The Central Bank of Jordan (CBJ) issued its decision to liquidate Arab Union International Insurance company (AUII) as of 26 January 2025, according to a statement the Bank has issued earlier this week. The CBJ said that the decision aims at protecting the rights of policyholders and beneficiaries of insurance contracts.
The Central Bank of Jordan (CBJ) has completed preparing a draft insurance law, according to a statement by the regulator released last week.
The United Nations Development Programme (UNDP) in Jordan has signed a Memorandum of Understanding (MoU) with the Jordan Insurance Federation (JIF) to deliver advanced Training of Trainers (ToT) programmes on innovative insurance and risk-financing products in Jordan.
AM Best has upgraded the Financial Strength Rating (FSR) to 'A-' (Excellent) from B++ (Good) and the Long-Term Issuer Credit Rating to 'a-' (Excellent) from 'bbb+' (Good) of Gulf Insurance Group - Jordan (GIG Jordan). The outlook of these credit ratings is 'Stable'.
The implementation of a new 2024 medical fee schedule, published on 16 November 2024, in the Official Gazette by the Ministry of Health, has been postponed to 15 June 2025.
Total insurance premiums in Jordan in the past nine months of this year amounted to JOD603m ($851m), an increase of about 4.9% compared to the corresponding period in 2023, according to statistics released by the Central Bank of Jordan.
Jordan French Insurance Company (JOFICO) is expected to meet higher regulatory requirements that are set to be introduced in 2025, whereby the minimum amount of paid-up capital for composite insurers will rise to JOD16m ($23m) from JOD8m, says Fitch Ratings.
The Central Bank of Jordan has issued draft regulations for the licensing, regulating and supervising of insurance brokers.
Jordan French Insurance Company (JOFICO) has a financial performance that Fitch Ratings views as a rating weakness although it is improving since 2023. Fitch, in a report released yesterday, says that it expects JOFICO to report positive profitability in 2024.
The Jordan Medical Association (JMA) has decided that its members would stop dealing with insurance companies as of 16 October 2024 if the 2024 doctors' remuneration list remained unapproved then. The decision was made on 23 September.