Business-interruption (BI) losses in the oil-and-gas industry are likely to increase over the next decade unless greater attention is paid to how an event could affect supply chains that are more integrated, interdependent, and streamlined, said Marsh in a recent report.
MetLife has launched “collab 3.0 EMEA”, a global open innovation platform inviting entrepreneurs and InsurTechs to scale their business with MetLife, while solving some of the insurer’s biggest innovation challenges across its business in Europe, the Middle East and Africa (EMEA).
A senior executive of the Algerian Insurance and Export Guarantee Company (CAGEX) has called for legislation to be revised to further promote Algerian non-hydrocarbon exports and export credit insurance. Non-hydrocarbon exports amounted to only US$1.8 billion in 2017, or 5% of the country’s overall exports.
The sale of the newly introduced Aman (safety) certificates to casual workers could contribute to the growth of Egypt’s insurance sector by between 4% and 5%, said Dr Adel Mounir, Secretary General of the Federation of Afro-Asian Insurers and Reinsurers (FAIR).
State-owned Misr Insurance group is looking at outsourcing its investment activities and collaborating with asset management firms. It is also reviewing its investment policy and portfolio of a large number of industrial companies to maximise returns while maintaining low risk ratios.
Iran’s insurance industry has so far paid out about IRR1.1 trillion (US$29.2 million) in claims resulting from the 7.2-magnitude earthquake that shook the western province of Kermanshah and killed more than 500 people last November, the head of the Central Insurance of Iran has said.
The insurance regulator, the Central Insurance of Iran (CII), has published rules to supervise the operations of online marketers offering insurance services.
The Iranian government has successfully sold its shares in Alborz Insurance to a consortium made up of pension funds and an investment company.
State-owned Iran Insurance Company (IIC) has argued that the Ministry of Health is obliged under the law to accept unconditional and free admission and medical treatment of those injured in motor accidents.
The financial results of 24 insurers in the Jordanian insurance market last year were under pressure with provisional figures showing an 87% decline in profits compared to 2016.
The Health Ministry has unveiled a plan to reform the health sector for the period 2018-2022 that would include the establishment of an independent health insurance body.
Gulf Insurance Group (GIG) saw its GWP grow by 42.9% y-o-y to KWD304.8 million (US$1 billion) for the financial year ended 31 December 2017, while its net profit down 14.2% y-o-y to KWD10.3 million.
Total non-life premiums generated by 44 insurers in Lebanon reached US$1.12 billion in 2017, constituting an increase of 2.3% over 2016.
The total turnover of the Moroccan insurance sector was close to MAD41.2 billion (US$4.5 billion) in 2017, 10.5% higher y-o-y, according to preliminary data from the Insurance and Social Insurance Supervisory Authority (ACAPS).
The Moroccan Minister of Economy and Finance, Mr Mohamed Boussaid, has asked insurers to take a stake in the state-owned reinsurer Société Centrale de Réassurance (SCR).
Leading pan-African financial services group Sanlam has bought the remaining 53.4% stake in Morocco’s Saham Assurance that it does not already own in a US$1.05-billion deal.
The Moroccan Union of Insurance Agents and Brokers is demanding a review of the remuneration of insurance intermediaries in the country, including an increase in the commission rate payable to them that has remained unchanged the last 40 years.
Oman’s insurance sector is expected to record the strongest y-o-y growth in 2018 of more than 10% due to the introduction of new compulsory medical cover for expatriates, according to S&P.
Arabia Falcon Insurance (AFIC) has announced the launch of its initial public offering (IPO) for public subscription.
Oman Re has achieved GWP of OMR12.4 million (US$32.2 million) for the financial year ended 31 December 2017, up 36.3% y-o-y, according to a corporate statement.
AXA is expanding its range of bancassurance solutions in Oman by signing an agreement with Bank Muscat.
Some 27% of Turkey’s population live in areas that carry the highest earthquake risk, said Deputy Prime Minister Recep Akdag.
The insurance sector has provided employment to 19,901 people in 2017, an increase of 1.2% over 2016, according to figures announced by Turkey Insurance Association (TSB).
The Insurance Association of Turkey (TSB) will take a holistic approach towards resolving problems faced in motor insurance, said the association’s Secretary General Mehmet Akif Eroglu. Measures will be taken this year so that in 2019, a new page will turn over in the sector, he added.
The Automotive Authorised Dealers Association (Oyder) plans to establish a new insurance company, in a decision made at a national meeting in early February.
The UAE Insurance Authority (IA) has announced a slew of changes to motor pricing rules that provide for discounts to be granted to good drivers and loyal customers as well as those who operate a fleet of vehicles or an electric vehicle.
The UAE insurance market continued its strong momentum in 2017 and returned exceptional profits, according to a report by A.M. Best. Net profit rose by 47.4% to AED1.3 billion (US$354 million).
The basic salary of an insurance CEO in the UAE falls in a wide range among foreign insurers from under AED80,000 (US$21,784) to AED230,000 per month with a higher frequency of increments, according to a recent compensation survey among insurers.
Oman Insurance Company (OIC) has achieved yet another significant milestone by becoming the first insurer in the country to receive accreditation from the UAE Institute of Internal Auditors.
The Ministry of Foreign Affairs and International Cooperation (MoFAIC), in cooperation with the National Health Insurance Company, Daman, has launched the “Traveller” programme, to provide emergency health insurance for UAE nationals abroad.
Global
While insurance continues to be one of the most disrupted sectors in the global economy and insurance CEOs are more concerned about the pace of technological change than CEOs in any other industry, more than 90% of insurance CEOs are confident about their own organisation’s revenue prospects over the next three years, according to PwC’s 21st Global CEO Survey.
The World Economic Forum (WEF) has created a new consortium to strengthen cybersecurity for FinTechs and data aggregators. The consortium, consisting of Citigroup, Zurich Insurance Group, FinTech lender Kabbage, Hewlett Packard, and financial infrastructure provider The Depository Trust & Clearing Corporation (DTCC), aims to create a framework for the assessment of cybersecurity in financial technology.
There were 350 completed M&A deals in the global insurance sector in 2017, down from 387 the previous year. However, the second half of the year showed an uptick in deals for the first time since 2015, according to Clyde & Co’s latest annual insurance growth report, “Unlocking opportunity in a disrupted world”.
Takaful
The standalone retakaful model may be under threat over the long term unless it is repositioned to add additional value to the reinsurance market, said A.M. Best.
Etiqa Group has teamed up with Malaysia Airlines and Cover-More to launch MHinsure travel takaful, offering travellers the same benefits of traditional travel insurance products with two additional benefits for Badal Hajj and Ihsarr, which cater for the Islamic pilgrimage.
Malaysia’s general premiums and takaful contributions is expected to stay flat in 2018 amid competitive pressures, the progressive impact of tariff liberalisation, and still-weak consumer sentiment that will affect new car sales, said RAM Ratings.
The Securities and Exchange Commission of Pakistan (SECP) has issued draft Shariah Governance Regulations 2018, which is a comprehensive set of regulations for governance of Shariah-compliant companies and entities under its jurisdiction.
The highly competitive motor insurance market in Saudi Arabia should benefit from the influx of women drivers, who will need its products and services. The motor insurance market is expected to grow by 9% annually between 2017 and 2020, reaching SAR30 billion (US$8 billion), according to PwC.
Saudi Arabia’s largest insurer, the Company for Cooperative Insurance (Tawuniya) has reported a net loss before zakat of SAR146.5 million (US$39.1 million) for the financial year ended 31 December 2017.
Malath Cooperative Insurance and Allied Cooperative Insurance Group (ACIG) have extended their agreement to study the feasibility of a potential merger for six months starting 7 March 2018, reported Argaam citing a statement from Malath.
The Insurance Association of Turkey (TSB) has announced for the first time data related to takaful or participation insurance, showing that total contributions generated in the segment amounted to TRY109.47 million (US$28.1 million) for January 2018.
Al Hilal Bank has tied up with National Takaful Company (Watania) to open an on-site virtual clinic at its headquarters in Abu Dhabi.