For the fourth consecutive year, GlobeMed claimed the top spot in the latest TPA Companies Rankings in the MENA region.
Compagnie Algerienne d’Assurance et de Reassurance (CAAR) said that it is currently working on the launch of new services in the fight against cyber risks as the use of technology increases among businesses in the country.
The turnover of the Algerian insurance sector is forecast to increase by approximately 10% with the resumption of the importation of new and used vehicles.
Work on a project to amend the insurance code is progressing, according to the Insurance and Social Security Supervisory Authority (ACAPS) acting president Othman Khalil El Alamy.
Overall premiums recorded by insurance and reinsurance companies (excluding exclusive reinsurers) in Morocco increased by 7.7%, y-o-y to reach MAD42.35bn ($4bn) in the first nine months of 2022.
Qatar Insurance Company (QIC) has announced that its majority-owned subsidiary in Oman has entered into a binding merger agreement with Muscat Stock Exchange-listed insurer Vision Insurance.
Saudi Enaya Cooperative Insurance (Saudi Enaya) and United Cooperative Assurance (UCA) have announced the signing of a non-binding MoU to evaluate a potential merger.
The Insurance Association of Turkiye (TSB) has revealed that if the insurance penetration rate in the country was to rise from 2.2% to 3.2%, the insurance market would grow by 45% in terms of premiums and this growth will result in an increase of 3.5ppt increase or TRY197.8bn ($10.6bn) in Turkiye’s GDP.
The insurance sector posted total profits of TRY6.115bn ($328.2m) in the third quarter of the year, according to the Insurance Association of Turkiye.
The Central Bank of the UAE has called on insurance agents, insurance brokers and health insurance management companies to maintain suspense accounts for each insurance company.
Several insurers in the UAE have increased the deductibles in medical insurance policies in a bid to cut down health insurance abuse.
Global
Hurricane Ian and other extreme weather events such as the winter storms in Europe, flooding in Australia and South Africa as well as hailstorms in France and in the US have resulted in an estimated $115bn of Nat CAT insured losses in 2022, according to SRI.
Against a backdrop of rising global economic challenges and geopolitical uncertainty, 2022 saw interest rates rise globally from 2020 lows, said Clyde & Co in a recent commentary by partner Dean Carrigan and special counsel Johann Spies.
Aircraft leasing firms are suing dozens of insurers for around $8bn in a string of lawsuits over the loss of hundreds of aircraft stuck in Russia since president Vladimir Putin’s invasion of Ukraine, according to Reuters.
New research from the UK’s insurance premium finance company, Premium Credit, showed that more than two out of five SMEs have seen insurance bills rise in the past year, adding to the financial pressures they are battling.
Takaful
Egypt’s Financial Regulatory Authority (FRA) has granted Misr Takaful Insurance (Hayat) a licence to carry out business in the country.
Al-Manara Islamic Insurance Company (Al-Manara) has obtained the approval of the Central Bank of Jordan to issue and market takaful documents starting January 2023.
The Jordan Insurance Federation (JIF) and the Khartoum-headquartered International Federation of Takaful and Islamic Insurance Companies (IFTI) signed a cooperation agreement last November to exchange expertise and achieve common goals.
The Indonesian Shariah Insurance Association (AASI) has launched its Shariah Life Insurance Blueprint, which is a strategic planning document to advance the family takaful market as one of the pillars of the nation’s economy.
Around three quarters of participatory bank borrowers have purchased takaful to cover mortgages that they took out since takaful plans were launched in the market in July, according to banking sources.
Pak-Qatar Family Takaful and U Microfinance Bank (U Bank) have signed a landmark bancatakaful agreement.
Shareholders of Damaan Islamic Insurance Company (Beema) have voted to convert the company from a Qatari private shareholding company into a Qatari public shareholding company.
Islamic Arab Insurance Company (SALAMA) and APRIL Group last month announced a new partnership to offer innovative international health insurance solutions to UAE consumers.