The Middle East and Africa (MEA) was the only region globally to see an increase in insurance M&A in 1H2023, with nine completed deals compared to eight in the previous six months, according to a report published by the international law firm Clyde & Co.
Reinsurance structures for pro rata property business moved towards a full quota share model during the July renewal season in the Middle East, Gallagher Re, the global reinsurance broker.
Individual International Private Medical Insurance (IPMI) premiums in the Middle East climbed by between 7% and 18% in 2022, according to Pacific Prime in its 2023 edition of the "Cost of International Health Insurance" report.
The start of 2023 came with the increased cost of reinsurance treaties in the energy insurance market, averaging around 30% (and in some cases more), along with increased retentions for reinsurers in the region, says Mr Andrew Brunero, head of Global Downstream Broking, Natural Resources Global Line of Business at WTW, a leading global advisory, broking, and solutions company.
The insurance and financial sector in the Middle East and Africa was the industry most targeted by cyber attacks in 2022, according to the "IBM Security® X-Force® Threat Intelligence Index 2023".
The distribution network is picked by several top insurance executives as the most important driver that their companies rely on to grow their business in the next two years.
The capacity of financial institutions to deal with climate risk is greater today than it was a few years ago as climate and sustainability have become a core part of many organisations' decision-making and work processes.
The General Arab Insurance Federation (GAIF) has announced plans to establish an association of Arab actuaries, in line with the objectives of the federation to be supportive of the development and integration of the Arab insurance industry.
The long-term effects of COVID-19 and shifting workplace needs are driving change in healthcare plans, from increased claims costs as a result of delayed diagnoses, to insurers' digital innovation and inclusivity criteria, says Mercer Marsh Benefits (MMB).
The Middle East and Africa (MEA) region saw an increase of over 40% in the annual total of M&A deals in 2022, albeit from a low base, primarily driven by a busy first half, says Clyde & Co.