Magazine

Read the latest edition of AIR and MEIR as an Interactive e-book

Jan 2023

Contents

January-Home
Editor's Letter
Magazine article aboutAll-the-time-in-the-world

All the time in the world

Market Profile
Magazine article aboutListed-insurers-see-sustained-rebound-in-profits

Jordan

Listed insurers see sustained rebound in profits

No shortage of capacity for developing market

New regulator, new Jordan insurance law

Dramatic change required to save general insurance

Investment inertia impedes InsurTech growth in Jordan

Market spotlight
Magazine article aboutInsurance-sector-shows-stability-in-a-tumultuous-market

Yemen

Insurance sector shows stability in a tumultuous market

Insurance
Magazine article aboutAviation-insurance-in-the-Middle-East

General

Aviation insurance in the Middle East

Aviation risk: Managing post-COVID challenges

View from India - Economic rebound bodes well for non-life

Life & health

Lack of awareness challenges life insurers

View from India - Steady growth ahead for life insurance

(Life) insurance and ESG - perspectives for the GCC

Reinsurance
Magazine article aboutView-from-India-Hard-market-conditions-are-no-deterrent-to-growth

View from India - Hard market conditions are no deterrent to growth

A promising year ahead for reinsurance

Takaful
Magazine article aboutTakaful-M-A-boosted-by-growth-prospects

Takaful M&A boosted by growth prospects

ESG for takaful and insurance in Pakistan

InsurTech
Magazine article aboutView-from-India-India-s-InsurTech-moment-has-arrived

View from India - India's InsurTech moment has arrived

MEIR 2022 Recap and 2023 Preview
Magazine article aboutHow-will-the-war-for-talent-play-out-

How will the war for talent play out?

Can insurance catch up as cyber risk surges?

News

MENA

MENA: More consolidation expected as regulatory regime tightens

MENA: GlobeMed tops TPA companies' rankings in the region

Algeria: CAAR to launch cyber insurance products

Algeria: Insurance sector predicted to grow by 10% this year

Morocco: Regulator says insurance law revision is progressing

Morocco: Market premiums grow nearly 8% to $4bn in 9M2022

Oman: QIC's subsidiary agrees to merge with local insurer

Saudi Arabia: Saudi Enaya and United Insurance explore merger

Turkiye: Insurers present scenarios for insurance market

Turkiye: Traffic insurance losses mount in first nine months

UAE: Central Bank tightens supervision of insurers' funds with intermediaries

UAE: Health insurers increase deductibles in medical policies

Global

Global: Hurricane Ian drives Nat CAT insured losses to $115bn

Global: Rising interest rates will make life insurers increasingly attractive targets for M&A

Global: Aircraft lessors sue insurers for $8bn over trapped Russian 'planes

UK: Insurance and energy bill rises boost business credit use

Takaful

Egypt: Misr Takaful Insurance-Hayat receives licence

Jordan: Al-Manara receives regulatory approval to sell takaful products

Jordan: Insurance federation signs cooperation pact with international takaful body

Indonesia: Shariah Insurance Association launches family takaful blueprint

Morocco: Majority of participatory bank borrowers have acquired mortgage takaful plans

Pakistan: Takaful operator inks bancatakaful pact with microfinance bank

Qatar: Beema to become public shareholding company and launch IPO

UAE: SALAMA and French broker APRIL Group form partnership

Global Risk Review

Rapidly melting glaciers release unknown bacteria into water ecosystems

Risks to democratic processes are increasing significantly

Availability of fresh water in a changing climate

Majority make use of their cyber insurance

The human firewall and modern cyber defence

More than two-thirds of Kiwis are underinsured

Cyber attacks: Indian healthcare is the second most targeted globally

Geopolitical risks threaten productivity in 2023

Climate resilience programme for urban areas in 10 countries

Fraud rings continue to rise

Product Bites

Saudi Arabia: EXPRO launches insurance for VIP government staff

UAE: LIC International launches equity-linked whole life plan

UAE: Unique insurance product powered by Fitbit

Diary
People on the move

People on the move

Market Profile

Jordan

Listed insurers see sustained rebound in profits

The profits and GWP of Jordan’s 19 listed insurers have grown steadily in double digits in the first nine months of 2022. In particular, their aggregate earnings achieved a relatively strong rebound, after witnessing a 50% contraction in 2021.
 

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No shortage of capacity for developing market

Jordan’s (re)insurance industry, while still performing relatively well and not lacking capacity, faces a few tough challenges. The country’s ongoing development, however, means that there is reason for positivity. We spoke to Hannover Re’s Mr Yousif Al-Nasser to get some insights.
 

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New regulator, new Jordan insurance law

The pandemic hit Jordan’s insurance sector hard. There is great hope that the new regulator and the new insurance law will spell a new phase of growth and profitability for a sector that has been beset by myriad problems over recent years.
 

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Dramatic change required to save general insurance

The Jordanian insurance market faces imminent risks, some of which result from the structure of the sector and are related to the behaviour of players, and others related to the business environment and general economic conditions. Arabia Insurance Company’s Mr Rashid El-Habbab sounds the alarm and calls on stakeholders from insurance companies and regulatory bodies to intervene to save the sector and bring it to safety.
 

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Investment inertia impedes InsurTech growth in Jordan

Technology may not be a top concern for insurers in Jordan amid a competitive and fragmented landscape. However, things may change as the country promotes the digitalisation of financial services and implements comprehensive health insurance by 2024.
 

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