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Feb 2023

News


MENA

Middle East: GAIF forms partnership to promote platforms in Arab markets

The General Arab Insurance Federation (GAIF) and Bahrain-based Fintech Robos have entered into a partnership under which they will collaborate to promote platforms boosting financial literacy, financial inclusion, pension saving systems and actuarial business in financial and economic sectors across Arab countries.
 


Middle East: QIC becomes 1st insurer in the region to sign UN Principles for Sustainable Insurance

Qatar Insurance Company (QIC) has signed the UN Environment Programme-Finance Initiative’s Principles for Sustainable Insurance (UNEP-FI PSI), making it the first insurer in the Middle East to sign the global agreement.
 


GCC: Late rush of claims expected to be litigated ahead of March limitation period

The last flow of business interruption (BI) claims stemming from COVID-19-related lockdowns in the GCC region can be expected between the start of 2022 and the spring, according to Clyde & Co partner Wayne Jones, who is based in the global legal firm’s Dubai office.
 


Algeria: Regulator orders motor insurers to adhere to pricing protocol


Algeria: Regulator orders motor insurers to adhere to pricing protocol

The Insurance Supervisory Commission (ISC) of the Finance Ministry has started out the new year calling out motor insurers, several of whom have violated a multilateral MoU on motor insurance pricing.
 


Algeria: Insurance market grows by 5% in 2022

The insurance sector in Algeria expanded by 5% during the 2022 financial year in terms of premium income, according to the Algerian Union of Insurance and Reinsurance Companies (UAR) president Youcef Benmicia.
 


Egypt: Regulator publishes new rules for supplementary motor insurance branch

The Financial Regulatory Authority (FRA) has issued new rules relating to claims settlement in the supplementary auto insurance branch.
 


Kuwait: Insurance regulator launches its medium-term strategy

Kuwait’s Insurance Regulatory Unit (IRU) has launched its first strategy for the next four years, 2023-2024 to 2026-2027, with the aim of developing and regulating the insurance sector.
 


Morocco: Insurance regulator outlines its busy agenda

The Insurance and Social Security Supervisory Authority (ACAPS) is currently working on several projects to boost the insurance sector, according ACAPS director of insurance regulation and standardisation Abdelkerim Sahbeddine in an interview with the news site LesEco.
 


Saudi Arabia: Insurance premiums cut for hajj and umrah pilgrims

The costs of insurance for pilgrims on the 2023 hajj and umrah have been reduced by 73% and 63% respectively, announced the minister of hajj and umrah Tawfiq Al-Rabiah.
 


Tunisia: Maghrebia acquisition could lead to merger of insurers


Turkiye: Insurance agencies urged to do more to boost pension market growth

The contributions of insurance agencies to the private pension system (PPS) should be increased, with significant incentives and regulations provided to help agencies be more competent in the pension branch, said the Union of Chambers and Commodity Exchanges of Turkiye (TOBB) member of the board of directors Ozgur Yilmaz.
 


UAE: Central bank issues new guidance on anti-money laundering for insurers

The Central Bank of the UAE (CBUAE) has issued new guidance on anti-money laundering and combatting the financing of terrorism (AML/CFT) for the insurance sector comprising insurance and reinsurance companies, agents and brokers.
 


Global

Global: Late, complex and frustrating January renewals

The market has faced a very late, complex and in many cases frustrating renewal, said Gallagher Re in its recent report ‘Market Turns’, providing highlights on the 1 January renewals.
 


Global: Hurricanes and floods insured losses mount to $120bn in 2022

With overall losses of around $270bn (previous year $320bn) and insured losses of roughly $120bn (previous year $120bn), 2022 joins the recent run of years with high losses, said Munich Re in a recent report.
 


Takaful

Algeria: Takaful company's first commercial agency starts operations

El Djazair Takaful has opened its first commercial agency in Algiers, specialising exclusively in offering all types of general takaful products. The agency will gradually market all classes of insurance currently offered in the market - such as motor, home, property, transport (land, sea and air), as well as agriculture, reported Algerian Press Service citing a statement issued by the company.
 


Egypt: Takaful contributions almost doubled in 9M2022

Gross takaful contributions in Egypt reached EGP7.4bn ($251m) in the first nine months of 2022 against EGP3.76bn in the same period of the previous year, a growth of 97.5% against 6.5% growth rate achieved by conventional players (GWP: EGP36.6bn vs EGP39.2b), according to the Financial Regulatory Authority’s monthly performance report of non-banking financial activities.
 


Morocco: Takaful operators offer around 60 products in nascent market

Takaful companies have introduced around 60 products since they started operations in Morocco in 2022, according to Insurance and Social Welfare Supervisory Authority (ACAPS) director of insurance regulation and standardisation Abdelkerim Sahbeddine, in an interview with the news portal LesEco.
 


UAE: Sukoon signs an agreement to acquire a majority stake of ASCANA Takaful

Sukoon announced in December that it had signed a share purchase agreement to acquire a majority stake (in excess of 93%) in Arabian Scandinavian Insurance Company – Takaful (ASCANA Insurance).
 


UAE: SALAMA to acquire AMAN insurance portfolio

Islamic Arab Insurance Company (SALAMA) announced last month that it will acquire the insurance portfolio of Dubai Islamic Insurance and Reinsurance Company (AMAN) which includes its motor, medical, non-motor and group life insurance business (target portfolio).