Rush to Riyadh
View from India
As ESG risks rise, D&O covers need a new look
Egypt: Insurers take sustainability seriously
ESG disclosures and regulations in the UAE
ESG underwriting has framework but no standardisation
Keeping pace with changes on the corporate governance landscape
The Net-Zero Insurance Alliance can rise again
More support required for brokers in Jordan
UAE
Healthcare and health insurance is in the pink
Market in correction mode
Regulatory developments in the UAE
Still room for huge reinsurance growth in the UAE
Substantial growth potential ahead for B2B InsurTechs
UAE continues to be biggest growth engine in region
Libya
Libya dam bursts: Climate change is not always the villain
Libya: A post-crisis boom hampered by outdated regulations
General
Event-cancellation insurance is a luxury product
Anoud Tech equips the insurance industry for the Digital Age
Insurance against war and related risks in MENA
Strong insurance growth in Oman
Life & health
Adopt and adapt to AI
GCC life insurance set to flourish
Making CI coverage accessible and relevant
SIRC Connect
DEI continues to be a focus in recruitment
Building capacity
A dynamic region with a promising future
MENA remains an important region for reinsurers
AI dominates over half of insurance customer interactions in Saudi
Takaful gaining ground in Nigeria and Tanzania
Indonesia: Weaker takaful firms expected to struggle for survival
GAIF 34: Opportunities for partnerships
MENA
Middle East: bolttech extends footprint to several new markets
Middle East: NASCO in global strategic alliance with leading European reinsurance broker
Algeria: Draft insurance law focuses on product diversification, takaful and digitalisation
Bahrain: Gulf Tamin buys stake of 13.85% in ARIG
Egypt: Insurance federation vets business models for proposed Nat CAT pool
Egypt: Parliamentary economic committee proposes formation of national reinsurer
Egypt: Property insurance drives industry growth in 2023
Jordan: AM Best revises issuer credit rating outlook to 'Stable' for Middle East Insurance Co
Kuwait: GIG to dispose of holdings in Buruj Cooperative Insurance
Libya: Insurance federation calls for updating of industry legislation
Oman: Regulator gives nod to digital platforms of four insurance entities
Saudi Arabia: Competition is alive in domestic worker insurance branch
Saudi Arabia: Insurance Authority now in charge of health insurance regulation
Saudi Arabia: Tawuniya becomes a strategic partner of car leasing platform company
Türkiye: Call made for insurance to be mandatory for factories
UAE: Ombudsman Unit starts operations
UAE: Marsh staff mourn Ronny Vellekoop
Global
Global: ILS market at a crossroads
Global: Insurers increasingly concerned about greenwashing when it comes to investing
Global: Health and safety as top risk facing global directors
Global: Lloyd's reports strong preliminary results for 2023
Takaful
Canada: MGA launches takaful operations
Malaysia: Takaful business expected to witness stable profitability and capitalisation
Oman: Sultanate's sole reinsurer clinches retakaful window licence
Saudi Arabia: Al Rajhi Takaful's 2023 net profit jumps by over 350%
UAE: Sukoon offers to buy remaining 6.95% of shares in Ascana
Extensive evidence of second-hand trauma amongst claims handlers
New European AI law to impact insurance
Australia: NSW launches first state disaster mitigation plan
Telematics help reduce car crashes
Asia CROs worry most about operational resilience
Terrorism worsens as global conflicts drive risk of new wave
Generative AI could 'supercharge' climate disinformation
Japan: Record high number of serious traffic accidents in 2023 caused by distracted drivers
Risk of employee burnout surges in 2024
Millennials most likely to embrace AI in insurance
Automated safeguards do not ensure complete driving safety
Australia at risk of financial losses from climate change
Australia: Standardising natural hazard definitions
Saudi Arabia: Ejaro and Tawuniya partner to provide daily motor insurance
UAE: Heinz Arabia introduces the world's inaugural ketchup insurance policy
UAE: Indian consulate in the UAE launch life protection plan for blue-collar Indian workers
Middle East: bolttech to launch embedded insurance for electronic products in region
People on the move
MARKET PROFILE - UAE
INSURANCE - Life & health
While AI offers vast opportunities in all realms of life, a lot depends on how the people make use of it. Being still the initial stages of AI, there is a lot of apprehension about its use. Middle East Insurance Review spoke to Wymo’s Mr...
Buy Now
SAUDI ARABIA
The integration of AI has become prevalent in over 50% of insurance customer interactions in Saudi Arabia, marking a significant shift towards efficiency and innovation in the industry. It was reported that the country recorded more than 80m...
Watching the rise of Saudi Arabia as it looks set to become the biggest insurance market in the MENA region is like watching a huge truck that is gradually picking up speed – with the momentum becoming virtually unstoppable.
ESG standards are high on the agenda in most boardrooms. How do D&O covers evolve in view of the new risks that corporates face across the ESG framework? Middle East Insurance Review spoke to First Policy Brokers’ Mr Hari Radhakrishnan and...
Sustainability has become an important issue in the Egyptian insurance industry with carriers and regulators taking these risks seriously.
The UAE is committed to progress in ESG, as demonstrated by the three workstreams that are progressing under the Sustainable Finance Working Group. More recently, the Abu Dhabi Global Market enacted frameworks to ensure consistency in ESG...
Intermediary channels in Jordan remain underdeveloped with more efforts required to enhance their role in building the marketplace. Regulatory regimes are largely responsible for the development of this channel; however, other stakeholders share...
There is a lot that is happening on the healthcare and health insurance front in UAE - better healthcare infrastructure, leveraging technology for better customer outcomes, prudent pricing and improving overall health and wellbeing of the UAE...
There are indicators that the UAE general insurance market is taking steps toward becoming more disciplined; however, stakeholders must do more to achieve better results, says Dubai National Insurance’s Mr A R Srinivasan.
Improving mandatory health insurance schemes and ensuring better protection for citizens in the UAE is a priority for the country. We look at emerging developments in the regulatory space.
Climate change alone cannot be labelled as the cause of the failure of two dams in Derna, Libya in September 2023. It was a mix of sociopolitical chaos, neglected and ageing infrastructure, catastrophic cyclonic landfall, poor crisis management and...
In 2020, a review by the World Bank Group described Libya’s insurance market as ‘weak and disorganised’. Despite the challenges of such a market, the number of insurance companies in Libya more than doubled from 22 to 45 over the...
As the MENA region appears with greater frequency on the global tour schedules of major entertainers and sporting events, the need for event-cancellation insurance has grown. To find out about the lack of awareness of this niche product and barriers...
The insurance industry continues to lag most major sectors in digitally transforming its operations and providing compelling digital services to its customers.
The Arab War Risks Insurance Syndicate continues to develop its tools and expand its products with a vision to serve its members’ interests and the MENA markets at large, says the syndicate’s Mr Imad Abdel Khaleq.
There has been a dramatic change in how companies have approached DEI over the past few years, from changing hiring practices to introducing new workplace benefits. We spoke to INCLUDE’s Ms Helen Duce and Randstad’s Mr Josh Goh about the...
MENA has room for serious and specialised capacity to serve the insurance industry and address the specific needs of the region; quality is an important differentiator, says Africa Specialty Risks’ Mr Mikir Shah.
The MENA region is evolving, thanks to the rapid development in various economic fields and the ambitious visions of some countries in the region. The (re)insurance industry must remain abreast of the best standards and be prepared to take the...
Takaful is gaining traction across the African continent, especially in Nigeria and Tanzania, where governments and regulators are pushing for growth and innovation in the market.
New capital requirements in Indonesia are likely to make a significant impact on takaful operators. Despite the challenges, the takaful industry in the country is expected to grow in 2024.
There is a huge protection gap for Nat CAT and climate risk. Arab insurers must strengthen their partnership with regulators to develop the industry in the region.
International InsurTech bolttech announced its expansion into the Middle East with the launch of its partnership with Riyadh-headquartered stc Group, a telecommunications company driving digital transformation in the region.
NASCO Insurance Group (Nasco) and Diot-Siaci, a European leader in corporate insurance brokerage, have announced a global strategic alliance.
The preliminary draft law on insurance, which is currently being finalised, will make it possible to diversify insurance products and systems, with an emphasis on financial inclusion, in particular via takaful, management of new risks, while giving...
A new report by New Generation Programme Claims group of Chartered Insurance Institute (CII) explores the second-hand trauma experienced by professionals in the insurance industry when handling distressing claims.
The insurance and banking sectors will be required to carry out an impact assessment to ensure their use and development of AI protects the fundamental rights across Europe.
The government of New South Wales (NSW) in Australia will now have its first-ever State Disaster Mitigation Plan (SDMP).
Saudi Arabian car rental platform Ejaro has partnered with the kingdom’s largest insurance company Tawuniya to provide a daily motor insurance product.
Heinz Arabia has launched the world’s first ketchup insurance policy that aims to ease the frustration and hassle caused by routine ketchup spills, splatters and stains.
The Indian consulate in Dubai has launched a new insurance package for blue-collar Indian workers to provide financial benefits to the kin/kins of the deceased in case of natural and accidental deaths.