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Magazine

Read the latest edition of AIR and MEIR as an Interactive e-book

May 2023

May-Home

Editor's Letter

Sudan at a crossroads

Market Profile

Algeria

Thriving life business helps to lift Algerian insurance market

Broader horizons ahead for L&H market in Algeria

Opportunities for Algerian insurers despite stiff competition

Staying relevant in a disruptive environment

Market spotlight

Jordan

Jordan industry emerges a winner

Post-rebound, market poised to flourish

Insurance

General

Blue water thinking and P&I clubs

Ensuring competency in marine insurance

New technology and cyber risks on the high seas

Evolving political and cyber landscape for marine risks

Technology adoption needed for better perishable cargo regulation

Weather index insurance gains appeal in Africa

Can agriculture be sustainable in the Middle East?

Fire cover has never been more important, but clients need to up their game

Life & health

A different approach to the health insurance network

Reinsurance

Catastrophes, human behaviour and insurance marketing

MGAs gain traction in MENA

Bright future awaits reinsurers in MENA

Takaful

Are the stars starting to align for takaful?

Notebook

View from India

Insurance industry can help India attain net zero

A stronger voice for the industry

News

MENA

Middle East: Region's energy insurance market expected to become more prominent

Middle East and Africa: Insurance and financial sector most targeted by cyber attacks

Bahrain: Health ministry confirms mandatory health insurance scheme to be launched this year for foreign residents

Bahrain: Howden sets up operations in the kingdom

Egypt: Gulf Insurance Group to acquire AIG Egypt

Jordan: National panel looks into providing healthcare to those without medical insurance

Kuwait: Motor premiums to see 80% hike

Morocco: ACAPS to launch training programme for intermediaries to market microinsurance plans

Turkiye: New mandatory auto insurance tariff system takes effect on 15 April

UAE: Nexus completes purchase of majority stake in specialist MGA

UAE: BMS to launch Middle East operations with majority stake in local broker

UAE: Insurance industry expands by 6.5% in 2022

Global

Global: Reinsurers' discipline evident at 1 April renewals

Global: Multiline insurers leverage their competitive edge

Global: Munich Re and Zurich exit net zero climate alliance

Global: Hannover Re is the third to walk out

Global: Stable outlook for non-life reinsurers

Africa

Côte d'Ivoire: Insurance sector grows by 13% in 2022

Djibouti: African Risk Capacity Group signs Africa's first multi-year, multi-peril agreement

Ethiopia: Preparations afoot for new player in insurance market

Ghana: Call on insurers to re-strategize to ensure claims are settled

Kenya: Insurance market in post-COVID recovery

Kenya: World Bank sponsors expanded insurance scheme for herders

Nigeria: Claims ratio deemed too low

South Africa: Life insurers remain well-capitalised despite tough operating conditions in 2022

Tanzania: Insurance sector crosses TZS1bn-premium threshold for the first time

Tanzania: TIRA considers regulating insurance premium rates

Uganda: Regulatory official says promising progress made in localising marine insurance

Zimbabwe: Majority of gross premiums denominated in foreign currency to deal with hyperinflation

Takaful

Algeria: Algeria United Takaful to launch new products in 2H

Egypt: Wethaq Takaful second operator to convert to conventional insurance operations

Global: IFSB issues proposed standard on the conduct of business supervision in takaful

Nigeria: InsurTech launches motor takaful plan

Qatar: Second largest takaful player receives 'A-' Financial Strength Rating from AM Best

UAE: Dar Al Takaful adopts new brand of Watania International Holding

UAE: Sukoon receives regulatory approvals to acquire takaful operator

Global Risk Review

Supply chains slipping up on green ambitions

Ransomware focus heads south

New research reinforces need for multi-layered security approach

Climate change is destabilising insurance industry

Political risk set to remain elevated but threat levels overestimated

AI can spread climate misinformation cheaper and faster

Ozone-depleting CFCs hit record despite ban

CEO insights on cyber resilience

Staggering cost of mental health is a crisis for insurers

A new COVID-19 like pandemic could arise in next 10 years

As world warms, droughts coming on faster

Employers vastly overestimate worker wellbeing

Product Bites

Nigeria: InsurTech start-up launches motor takaful product

Türkiye: Turk Re offers coverage of trade receivable insurance for bigger enterprises

UAE: Telecom operator provides coverage for customers' devices against cyber risks

Diary

People on the move

Read the latest edition of AIR and MEIR as an Interactive e-book

Thriving life business helps to lift Algerian insurance market

By Cynthia Ang -

Source: Middle East Insurance Review | May 2023

Algeria’s small but dynamic life insurance sector has far outperformed the non-life segment in terms of top line growth in every quarter of 2022, helping to lift the overall market performance with a full year 6% increase in written premiums to $1.2bn.

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