Bahrain-based Arab War Risks Insurance Syndicate (AWRIS) has a track record of strong operating performance, demonstrated by a five-year (2019-2023) weighted average combined ratio of 65.7% and a five-year return-on-equity ratio (ROE) of 6.0%, says AM Best.
The 11th Middle East Insurance Industry Awards (MIIA) honoured 19 exceptional winners yesterday in a ceremony at Altantis the Palm, Dubai, United Arab Emirates.
Gulf Insurance Group (GIG), one of the largest insurance groups in MENA, has announced a net profit of KWD22.1m ($72.5m), for the first nine months of 2024 compared to KWD21.4m for the corresponding period last year, an increase of 3.3%.
The composite insurance rate in the third quarter of 2024 decreased by 2% in the IMEA region, where rates for large and complex organisations are often driven or influenced by the reinsurance market, according to the "Global Insurance Market Index" published by the world's biggest insurance broking group Marsh.
The Arab Actuaries League has elected Mr Wasem Tabaa, chief actuary at the Childers Group and who hails from Lebanon, as chairman of the regional professional association for the period 2024-2026.
Two-thirds (65%) of respondents to a survey experienced a mental health issue - such as anxiety or depression - over the past year, and 57% experienced a physical ailment, including allergies and gastrointestinal disorders, according to the "GIG Well-being Report 2024".
While the nature of motor insurance business varies from one Arab country to another, especially in terms of laws and regulations, all Arab motor insurance markets face common challenges that require taking prompt measures to control losses, said speakers at a recent webinar organised by the General Arab Insurance Federation (GAIF).
Gulf Insurance Group (GIG) is expected to see its gross written premium remain broadly flat for 2024 but fall in 2025 following the revocation by the Health Ministry of a health insurance contract for retired citizens which had been awarded to the Group, according to AM Best.
Mumbai-headquartered Mahindra Insurance Brokers, part of the Mahindra Group, has announced the opening of its reinsurance office at Dubai International Financial Centre (DIFC), according to a statement posted on the DIFC website.
Reinsurers domiciled in the Middle East and North Africa (MENA) region continued to benefit from positive pricing momentum over the recent renewal periods, albeit to a lesser extent than the global reinsurance market, according to a new report from AM Best.