GCC-listed insurers registered growth of 8% in after-tax profits despite1.1% y-o-y increase in net combined ratio (NCR). Reinsurance largely contained the impact of extreme events, such as record-breaking rainfall in the UAE in April 2024.
Takaful has gained significant acceptance among Algerians but faces regulatory and technological hurdles and a lack of awareness, according to two academics from the Higher School of Accounting and Finance and the National Higher School of Islamic Sciences.
The National Agricultural Mutual Fund (CNMA) plans to launch a new product for investors and farmers that will provide insurance coverage for seasonal workers in the agricultural sector.
Bahrain National Holding (BNH) received a binding offer from Solidarity Group Holding to acquire 100% of its wholly owned insurance subsidiaries, Bahrain National Company and Bahrain National Life Assurance Company.
Bahrain National Holding (BNH) reported a net profit attributable to shareholders of BHD2.64m ($7.01m), a 37% decrease from the attributable net profit of BHD4.16m achieved during the first half of 2023.
Insurance companies in Egypt registered a premium volume of EGP43.68bn ($899.5m) in 1H2024, up 22.1% from EGP35.77bn in the same period of 2023, according to Financial Regulatory Authority (FRA) data.
Inflation has affected the insurance industry in Egypt, said Egyptian Insurance Brokers Association chairman Adel Shaker.
Banks and local financing institutions are promoting a life insurance product among loan borrowers, under the direction of the Central Bank of Kuwait. Under the policy, the insurer pays outstanding loan balance on the customer’s death, covering only death risk, reported Al-Rai.
Gulf Insurance Group (GIG), a leading insurance group in the MENA region and the largest in Kuwait, announced a net profit of KWD16.8m ($54.7m) for the first half of 2024, a decline of 33.6% from KWD25.3m in 1H2023.
The Insurance and Social Security Supervisory Authority (ACAPS) will launch the ‘Emergence Programme’ to promote innovation and strengthen insurance inclusion with a roadshow in December 2024.
Morocco’s insurance companies generated a net profit of MAD4.2bn ($428m) in 2023, 6.2% higher than in 2022, said Bank Al-Maghrib (BAM), in its annual financial stability report released recently.
The Central Bank of Oman (CBO) reports low short-term risks to financial stability in its 2024 Financial Stability Report (FSR). CBO executive president Tahir Al Amri noted that, despite global challenges, Oman’s financial system has remained stable.
Qatar Insurance Company (QIC) reported a net profit of QAR360m ($99m) for the first half of 2024, marking an 11% increase from QAR325m in the same period of 2023.
The Company for Cooperative Insurance (Tawuniya), one of Saudi Arabia’s largest insurers signed several new agreements at a fintech event in Riyadh.
Twenty direct insurers in Tunisia whose financial statements are available achieved a combined turnover in 2023 (measured by net premiums written) of TND2.8bn ($923m), 6.9% higher compared to TND2,621m in 2022, according to an analysis by Tera Finances.
As the use of e-scooters and e-bikes rises across the UAE, particularly in urban areas, insurers must develop policies tailored to the users of these personal mobility devices, according to Anas Mistareehi CEO eSanad, a digital insurance platform.
Sukoon Insurance, a leading provider of comprehensive insurance solutions in the UAE, is the first in the UAE to offer a videoconferencing feature for its life insurance customers.
Sukoon has finalised its acquisition of the UAE Life insurance portfolio from Chubb Tempest Life Reinsurance.
Global
Kay International chairman Bahram (Brian) Salmanpour passed away on 9 August in London with his family at his side.
Higher prices and tighter policy terms, supported by favourable risk/return dynamics and healthy investment income support Moody’s Ratings’ positive outlook for the global reinsurance sector, says the credit ratings agency.
According to Guy Carpenter, the reinsurance market is characterised by reinsurers’ strong profitability in 2024 and growing capitalisation, which is expected to continue into 2025.
Reinsurers must maintain discipline to hold on to favourable fundamentals and stay on top of plentiful risks, said S&P Global Ratings (S&P) credit analyst Taoufik Gharib.
Verisk’s 2024 global report on extreme event risk highlighted significant changes in insured losses from natural catastrophes, offering critical insights for the (re)insurance industry.
Lloyd’s has announced results for the first six months of 2024, with an overall profit before tax of GBP4.9bn ($6.4bn) against GBP3.9bn in the same period of the previous year.
Takaful
Takaful contributions for operators in Egypt witnessed a drop of 1.9% in the second quarter of the year as they reached EGP2.424bn ($50m) against EGP2.47bn achieved in the second quarter of 2023, according to the latest quarterly report issued by the Financial Regulatory Authority (FRA).
Syarikat Takaful Malaysia Keluarga (Takaful Malaysia) reported that its net profit for the first half of the year (1HFY2024) grew by 5.3% to MYR195.4m ($45.1m) from MYR185.5m in the previous half-year period, as total takaful revenue climbed 23.4% to MYR1.69bn from MYR1.37bn.
UAE-listed Abu Dhabi National Takaful Company (ADNTC) has terminated an agreement to acquire the life insurance portfolio of Dubai Islamic Insurance & Reinsurance Company (AMAN).