance companies that they have to install a system to record calls or meetings, video and/or audio with clients.

Jordan: Insurers and doctors reach agreement on medical fees

Insurance companies have reached an agreement with the Jordan Medical Association (JMA), in cooperation with the Ministry of Health and the Central Bank of Jordan to resolve a dispute related to doctors’ fees and confirm the parties’ commitment to implementing the agreed-upon protocol.

Lebanon: Chedid Capital's risk management institute launches second cohort of professional certificate course

CRMI (Corporate Risk Management Institute), IRM London (Institute of Risk Management) and ESA (École Supérieure des Affaires) Business School, have announced the launch of the second cohort of their joint Certificate in Risk Management for Insurance and Reinsurance Professionals.

Morocco: Parametric insurance pool pays out $275m for Sep 2023 'quake

A parametric insurance pool brokered by Gallagher Re has paid compensation of $275m to Morocco’s Solidarity Fund against Catastrophic Events (FSEC), relating to the September 2023 magnitude 6.8 Al Haouz earthquake.

Qatar: Insurance industry's prospects boosted by economic growth, infrastructure

Rapid economic growth, ongoing infrastructure projects and improved geopolitical conditions are expected to fuel the growth of Qatar’s insurance market at a CAGR of 4.8% from $2.0bn in 2023 to $2.5bn in 2028, says UAE-based Alpen Capital in its latest “GCC Insurance Industry” report released last week.

Saudi Arabia: Country's share of GCC insurance market projected to expand in next five years

Saudi Arabia is projected to continue to be the largest insurance market in the GCC by GWP, reaching a market share of 42.6% by 2028, according to UAE-based investment banking advisory firm, Alpen Capital, in its latest “GCC Insurance Industry” report.

Türkiye: Government's 2023 cash support for Kahramanmaras earthquakes exceeds $3.46bn

Following the massive 6 February earthquakes centred on Kahramanmaras Province in 2023, the amount of cash support provided to earthquake victims reached TRY105.46bn ($3.46bn), according to information from the Ministry of Treasury and Finance.

Türkiye: Regulation governing traffic insurance platform begins

The Insurance and Private Pension Regulation and Supervision Agency (SEDDK) has published a circular to regulate the working procedures and principles of the Traffic Offer Platform established under the Insurance Information and Monitoring Centre.

UAE: Dubai health insurance system handles transactions totalling over $5.9bn in 2023

Dubai recorded more than 44m health insurance claims in 2023, up from 100,000 per month in 2013, according to a government statement.

UAE: Insurance association explains when cosmetic surgery claims are allowed

Emirates Insurance Association health insurance committee chairman Abdel Muhsen Jaber, has said that health insurance covers cosmetic surgery costs if such surgery is due to a medical condition or a chronic disease that affects the health of the insured.


Global: New global advisory council to drive industry-wide collaboration and digitalisation

The Association for Cooperative Operations Research and Development (ACORD), the standards-setting body for the global insurance industry, last month announced the establishment and inaugural meeting of the ACORD Global Advisory Council (GAC).

Global: Marine insurers continue to support trade in the Red Sea and Black Sea

The International Union of Marine Insurance (IUMI) confirmed that the global marine insurance market is continuing to support trade in the Red Sea and the Ukraine/Black Sea area, according to a press release the organisation issued following its annual winter meeting in London last February.

Global: Swiss Re's net income surges by 580% to $3.2bn

Zurich-headquartered Swiss Re has reported a net income of $3.214bn and an ROE of 22.3% for the full year 2023, compared with a net income of $472m and an ROE of 2.6% in 2022, according to statements released by the reinsurer.


Algeria: El-Djazair Takaful's contributions reach around $600,000 in 2023

Newly established operator El-Djazair Takaful has posted contributions exceeding DZD76m ($565,000) in 2023, announced El-Djazai Takaful CEO Mahfoud Ziane Bouziane to the news agency Algeria Presse Service. He said that in 2023, the company “was able to gain the trust of more than 2,100 subscribers”.

Indonesia: Flat growth for takaful market expected in next three years

Growth in Indonesia’s shariah-compliant insurance industry is forecast to be stagnant over the next three years. As it becomes more structured under various new regulations, the sector is predicted to grow significantly in the fourth year.

Indonesia: New capital requirements for takaful operators to shape sector's dynamics

The new equity requirements for Indonesia’s takaful and retakaful sector will encourage healthy competition and spur consolidation, said Fitch Ratings, with some weaker operators likely to fall short of the requirements.

Malaysia: Takaful association targets doubling of penetration rate to 40% by 2028

The Malaysian Takaful Association (MTA) aims to double takaful penetration to 40% in four years from the current 20% under the Hijrah 2027 Strategic Plan.

Malaysia: FWD launches new takaful products

FWD has introduced two new takaful plans for members under Malaysia’s Employees Provident Fund (EPF).

Qatar: Takaful operators report encouraging results in 2023

Qatar listed takaful operators have reported promising results in the past year, according to disclosures filed on the Qatar Stock Exchange.

Tanzania: First United Takaful launches operations

First United Takaful Insurance Company has started operations, launching Islamic insurance services in Tanzania. The operator is the second in the country to receive a licence for providing takaful services.

UAE: Watania's turnaround strategy places group in healthy financial stead for 2024

Watania International Holding (WIH) has posted a net profit of AED13.8m ($3.8m) for 2023, turning around from a net loss of AED53.1m in 2022, according to the company’s preliminary consolidated financial results for 2023.

UAE: SALAMA records 20% revenue growth in 2023

Islamic Arab Insurance Company (SALAMA) has announced its preliminary results for the 2023 fiscal year. The company recorded insurance revenue of AED1.11bn ($302m), an increase by 20% from 2022, according to a press release SALAMA has issued last month.