Challenges faced by the insurance sector in the MENA region occupied the agenda at the 4th Conference of the Federation of Arab Insurance Supervisors (AUIRC) in Marrakech that was organised by Morocco's Insurance and Social Insurance Supervisory Authority (ACAPS).
The General Arab Insurance Federation (GAIF) is working on improving technical standards among its members, according to Mr Chakib Abouzaid, the secretary general of the organisation.
Beirut headquartered Chedid Re has appointed insurance stalwart Lazhar Charfeddine as its new general manager for Chedid Re in Morocco, from where the 30+ year industry veteran will oversee the company's rapidly growing portfolio in North and West Africa.
Egypt's Financial Regulatory Authority (FRA) has approved the establishment of the Regional Centre for Sustainable Finance to accelerate the shift to a sustainable and green economy.
The MENA reinsurance market is slightly behind the global average in terms of the combined ratio, and therefore, has a lower level of underwriting returns, says Mr Salman Siddiqui, director of analytics at AM Best.
Reinsurers in the Middle East and North African region are looking to alter their portfolios in favour of new or less volatile segments, and seeking to diversify their revenue streams, states AM Best.
The General Arab Insurance Federation (GAIF) is working on setting up electronic links for its Orange Card motor insurance facility, to smoothen vehicle travel between Arab states, Mr Chakib Abouzaid, secretary general of the federation has said.
Economies in the region are starting to show signs of real growth on the back of recovering global commodity prices and insurers are looking for new ways to take advantage of the renewed economic growth and the opportunities arising from it, said FAIR secretary general Dr Adel Mounir during the opening ceremony of the 26th Federation of Afro-Asian Insurers & Reinsurers (FAIR) conference in Marrakech yesterday.
Natural disasters - such as flood, extreme heat and drought-in MENA countries have affected 40m people over the last 30 years, aggravated by a number of factors including the rise in population density.
Affordability and value-based pricing are driving innovative payment schemes in the regional healthcare insurance sector, as governments in MENA introduce mandatory health insurance and encourage funding from the private sector.