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Magazine

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

May 2024

May-Home

Editor's Letter

Developments in cyber and digital

Regulation

Insurance as main driver of Algeria's economic development

View from India - India's insurance regulatory framework overhauled

Saudi Arabia

Applying AI in insurance

Accelerating InsurTech adoption in Saudi Arabia

Takaful

Bringing innovation to takaful

Improving takaful with preventative claims due diligence

Opportunities abound for Malaysian takaful

Market Profile

Lebanon

Life (insurance) during wartime

Lebanon's general insurers stay resilient despite market gloom

Lebanon: New regulations needed for stability

Lebanon struggles to grow amid economic crisis

Market spotlight

Tunisia

Slower growth for Tunisian insurers in 2023

Insurance

General

Flooding in the Gulf highlights lack of risk mitigation

Life & health

Wearables help health insurers deliver better

Data in health insurance: An underutilised wealth

Reinsurance

Morocco's parametric insurance payout sets stage for flood protection expansion

SIRC Connect

Revolutionising reinsurance

News

MENA

Middle East: AMAN UNION and ICISA collaborate to advance credit insurance initiatives

Algeria: Insurance sector to adhere to AML/CFT requirements

Bahrain: Arig set to report premiums recovered from Saudi insurer as profit

Egypt: Insurance federation eager to offer risk data to industry

Egypt: Insurers increase capital to counter impact of depreciation of local currency

Morocco: Societe Generale pulls out of local insurance and banking units

Qatar: Listed insurers show mixed financial performance in 2023

Saudi Arabia: Combined profit of listed insurance sector jumps to nearly $900m in 2023

Saudi Arabia: Regulation on Saudisation of all insurance sales jobs takes effect

Türkiye: As technical losses mount in mandatory auto insurance business, insurers look to liberalised pricing

Türkiye: Insurance association head presents industry report card and wishlist

Global

Global: Super election year increases risks of PV

Global: Stable outlook for global non-life reinsurance

Global: Insurers are essential for industries to decarbonise

Global: Insured property assets continue to show impact of inflationary environment

Takaful

Algeria: Prospects seen as upbeat for takaful business

UAE: Sukoon to acquire another 1.57% stake in takaful company

UAE: Credit loss provision contributes to SALAMA's red ink in 2023

Global Risk Review

Marine heatwaves have significant impact on microorganisms

Businesses struggling with net-zero plans

Will 2024 be a turning point for geopolitical risks?

AI chatbots 'lack safeguards to prevent spread of health disinformation'

India: Deepfakes and ransomware identified as imminent threats for 2024

Tailored approach to health and wellness benefits is a better option

Asia struggles to contain record e-waste

AI improves global flood forecasting and extends alert time

US: Sinking shores and rising seas could impact 24 coastal cities by 2050

Insurers disasters

Appetite to write political violence risks is decreasing

Insurers plan to invest $5m in AI in 2024

Product Bites

AXA and Daman partner to launch a new international private medical insurance

UAE: HAYAH launches digital insurance product

BKIC launch online distance-based motor insurance

GIG Gulf and Bank Muscat launch comprehensive motor insurance plan

Allianz Trade launch next-gen trade credit insurance product in the UK and Ireland

Diary

People on the move

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

Morocco's parametric insurance payout sets stage for flood protection expansion

By Reva Ganesan -

Source: Middle East Insurance Review | May 2024

Morocco was rattled by a 7-magnitude earthquake in September 2023, leading to the formation of a parametric insurance pool facilitated by Gallagher Re MENA. Although the financial impact from the Morocco earthquake was said to be manageable, it triggered a maximum payout of $275m from the parametric cover. We spoke with Gallagher Re MENA’s Mr Chems Eddine Kassali.

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