The Commission for the Organisation and Supervision of Stock Exchange Operations (COSOB) has launched the first laboratory (FinLab) dedicated to the development of technological innovation in the financial sector in Algeria.
The Bahrain Insurance Association (BIA) and the Bahrain Association of Banks (BAB) have established a joint strategic committee to enhance close cooperation between the insurance and banking sectors in the kingdom.
The Financial Regulatory Authority (FRA) is making preparations for new legislation to regulate and develop FinTech in non-banking financial activities including promoting SupTech and RegTech.
Kuwait’s Competition Protection Agency (CPA) said that there are instances of shareholders of an insurance entity holding stakes in other insurance companies and such holdings might harm competition in the insurance market. The lack of transparency and inappropriate administrative practices help spawn such behaviour.
The Insurance and Social Insurance Supervisory Authority (ACAPS) and the Competition Council have signed a cooperation agreement to establish a framework for consultation over the issues of regulation related to competition in the insurance sector.
Cyclone Shaheen, which battered Oman in October, caused severe damage in the Batinah and Muscat governorates, with the infrastructural damage estimated to be OMR50m ($130m), said media reports. The loss estimate, provided by a retired civil engineer at the Ministry of Defence, includes damage to roads, properties, public facilities, homes and vehicles.
AMI Assurances will increase its share capital to TND87.4m ($30.9m) from TND41m as part of the implementation of its development and financial restructuring plan adopted by the board of directors.
Turkey’s insurance sector is forecast to report a premium income of TRY100bn ($11.1bn) this year, according to Insurance and Private Pensions Regulation and Supervision Agency (SEDDK) deputy chairman Mete Guler. Market premiums grew by 17.1% to TRY63bn in the first eight months of the year.
Etihad Credit Insurance (ECI), the UAE federal export credit company and the French Export Credit Agency Bpifrance Assurance Export have signed a reinsurance agreement to increase joint Emirati and French projects globally.
The Emirates Insurance Association (EIA) is holding discussions about adopting a unified federal policy on COVID-19 coverage.
Online financial aggregator PB Fintech (Policybazaar UAE) has entered into a technical/API integration with Al Etihad Credit Bureau (AECB) to implement real-time eligibility checks for credit card applications based on the AECB credit score and banks’ approval criteria.
Global
Prices in the cyber (re)insurance market could rise sharply over 2021-2023; in some cases, doubling from current levels.
Swiss Re estimated its preliminary claims burden from hurricane Ida at $750m. On an industry level, the reinsurer estimated total insured market losses to be $28bn-$30bn.
Reinsurers are actively supporting InsurTechs through investments and by providing underwriting capacity, according to the World InsurTech report 2021.
Takaful
Solidarity Bahrain said in a statement that its shareholders have approved a proposed merger with t’azur, another takaful provider in Bahrain.
The preliminary results for listed providers in Oman showed that takaful operators’ profit fell 134% in 1H 2021, according to a report issued by Badri Management Consultancy.
Indonesia’s recovering domestic economy has boosted the performance of the takaful industry in 1H 2021, with the growth trend projected to continue until the end of the year, according to the Indonesian Sharia Insurance Association (AASI).
Takaful gross contributions in Tunisia grew by 10% to TND130.6m ($46.2m) in 2020 compared to TND118m in the preceding year, according to an annual report issued by the country’s regulatory authority, the Comite’ General des Assurances (CGA) last month.