Chedid Capital Holding has acquired an 80% stake in ASCOMA’s (Ascoma Assureurs Conseils) insurance brokerage business in Africa comprising a network of 21 subsidiaries across 21 African countries, with an office for international affairs in Paris.
East Africa’s leading insurance group Jubilee Holdings Limited (JHL or Jubilee Insurance) and Allianz have signed an agreement to establish a strategic partnership in the five African countries where Jubilee Insurance currently operates. The partnership covers the general insurance business in Kenya, Tanzania and Uganda, as well as the short-term insurance segment in Burundi and Mauritius. JHL will retain ownership of its life and pensions operations and medical insurance business in Kenya, Uganda and Tanzania.
Lower asset valuations in 1Q2020, a result of the economic fallout triggered by COVID-19, is expected to have a negative impact on the solvency levels of Bahraini insurers, adding to the challenges of the local reinsurance sector.
The board of the Financial Regulatory Authority (FRA) has directed insurers to set aside a reserve to deal with the risks of applying the Egyptian Accounting Standard No. 47 for Financial Instruments to insurance companies.
Kuwait’s P&C and health insurance sectors have been assigned ‘intermediate risk’ by S&P Global Ratings.
Insurers have noticed huge support from reinsurers in relation to insured losses arising from the 4 August Beirut Port explosion, according to the president of the Association of Insurance Companies of Lebanon (ACAL) Elie Torbey.
Premiums issued by insurance and reinsurance companies in Morocco totalled MAD2.47bn ($267.8m) in August, down 17% compared to a year earlier, according to data from the Supervisory Authority of Insurance and Social Welfare (ACAPS).
The performance of the insurance industry in Oman in the first half of the year has been fairly robust in the face of the ongoing coronavirus pandemic, said a report published by Badri Management Consultancy.
Saudi Enaya Cooperative Insurance and Amana Cooperative Insurance are holding talks about a potential merger.
Saudi Arabia’s insurance industry faces numerous challenges after benefiting from reduced claims in the first half of the year due to the country’s coronavirus-induced lockdown, said Moody’s Investors Service in a report.
MENA
The Tunisian population has entered a demographic phase which raises questions over the sustainability of the pensions system, according to Mr Skandar Lahrizi, technical director at Hayet Insurance.
The Ministry of Health and Prevention (MoHAP), has launched a Post Office initiative to enable better management of the central information system related to online insurance claims and their tracking.
Four insurance-related providers are among the 50 most-funded startups in the region in 2020, according to a Forbes report.
Africa Reinsurance Corporation (Africa Re) Group, the largest reinsurer in Africa, has established its first office outside Africa in the DIFC.
Takaful
The Islamic Financial Services Board (IFSB) has launched for the first time country-level data from IFSB member jurisdictions on the financial soundness and growth of the takaful sector. The inaugural dissemination covers quarterly data for takaful indicators from the four quarters of 2019.
Plans are underway to increase the capital base of microinsurance firms and takaful operators in Nigeria, according to local daily Leadership.
Jeddah-headquartered Islamic Corporation for the Insurance and Investment of Export Credit (ICIEC) has signed an MoU with Companía Espanola de Seguros de Credito a la Exportacion, Compania de Seguros y Reaseguros (CESCE).
The shareholders of Gulf Union Cooperative Insurance have approved the terms and conditions of the merger with Al Ahlia Insurance Company during an extraordinary general meeting held in October.
Abu Dhabi National Takaful Company (ADNTC) is expected to enhance its position in its domestic market whilst continuing to outperform takaful and conventional insurance peers as it executes its business plan, said AM Best in a report.
Global
Two thirds of carriers and managing general agents (MGAs) polled in a recent survey think the number of insurer-MGA relationships will hold steady or increase in 2020, even in a hardening market, according to international law firm Clyde & Co in a report.
With the approaching implementation of IFRS 17, and the race to get balance sheets in order, reinsurers have much to consider, said S&P Global Ratings.
Given the systemic risk posed by the pandemic, public-private partnerships (PPPs) to address the disastrous effects on businesses related to COVID-19 are warranted.
The Financial Conduct Authority’s (FCA) test case for non-payment of COVID-19 pandemic-related business interruption (BI) claims has weakened trust in the insurance sector, according to a Chartered Insurance Institute (CII) poll.