Magazine

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Feb 2025

Contents

February-Home
Editor's Letter
Magazine article aboutSaudi-Arabia-World-Cup-2034

Saudi Arabia World Cup 2034

Market Profile
Magazine article aboutRegulatory-enhancements-help-boost-non-life-growth

Oman

Regulatory enhancements help boost non-life growth

Establishing (re)insurance catastrophe pools in Oman

Plenty of room for growth in Oman life and health

Oman's Financial Services Authority steps up

Oman general insurance holds steady despite challenges

Dhamani, credit life policies and Oman life and health

Oman retakaful and health insurance take off

Insurance
Magazine article aboutCyber-threats-spare-no-sector-in-the-Middle-East

General

Cyber threats spare no sector in the Middle East

Collaborating to boost cyber insurance in MENA

Appetite for cyber insurance in MENA continues to grow

Insurance aggregators and bancassurance in the UAE

Reinsurance
Magazine article aboutHow-re-insurers-deal-with-weight-loss-drugs

How (re)insurers deal with weight-loss drugs

Global Nat CAT, reinsurance pricing and MENA

Saudi Arabia
Magazine article aboutRole-of-LLMs-in-the-Saudi-insurance-and-InsurTech-sector

Role of LLMs in the Saudi insurance and InsurTech sector

Saudi Arabia's ambitious health insurance goal

Broking
Magazine article aboutInsurance-brokers-From-intermediaries-to-partners

Insurance brokers: From intermediaries to partners

Takaful
Magazine article aboutDemand-for-values-based-financial-solutions-drive-takaful

Demand for values-based financial solutions drive takaful

Notebook
Magazine article aboutHow-MENA-can-insure-renewable-energy-sector

How MENA can insure renewable energy sector

Communication with insurers required for clear regulatory vision

Alternative risk transfer and sovereign insurance in MENA

View from India - Foreign investment in Indian insurance

News

MENA

Algeria: Insurance market increases by 5% in 3Q2024

Algeria: Insurers to play a fundamental role in the stock market

Bahrain: SIO to increase employer social insurance contributions

Bahrain: Solidarity-BNH acquisition deal sealed

Egypt: Medical costs projected to surge by over 30% in 2025

Egypt: GWP up by 26% in first ten months of 2024

Jordan: Central Bank of Jordan rejects motor premium increase

Morocco: Regulator studies launching compulsory home insurance

Oman: Integration of health organisations with the Dhamani platform making steady progress

Qatar: Doha insurance set to launch India reinsurance branch

Saudi Arabia: PIF announces completion of acquisition of 23.08% stake in Saudi Re

UAE: Insurance premiums set to rise in January

UAE: Market reaches almost $14bn in first three quarters of 2024

UAE: Watania Takaful partners with Aura to offer health coverage to SMEs

Global

Global: Reinsurers show greater flexibility

Global: New cycle ushers in price reductions, renewed focus on innovation

Global: 2024 Nat CAT losses dominated by flood

US: Los Angeles fires insured losses could top $30bn

Takaful

Malaysia to support development of takaful in Nigeria

Malaysia: Shariah-compliant finance company to offer motor takaful protection

Singapore: Etiqa offers first takaful product in over a decade

UAE: Watania Family Takaful caters for SMEs

Product Bites

Product bites

Diary
People on the move

People on the move

Insurance

General

Cyber threats spare no sector in the Middle East

The Middle East sees a surge in cyber insurance uptake as digital transformation and escalating cyber threats drive businesses and governments to prioritise cyber security. Competitive market dynamics and growing awareness of cyber risks fuel the trend, offering enhanced coverage and reduced premiums. We spoke to Gallagher’s Mr Jamie Gee.
 

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Collaborating to boost cyber insurance in MENA

A combination of improved cyber hygiene and a more stable underwriting environment puts the Middle East cyber market in a strong position to provide opportunities to sectors and regions that would previously have been prohibited from obtaining cyber (re)insurance. We spoke with Howden’s Mr Thomas Cook. 
 

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Appetite for cyber insurance in MENA continues to grow

With adversarial AI predicted to boost success rates of cyber criminals in the future, QBE’s Ms Sarah Hamlat said it has become clear that insureds welcome additional risk management services alongside insurance policies. Such tools and risk management exercises can expand organisational awareness of cyber risks and improve (re)insurance outcomes. 
 

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Insurance aggregators and bancassurance in the UAE

Protego Insurance Brokers, a subsidiary of the National Bank of Ras Al Khaimah, aims to simplify insurance and help customers make better-informed decisions when buying their insurance. The broker is authorised and regulated by the Central Bank of United Arab of Emirates. Protego’s Mr Koy Nien Lee outlines how aggregators and bancassurance can boost insurance penetration in the UAE.
 

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