International reinsurers are starting to categorise the Middle East as a Nat CAT hot spot, given the increased frequency of natural hazards in the region in recent years, according to Apex-Egypt Reinsurance Brokerage managing director Khaled El-Sayed.
Saudi Reinsurance Company (Saudi Re) has posted a net profit after zakat of SAR31.8m ($8.5m) for 1Q2024, almost three times the SAR11.2m for the corresponding quarter in 2023, with growth of 184%.
MNRB Holdings Berhad (MNRB or the Group) announced its best-ever financial performance in its 50-year history. For the financial year ended 31 March 2024 (FY2024), the Group's profit after tax (PAT) soared by 200% to surpass the MYR400m ($84.4m) mark.
Over the medium to long term, substantial growth in the property and casualty reinsurance in the APAC region continues to be anticipated, says Hannover Re in its outlook on the sector.
BMS Re has appointed Ms Alicia Santocki as executive vice president; Mr Scott Fields and Ms Stephanie Fick as senior vice presidents; Mr Colin Curran and Mr Charles Ill as assistant vice presidents; Ms Cora Cruz as executive assistant and Ms Brenda Martinez-Cox as technical broker.
The Moroccan insurance sector improved its profitability in 2023, achieving a net profit of MAD4.5bn ($448.4m), an increase of 5.8% over 2022, according to the Insurance and Social Welfare Supervisory Authority (ACAPS).
The London-headquartered Institute and Faculty of Actuaries (IFoA) is holding its inaugural Middle East Conference this month with two events - in Riyadh and Dubai.
China's contribution to French global reinsurer SCOR's overall business is expected to increase to at least 10-15% in the next 10 to 20 years, with income from insurance premiums in China set to double or even triple, said Mr Thierry Leger, CEO of SCOR.
One of the world's leading reinsurers, Hannover Re, posted gross reinsurance revenue in the Australasia region in 2023 of EUR4.57bn ($4.92bn), 6.4% lower than in 2023, according to the reinsurer's 2023 Annual Report.
The Insurance Authority (IA) has announced the issuance and listing of a catastrophe bond, amounting to $150m in Hong Kong by the International Bank for Reconstruction and Development of the World Bank Group, offering protection against storm risks in Jamaica over the next four hurricane seasons.