Lockton Re, the reinsurance business of the world's largest privately held independent insurance broker, has launched a new operation in Dubai.
MENA Insurance Lab (MENA InsureLab), a regional enabler of collaboration within the insurance industry, has signed a Memorandum of Understanding (MoU) with Tokyo-headquartered Plug and Play Japan, the global innovation platform, to empower innovation in the Middle East insurance ecosystem.
Gallagher has appointed Mr Andy Winwood as senior executive. In his new role, he will support Mr Nadim Semaan, senior executive officer, in running Gallagher's Middle East and Africa business with a particular focus on large clients, market engagement, business development and further building Gallagher's presence in the region.
Chedid Capital, an investment group in the insurance and reinsurance field, is expanding and diversifying its presence in Europe with the launch of Momentum Risk Solutions UK, a Managing General Agent (MGA) based in London.
Howden Re, the global reinsurance, capital markets, and strategic advisory arm of Howden Group, has announced that it has secured a full reinsurance licence from the Dubai Financial Services Authority (DFSA) to operate from Dubai International Financial Centre, the leading global financial centre in the Middle East, Africa and South Asia region.
Beyond geopolitical dynamics, challenges the aviation insurance broking industry in the Middle East is facing include the series of air crashes at the end of 2024, which unfortunately continued into 2025, said Malakut aviation executive director Victoria Eremina.
Composite insurance rates in the second quarter of this year decreased by 5% in the India, Middle East, and Africa (IMEA) region, where rates for large and complex organisations are often impacted by the reinsurance market, according to Marsh's "Global Insurance Market Index" for 2Q2025.
Middle East new business sales grow by 16% to GBP2.1bn ($2.8bn) as the region becomes an increasingly attractive destination for wealth and financial services, according to the "2024 Wealth Management Market Study" for Utmost Group.
The growing importance of actuarial sciences is steering insurance markets in the region to nurture actuarial talent, especially with the lack of sufficient capacity in the field, said speakers at the Arab Actuarial Conference 2025, held in Algeria last week.
The insurance cost of shipping goods through the Red Sea has more than doubled in recent days after Yemen's Houthis attacked and sank two ships, killing at least four seafarers after months of calm, Reuters has reported, citing industry sources.