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

May 2024



Middle East: AMAN UNION and ICISA collaborate to advance credit insurance initiatives

AMAN UNION and the International Credit Insurance & Surety Association (ICISA) announced a joint strategic collaboration aimed at fostering mutual cooperation and knowledge sharing in the realm of trade and investment insurance.

Algeria: Insurance sector to adhere to AML/CFT requirements

The Financial Intelligence Processing Unit (CTRF) of the Ministry of Finance has contacted financial institutions, including insurance companies and banks, about complying with regulations covering anti-money laundering and countering the financing of terrorism (AML/CFT).

Bahrain: Arig set to report premiums recovered from Saudi insurer as profit

Bahrain-based Arab Insurance Group (Arig) has announced that its appeal to recover amounts due from Saudi Arabian insurer, Al-Rajhi Company for Cooperative Insurance (Al Rajhi Takaful), has been successful in the final hearing before the Committee of Appeal of the Insurance Disputes and Violations Committee (IDVC) in Riyadh.

Egypt: Insurance federation eager to offer risk data to industry

The Insurance Federation of Egypt (IFE) is keen to provide specialised technical information that serves the insurance sector, especially in branches for which there is a dearth of data.

Egypt: Insurers increase capital to counter impact of depreciation of local currency

Insurance companies are seeking to increase their paid-up capital under pressure from credit rating agencies and reinsurers concerned about the impact of the decline in the value of the Egyptian pound against the dollar.

Morocco: Societe Generale pulls out of local insurance and banking units

Paris-headquartered Societe Generale (SG), the French financial services giant, has announced that it had reached an agreement to sell its Moroccan subsidiary to financial group Saham, for EUR745m ($793m).

Qatar: Listed insurers show mixed financial performance in 2023

Qatar’s listed insurance companies posted a combined net loss of QAR360m ($99m) for the financial year ended 31 December 2023, according to annual financial statements lodged by the companies with the Qatar Stock Exchange.

Saudi Arabia: Combined profit of listed insurance sector jumps to nearly $900m in 2023

Listed insurance companies in the Saudi market saw stellar growth in 2023, as their combined profits soared to SAR3.3bn ($894m), compared to profits of less than SAR320m in 2022.

Saudi Arabia: Regulation on Saudisation of all insurance sales jobs takes effect

The Ministry of Human Resources and Social Development has announced that the government’s decision to localise all jobs related to the sales of insurance products had taken effect from 15 April.

Türkiye: As technical losses mount in mandatory auto insurance business, insurers look to liberalised pricing

Compulsory motor third-party liability insurance business, also referred to as traffic insurance in Türkiye, chalked up a technical loss of TRY13.7bn ($424m), after offsetting investment income, in 2023.

Türkiye: Insurance association head presents industry report card and wishlist

The insurance market in Türkiye generated a total premium income of TRY483bn ($15.1bn) in 2023, an increase of 105% compared to 2022, said Insurance Association of Türkiye (TSB) president Ugur Gulen.


Global: Super election year increases risks of PV

With an unprecedented ‘super-cycle’ of elections in 2024, almost half the world’s populations will go to the polls before the year is out. According to a new report from Allianz Commercial, security is a concern in many territories, not only from the threat of localised unrest but because of the wider-reaching consequences of electoral outcomes on foreign policy, trade relations and supply chains.

Global: Stable outlook for global non-life reinsurance

AM Best is maintaining its outlook for the global nonlife reinsurance segment at Stable, owing primarily to the improved property reinsurance margins, driven by increased rates and attachment points in 2023, which are not anticipated to soften through the 2024 cycle; more robust investment income, driven primarily by higher new money yields on fixed-income instruments; reinsurance capital, estimated to have improved materially at year-end 2023, aided by strong underwriting results and partially countered by capital distributions to investors; and more orderly renewal cycles.

Global: Insurers are essential for industries to decarbonise

As the world races to meet global climate targets, industries worldwide are under increasing pressure to adopt new technologies and processes to expedite their decarbonisation efforts.

Global: Insured property assets continue to show impact of inflationary environment

Last month, PERILS, the independent Zurich-based company providing industry-wide catastrophe insurance data, released the PERILS Industry Exposure Database (IED) 2024 which includes detailed sums insured exposed to natural perils of $111tn of property assets.


Algeria: Prospects seen as upbeat for takaful business

Takaful is gaining ground in Algeria with expectations to increase its share of the insurance market thanks to growing demand boosted by the benefits introduced by the 2024 finance law.

UAE: Sukoon to acquire another 1.57% stake in takaful company

Sukoon Insurance Company (Sukoon) has announced that it had received acceptances for 2,411,030 shares which represent 1.57% of the shares of Arabian Scandinavian Insurance Company - Takaful (ASCANA).

UAE: Credit loss provision contributes to SALAMA's red ink in 2023

Islamic Arab Insurance Company, listed as SALAMA on the Dubai Financial Market, posted a net loss of AED139.33m ($37.94m) for the 2023 financial year, compared to a net profit after tax of AED35.44m.