The long-term prospects of the GCC insurance sector remain positive and digitalisation initiatives by insurers in the region are not only helping in transforming the entire value chain but also providing an opportunity to stay ahead of competition, said the UAE-based investment banking advisory firm Alpen Capital.
About half (48%) of employers in the UAE and Saudi Arabia offer life insurance as part of a standard employment package as business confidence and hiring activity return to pre-COVID-19 levels in 2022, according to new research by recruitment consultancy Hays.
Working groups from the Algerian Union of Insurance and Reinsurance Companies (UAR) and the Central Reinsurance Company are reviewing regulations governing the Nat CAT insurance system.
Arab Insurance Group (Arig) has announced that it has engaged Emirates NBD Capital to explore opportunities for finding a buyer for the company.
A study is currently underway to examine the feasibility of establishing a reinsurance company with Egyptian-Arab capital amounting to at least EGP1bn ($63.6m) and with its hub in Cairo, according to the Financial Regulatory Authority vice chairman Reda Abdel Moaty.
The Jordan Insurance Federation (JIF) is launching an electronic insurance platform for compulsory motor third-party liability insurance (MTPL).
The Insurance Regulatory Unit, which is part of the Ministry of Commerce and Industry, has issued an approved list of 11 companies allowed to issue health insurance policies for expatriate workers in the private sector who are aged at least 60 and hold educational qualifications up to a high school certificate.
Global
The Joint War Committee (JWC), the marine insurance advisory board that assesses and designates regions of heightened risk, has added sections of the northern Black Sea to its master list of areas with an elevated likelihood of war, piracy or terrorism. The move comes amidst heightened tensions caused by Russian naval drills in waters near Crimea, according to the Maritime Executive.
A total of 418 M&A deals were reported across the global insurance industry in 2021, up from 407 deals in the previous year, driven by a rise in deals in the Americas and Europe, according to Clyde & Co’s annual Insurance Growth Report.
The global threat of cyber attacks continues to grow and the nature and targets of those attacks are evolving at a rapid pace, according to Tokio Marine HCC International’s (TMHCCI) second annual Cyber Incidents Report.
Takaful
Ithmaar Holding has agreed to sell Solidarity Group Holding, one of the largest takaful groups globally and the parent of Solidarity Bahrain, to Al Salam Bank.
Indonesia’s takaful sector continues to expand on growing awareness and demand for takaful products, government support, easing of COVID-19 movement restrictions and a recovering economy, Fitch Ratings said in a recent report titled ‘Indonesia Takaful Dashboard: 2022’.
Jordan’s Islamic Insurance (IIC) announced satisfactory financial results for 2021 where shareholders’ profits before tax amounted to around JOD2.6m ($3.7m) compared to around JOD2.4m in the previous year.
Moroccan insurance and finance group Holmarcom has launched Takafulia Assurance, making it the first Islamic insurance company in Morocco.
The Insurance Commission (IC) in Philippines has released baseline guidelines for insurers and mutual benefit associations for carrying out takaful or Islamic insurance undertakings.
Qatar Islamic Insurance disclosed the interim financial statement for 2021 which revealed an increase in net profit by 6% to reach QAR80.1m ($22m) against QAR75.7m in the past year, the company said in a statement on the Qatar Stock Exchange.
UAE-based AlHuda Centre of Islamic Banking and Economics (AlHuda CIBE) and Tajikistan’s Tawhid Bank have signed an agreement to establish the first takaful operator in Tajikistan. Tawhid Bank is the first Islamic bank in Tajikistan.