Instability and violence across the Middle East are still the main risks to the regional economic outlook, says the September 2020 Political Risk Quarterly Update.
The Palestine Monetary Authority (PMA) and the Capital Market Authority are working together to restructure the Supreme Shariah Supervisory Board as part of moves to develop an Islamic financial system in accordance with international best practices and standards.
Premiums written in Palestine increased by 24% to $280m last year compared with 2017, according to data from the 10 insurance companies operating in the market.
The combined net profit of six insurance companies listed on the Palestine Stock Exchange increased by 7.9% during the first quarter of 2019 on an annualised basis to $7.48m.
The Palestine Monetary Authority (PMA) has signed separate memoranda of understanding (MoUs) with eight insurance companies to provide them with a unified credit system.
The combined after-tax profit of insurance companies listed in Palestine stood at $16.39m, a 35.5% plunge from $25.38m in 2017, based on preliminary financial statements filed by the companies.
Insurers in Palestine saw total compensation payouts increase by 11.6% to $173m in 2018 from $155m in 2017, according to Mr Anwar Al-Shanti, chairman of Palestinian Insurance Federation (PIF).
Palestine's Capital Market Authority (CMA) has launched a comprehensive insurance awareness campaign in line with the strategy of the Authority to promote the insurance sector.
Islamic insurer Tamkeen Insurance has officially opened its headquarters in the city of Ramallah. It will launch its services at the end of the month.
The Capital Market Authority (CMA) has mediated an agreement between the Palestinian Insurance Federation (PIF) and the Federation of Private Hospitals to resolve outstanding issues between the two parties.