The Bahrain Insurance Association (BIA) is currently working with insurance companies, the Central Bank of Bahrain (CBB) and the General Traffic Department to prepare for the implementation of a recent decision of the Minister of the Interior to entrust the investigation of minor traffic accidents to insurance companies, according to BIA chairman Yahya Noourddin.
President Abdel-Fattah El-Sisi has instructed that the implementation of the country’s comprehensive health insurance system nationwide is to be accelerated so that the scheme would be rolled out completely in 10 years instead of the originally scheduled 15 years, according to minister of finance and chairman of the General Authority for Comprehensive Health Insurance Dr Mohamed Maait.
The Insurance Federation of Egypt (IFE) has approved the expansion of the scope of work of the General Committee for Microinsurance to SMEs, in light of the Egyptian state’s support for micro, small and medium enterprises and amendments of the laws related to this sector, according to IFE president Alaa El-Zoheiry.
The Parliamentary Economy and Investment Committee has approved a draft Bill to update insurance legislation in Jordan.
The second edition of the Aqaba Conference Research Award, to be held this year, looks to tackle the pros and cons of working remotely in the insurance sector, the AqabaConf organising committee has announced.
The insurance industry has asked the sector’s regulator, the Supervisory Authority of Insurance and Social Welfare (ACAPS), to look into measures to contain the impact of pandemics over the medium and long term.
Norway’s $1.3tn sovereign wealth fund has acquired shares of QLM Life & Medical Insurance Co, the first Qatari firm to list on the local stock market since 2019, reported Bloomberg.
At least a fifth of building contracting firms in Saudi Arabia, especially SMEs, is expected to exit the industry following the implementation of rules requiring construction and building contractors working on non-governmental projects to insure hidden defects under compulsory inherent defects insurance (IDI) policies. Construction costs are expected to rise, too.
The Central Bank of the UAE (CBUAE) said it has started operational procedures to assume supervisory and regulatory responsibilities over the insurance industry.
Insurance industry experts and executives expect increases in motor insurance prices during the second quarter of this year, indicating that the current prices constitute the bottom of the price levels.
Global
Insured losses from major Nat CAT in 2020 reached an estimated $78bn, the fourth largest total since 2011, and about 17% higher than the 10-year average of $66.5bn.
COVID-19 has made businesses reprioritise their risks and to innovate and explore new risk management strategies, according to Aon’s global survey ‘Reprioritising risk and resilience for a post-COVID-19 future’.
Lloyd’s has launched Futureset, a new global platform and community dedicated to driving greater societal and economic resilience to the world’s most challenging risks.
Takaful
The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) has released an exposure draft of a Financial Accounting Standard (FAS) on the presentation and disclosure in financial statements of takaful companies.
The Algerian government has examined and adopted a draft executive decree setting the regulations or conditions and modalities for undertaking takaful business.
Takaful company Solidarity Bahrain’s operating performance is expected to remain adequate over the medium term, supported by positive and improving technical profitability, as well as moderate investment income, said AM Best.
Ethiopia Reinsurance and AlHuda Centre of Islamic Banking and Economics (CIBE) have signed an MoU to promote the takaful and retakaful industry in the East African and Ethiopian insurance markets.
The Islamic Insurance Company has posted net profit after tax attributable to shareholders of JOD1.73m ($2.44m) for the 2020 financial year, 46.6% higher than the JOD1.18m reported for FY2019, according to preliminary financial results lodged with the Amman Stock Exchange.
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and KUKE, the national export credit agency (ECA) of Poland, have signed a cooperative MoU.