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

Jun 2024



Middle East: Chedid Capital acquires remaining 20% stake in Groupe Ascoma

Chedid Capital has announced the acquisition from the Husson family of the remaining 20% stake in Groupe Ascoma, sub-Saharan Africa’s leading independent brokerage network.

Middle East: Climate warming makes GCC states more vulnerable to flooding

Ongoing economic development and rapid urbanisation will result in further accumulation of infrastructure and private assets that need to be insured, including against natural catastrophe risks, said Swiss Re Institute (SRI).

Middle East: Wary reinsurers adjust Nat CAT coverage

International reinsurers are starting to categorise the Middle East as a Nat CAT hot spot, given the increased frequency of natural hazards in the region in recent years, according to Apex-Egypt Reinsurance Brokerage managing director Khaled El-Sayed.

Middle East: S&P says insurers currently broadly unaffected by Israel-Hamas war

S&P expects credit conditions for rated insurers in Gulf Cooperation Council (GCC) countries to remain broadly stable in 2024, supported by robust capital buffers and adequate growth and earnings prospects.

GCC: Growth prospects in insurance market

Growth prospects for the insurance sector remain plentiful in the insurance markets of the Gulf Cooperation Council (GCC), said global credit rating agency AM Best.

Bahrain: Nasco Insurance Group acquires Crescent Global Insurance Services

The Nasco Insurance Group, an international group that specialises in direct and reinsurance broking, has acquired the retail insurance broking company, Crescent Global Insurance Services.

Egypt: Regulator prepares studies on forming national reinsurer

The Financial Regulatory Authority (FRA) is preparing the necessary technical and operational studies that could lead to the establishment of a national reinsurance company.

Morocco: Insurers use digital technology to crack down on fraud

Fraud in the motor insurance branch is estimated to cost insurers 4% to 5% of overall turnover in Morocco’s insurance sector.

Qatar: Central Bank developing digital insurance framework

The Qatar Central Bank (QCB) last month issued instructions to digital insurance companies, aimed at drawing up the regulatory framework for digital insurance activities in the country.

Saudi Arabia: Direct channel dominates sales but market share dips

The sales of insurance policies directly by insurance companies still dominate the Saudi insurance market, as the percentage of policies sold through insurers was around 50.3% in 2023, compared to 46.1% through insurance brokers and 3.6% by insurance agencies.

Saudi Arabia: Government to insure historical sites

The Ministry of Culture and the Insurance Authority are working together on a project to insure historical buildings.

Türkiye: Top reinsurers disclose losses arising from Kahramanmaras earthquake

With the publication of annual reports in recent weeks, the world’s three biggest reinsurers have indicated the quantum of claims incurred due to the massive February 2023 earthquake that hit Türkiye and Syria.

UAE: Comprehensive auto insurance premiums rise by up to 20% in 1Q2024

Comprehensive motor insurance premiums increased by between 10% and 20% in the first quarter of this year, reaching 3% of the total value of the vehicle.

UAE: Dubai National Insurance approves a cash dividend of 10%

Dubai National Insurance (DNI) held its annual general assembly meeting that was led by DNI chairman Mohammed Khalaf Al Habtoor, where the board announced a 10% cash dividend to shareholders amounting to AED 11.55m.

UAE: Insurance sector in DIFC posts record-high premiums in 2023

Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa and South Asia (MEASA) region, has consolidated its position as the principal hub for the (re)insurance industry, with the highest gross written premiums recorded in its 20-year history of $2.6bn in 2023, increasing by 23% from $2.1bn in 2022.

UAE: Anoud Tech launches UAE Operations

Anoud Technologies (Anoud Tech), a global InsurTech group based in Qatar, launched its UAE branch last month as part of its strategy to become the IT platform provider of choice for the insurance industry in the MENA region and beyond.


Global: New record for Nat CAT losses in 2023

Nearly 400 natural disasters and an evolving climate reveal vulnerabilities and opportunities across the globe; closing the protection gap will continue to pose a challenge but also a huge opportunity for certain regions.

Global: Munich Re maintains promising outlook for the year

Munich Re has begun the new financial year in excellent shape, said the reinsurer in a statement revealing its results for the first quarter of 2024.

US: Social inflation remains worrisome for casualty insurers

Loss severity for several US casualty lines of insurance business has exceeded economic inflation over the past decade, suggesting that other factors are influencing claims costs for indemnity and expense payments, according to a new AM Best report.


Bahrain: Takaful International reports 13% increase in profit

Net profit of the shareholders for Takaful International Company reached BHD393,000 ($1m) for 1Q2024, a 2% increase compared with the same period in the previous year.

Malaysia: Takaful operations push MNRB's aftertax profit to historic high

MNRB Holdings (MNRB) announced its best-ever financial performance in its 50-year history. For the financial year ended 31 March 2024 (FY2024), the group’s profit after tax (PAT) soared by 200% to surpass the MYR400m ($84.4m) mark.

Morocco: Takaful business gains momentum

Takaful generated contributions amounting to MAD65.9m ($6.58m) in the year 2023, according to the Insurance and Social Welfare Supervisory Authority (ACAPS).

Qatar: Listed takaful providers' profit outpaces conventional in 1Q

Qatar’s listed insurance providers posted a combined net profit of QAR387.5m ($106.5m) for the first quarter of 2024, which represents an increase of 3.37% compared to the same period of the previous year, according to quarterly financial statements published by the companies.

Saudi: Aljazira Takaful profit jumps by 79% in 1Q

Aljazira Takaful has achieved net profit after zakat and income tax attributable to shareholders for the first quarter of 2024 of SAR12.78m ($3.4m), compared to SAR7.123m in 1Q2023, an increase of 79.42%. The increase in profit was due increase in insurance revenue by SAR13.082m, 16.50% over last year, which was principally driven by business growth.

UAE: High underwriting earnings boost Watania's profit in 1Q

Watania International Holding (WATANIA; ‘WIH’), reported a net profit of AED5.9m ($1.6m) in its preliminary consolidated results for 1Q2024, compared with a loss of AED2.8m in 1Q2023, driven primarily by improved operational performance along with continued tight cost controls, the operator said in a press release.

UAE: SALAMA 1Q net profit jumps 118%

Islamic Arab Insurance Company (SALAMA) has reported topline growth with a profit of AED17.58m ($4.8m) in its first quarter results of 2024, an increase by 118%, compared to AED8.04m in 1Q2023, the operator said in a statement.