The insurance and financial segment in the Middle East and Africa was the industry most targeted by cyber attacks in 2022, according to the IBM Security X-Force Threat Intelligence Index 2023 report.
Bahrain’s Ministry of Health has stated that the mandatory health insurance scheme will be implemented among foreigners this year and to citizens in 2024.
UK-headquartered insurance broker Howden has received a regulatory licence from the Central Bank of Bahrain to establish operations in the kingdom. This represents a significant step in Howden’s strategic growth ambitions for the Gulf region.
Kuwait-headquartered Gulf Insurance Company has announced that its subsidiary GIG Egypt has signed an agreement to acquire AIG Egypt for EGP196.97m ($6.4m).
A national committee has launched a comprehensive health insurance project as it seeks to provide healthcare for citizens who do not have health insurance - with their numbers estimated at about 30% of the Jordanian population.
Kuwait’s Insurance Regulatory Unit (IRU) has announced a significant increase in annual insurance premiums for compulsory motor third-party liability insurance for privately-owned vehicles.
The Insurance and Social Welfare Supervisory Authority (ACAPS) is preparing a new training system for insurance intermediaries and payments companies that are new entrants to the microinsurance market.
The Insurance and Private Pension Regulation and Supervision Authority (SEDDK) has published in the Official Gazette some revisions to its ‘Regulation on Tariff Implementation Principles for Motor Vehicle Compulsory Financial Liability Insurance’.
Nexus Underwriting has completed the acquisition of a majority stake in Spectrum Risk Management, a specialist MGA headquartered in Dubai focusing on marine and property insurance and reinsurance.
BMS, the independent specialist insurance and reinsurance broker, has entered into an agreement to acquire a majority share in Berns Brett Masaood (BBM), a UAE insurance broker established in 2007.
The UAE insurance sector saw total written insurance premiums increase to AED47.2bn ($12.8bn) in 2022, 6.5% higher than the AED44.3bn recorded in 2021, according to statistics released by the Central Bank of the UAE (CBUAE).
Global
Reinsurance buyers were unable to avoid variable but universal price corrections driving rates up at the 1 April renewals, according to the latest 1st View renewals report from Gallagher Re.
Global multiline insurers’ (GMI) strong capitalisation, competitive advantages and business and geographical diversification are allowing them to navigate difficult conditions well, S&P Global Ratings said in a report published last month.
Zurich Insurance Group (Zurich) has announced its decision to withdraw from the Net Zero Insurance Alliance (NZIA). The move comes after Munich Re announced the same decision, made over antitrust concerns in the past month.
Hannover Re is the third insurer to quit the Net-Zero Insurance Alliance (NZIA).
The outlook for global non-life reinsurance segment remains stable, according to a report issued by AM Best.
Africa
The insurance market in Côte d’Ivoire reported a turnover of XOF525bn ($889m) in 2022, 13% higher than the XOF463m chalked up in 2021.
The government of Djibouti has signed the first-ever multi-year, multi-peril agreement on the African continent with the African Risk Capacity Group (ARC Group) to protect its most climate-vulnerable communities.
Amhara Bank, incorporated in June 2022, and other promoters are working to establish an insurance company in Ethiopia with a paid-up capital of ETB2bn ($37.7m), the largest amount of initial capital for a new insurer in the country.
The head of the Insurance Brokers Association of Ghana (IBAG) has said that it is time for the industry to restrategize their business model to avert a possible funding crisis arising from their participation in the Domestic Debt Exchange Programme.
Kenya’s insurance sector is on track towards full recovery and is poised to record positive growth in the next five years, according to industry experts.
Kenya will spend $140m to roll out an expanded insurance scheme for livestock farmers to cushion them against the vagaries of frequent droughts, reported Reuters quoting officials.
For every NGN100 ($0.22) of premium collected from insurance customers in Nigeria, insurers pay out only NGN24 in customer benefits, consulting actuary of TAF Consulting Group consulting actuary Debo Ajayi.
South African life insurers navigated volatile investment markets and a tough operating environment in 2022, emerging well-capitalised and in a strong position to continue honouring contractual promises made to policyholders and their beneficiaries, according to the Association for Savings and Investment South Africa (ASISA).
Gross premiums written in Tanzania crossed the TZS1tn ($428m) for the first time to reach TZS1.154tn in 2022 from TZS919.28bn in 2021, according to provisional data released by the Association of Tanzania Insurers (ATI).
The Tanzania Insurance Regulatory Authority (TIRA) will soon introduce new regulations that will allow it to suspend an insurer that undercuts premium rates, in its bid to ensure the market’s sustainability.
The localisation of marine insurance in Uganda has seen progress, an official of the Insurance Regulatory Authority (IRA) has said.
The insurance sector in Mozambique has denominated over 70% of the gross premium underwritten in foreign currencies as hyperinflation rages in the country.
Takaful
Algeria United Takaful Insurance Company plans to launch new shariah-compliant insurance products aimed at serving individuals and institutions at the beginning of the second half of the year, the company announced in a statement last month.
Wethaq Takaful Insurance Company in Egypt has started the process to convert its operations from takaful to conventional insurance.
The Islamic Financial Services Board (IFSB) has issued an exposure draft titled ‘Conduct of Business Supervision in Takaful Undertakings’.
ETAP, which creates solutions and incentives to improve the automotive experience across Africa, has launched ETAP Takaful, a motor insurance product that is based on Islamic principles.
AM Best has assigned a Financial Strength Rating of ‘A-’ (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Damaan Islamic Insurance Company (Beema), the second largest takaful player in Qatar. The outlook assigned to these credit ratings is ‘Stable’.
Dar Al Takaful, one of the leading takaful providers in the UAE, is changing its trade name to become Watania International Holding, an investment holding company, following approval by its shareholders.
Dubai-headquartered Sukoon Insurance (formerly Oman Insurance), one of the top five insurers in the UAE, has received the regulatory green light to acquire Arabian Scandinavian Insurance-Takaful (Ascana).