The board of directors of the General Arab Insurance Federation (GAIF) has approved the establishment of a unit to oversee the overall coordination of the Orange Card motor insurance system.
Insurers have to undertake a review of technical provisions as a necessary task so as to minimise the impact of the current global wave of inflation on insurance activities, according to Mr Mo'men Mukhtar, secretary-general of the Federation of Afro-Asian Insurers and Reinsurers (FAIR).
Regional insurance group, Gulf Insurance Group (GIG), has announced a net profit of KWD9.8m ($32.3m) for the first quarter of 2022, compared to KWD5.5m for the corresponding quarter last year.
Nominations are now open for the 9th Middle East Insurance Industry Awards (MIIA), organised by Middle East Insurance Review (MEIR), which aims to recognise and salute excellence in the MENA insurance sector, and promote greater professionalism in the market.
The Inter-Arab Automobile Insurance Card (Orange Card) is set to be launched in a digital format on 1 April 2022, dispensing with hard copies, says the head of the Tunisian Unified Automobile Bureau, Mr Ahmed Hadroug.
For insurers, it's a misconception that "digital" is still viewed as a disruptive force, says Gen Reinsurance (DIFC Branch) in a report.
Implementation of the financial reporting standard "IFRS 17 Insurance Contracts" will enhance the transparency and consistency of data in the insurance sector, said speakers at a webinar organised by the General Arab Insurance Federation (GAIF) last week to shed light on the principles of the new accounting standards and the accompanying challenges.
Oman's Capital Market Authority (CMA) and the Insurance and Social Welfare Supervisory Authority (ACAPS) of Morocco signed a memorandum of understanding (MoU) last week to support cooperation in the field of insurance regulation.
The direct impact of the Russia-Ukraine war on the Arab insurance market, as a result of dealing with Russian reinsurers, is negligible.
A leading insurance group in MENA, Gulf Insurance Group (GIG), has recorded a net profit of KWD50.2m ($165.4m) for 2021, a 207% year-on-year increase from KWD16.3m in 2020.