Insurers in the GCC countries are exposed to substantial levels of receivables, putting them at risk of increased provisioning and exacerbating pressure on their profitability, said Moody’s Investors Service in a report.
Oman is set to become the first country in the GCC to introduce an income tax on individuals to reduce a growing fiscal deficit.
The Council of Ministers has approved the country’s draft unified insurance law, a move which takes the much-awaited draft legislation closer to enactment.
The motor committee of the Insurance Federation of Egypt (IFE) has completed preparations for a table of depreciation rates and allowances related to used vehicles, so as to eliminate confusion among vehicle dealers which sell insurance policies, and customers.
Several insurance companies have failed to properly reinsure with the outside world, a lapse which puts at risk about $700m of the value of damage caused by the Beirut Port explosion, sources in the Insurance Control Commission have revealed to Arabian Business.
GlobeMed Group and the Higher Institute of Public Health (ISSP) at Saint Joseph University (USJ) have teamed up to offer students a tailored diploma programme in health information analysis. The programme, launched in early October, is delivered online by a team of instructors from GlobeMed and USJ. Students from various nationalities and countries in the MENA region have enrolled in the new programme with courses extending until July 2021.
Two issues - financial inclusion and innovation - will be highlighted when the Supervisory Authority of Insurance and Social Welfare (ACAPS) looks at implementing a digital insurance distribution strategy.
The premium income of insurance companies in the first half of 2020 increased by 4.6% to MAD27.3bn ($3bn), compared to the corresponding period last year, according to a report published in mid-October by the Supervisory Authority of Insurance and Social Welfare (ACAPS).
Data traffic will be managed easily and conveniently through the Dhamani platform as it links the corporate records and patient’s medical records with insurance records, said the Capital Market Authority (CMA) in a virtual introductory meeting on the platform.
Saudi Re is carrying out business in an improving operating environment due to better pricing dynamics – with the market hardening after a lengthy soft cycle – particularly for loss-making segments, according to SIMAH’s Credit Rating Agency Tassnief.
Saudi employees accounted for 74% of the total number of employees in insurance companies in 2019 compared to 72% in 2018, according to a report by the Saudi Arabian Monetary Authority.
Turkish insurers’ Financial Strength ratings are under pressure from the negative outlooks on the Turkish sovereign and Turkish banks’ ratings, said Fitch Ratings in a report.
More than 90% of insurance companies in the UAE market have resorted to lowering premium rates in a variety of ways as they compete for business, according to Gateway International Assurance managing director George Ashkar.
Over half (52%) of UAE respondents claim that they would avoid going to a clinic or hospital for general health needs while the global COVID-19 pandemic is active, according to a YouGov survey commissioned by Gilead Sciences Middle East.
Global
COVID-19 has created more change in 2020 than over the last 20 years in the insurance industry, according to a global market report by Swiss health and InsurTech firm dacadoo.
Global insurance losses from the COVID-19 pandemic will be higher this year than the $107bn Lloyd’s had previously estimated, Lloyd’s chairman Bruce Carnegie-Brown said.
The world’s 10 largest insurance markets are cumulatively expected to see their GDP decrease by 4.5% in 2020 compared to 2019 because of the COVID-19 pandemic, according to a new report from Insurance Information Institute (Triple-I).
Three in 10 workers (29%) are currently struggling with their mental health and, in particular, younger workers are more at risk than older workers (35% of 18-34-year-olds versus 16% aged 55+).
Global output could take a hit of $12tn by end of next year due to the pandemic and this would be a burden far too high for insurers to cover, according to Swiss Re chief executive Christian Mumenthaler.
Takaful
Solidarity Bahrain plans to merge with t’azur Company, creating a shariah-compliant insurance company with a significantly large portfolio.
The Indonesian Shariah Insurance Association (AASI) has revealed that plans are afoot to build up takaful operations to international scale.
The Malaysian takaful industry posted MYR286.2bn ($70bn) in new takaful protection value in the first half of this year, for which the total new business contribution amounted to MYR3.19bn, according to the Malaysian Takaful Association (MTA).
Shareholders of Al-Ahlia Insurance approved the company’s merger with Gulf Union Cooperative Insurance during an extraordinary general meeting held in November, the company said in a bourse statement.
Saudi Enaya Cooperative Insurance has signed a non-binding MoU with Amana Cooperative Insurance to evaluate a potential merger between the two companies.
Abu Dhabi Commercial Bank (ADCB) has agreed to sell its 49% stake in the UAE’s Orient UNB Takaful and its 20% stake in Egypt’s Orient Takaful to Orient Insurance, part of the Al Futtaim Group.