The Central Bank of Bahrain (CBB) has launched a survey through its website to evaluate clients’ satisfaction with an initiative involving insurance companies handling mutually resolved minor accidents.
Pricing remains an obstacle to many employers making the decision to incorporate mental health insurance benefits into insurance policies for their employees, noted the Insurance Federation of Egypt (IFE).
The House of Representatives has asked for a study to be conducted on capital requirements for establishing insurance companies and comparing them with standards in other markets, according to the Financial Regulatory Authority (FRA) assistant chairman Hesham Ramadan.
Listed insurance companies in Oman saw an increase in weighted average loss ratios to 68% in 1Q2022 from 65% in 1Q2021, as the increase in claims outpaced the increase in premium income, despite improved pricing practices among the insurers, according to Badri Management Consultancy (Badri).
The insurance industry in Tunisia is moving towards full digitalisation, according to AMI Assurances head of the organisation and information system department Kadhem Naouar.
Premium income generated from motor insurance business in the January-May period increased by 131.9%.
The Insurance Association of Turkiye (TSB) is in talks with the country’s treasury on a potential inflation-indexed bond issue, the group’s head told Reuters, as insurers seek a new mechanism to protect their capital from soaring inflation.
The Dubai Health Authority (DHA), which regulates the health insurance sector in Dubai, has launched its ‘Ejadah’ programme, a value-based healthcare model for the emirate.
The auto insurance market, comprising third-party liability insurance and comprehensive insurance business, saw a number of insurers report a 20% decline in premiums during the first half of this year, compared to the corresponding period last year, according to the Emirates Insurance Association (EIA).
Dubai Sports Council (DSC) has announced that insurance will be mandatory for sports events, beginning on 1 September 2022.
Global
The latest sigma report from Swiss Re Institute (SRI) expects the global insurance market to register notable growth in 2022 and 2023 despite challenges.
The personal accident and health (PA&H) insurance industry written premium sales in North America are projected to grow from $1.2tn in 2021 to $1.5tn in 2026 at a compound annual growth rate (CAGR) of 5.2%, backed by an increase in health insurance awareness and rising healthcare costs, due to the COVID-19 pandemic, according to GlobalData in a report titled ‘Personal Accident and Health Insurance Market to 2025’.
A new Geneva Association report has highlighted the important role of private (re)insurers, alongside governments, in boosting society’s resilience to ransomware and ensuring the full benefits of digitalisation can be realised.
Takaful
Gross direct contributions of takaful companies operating in Oman increased by 9.1% to OMR70.78m ($184m) in 2021 from OMR64.85m in 2020, compared with a 3% increase in the market’s direct premiums (OMR479.85m in 2021 vs OMR465.89m in 2020), according to data released by the Capital Market Authority (CMA) last month.
Dar Al Takaful (DAT) and National Takaful Co (Watania) announced the completion of their merger effective on 1 July 2022 pursuant to the merger plan announced on 3 March 2022, and after meeting all required regulatory and shareholders’ approvals.
The general insurance industry in Pakistan generates a total annual premiums of PKR133bn ($615m), of which takaful accounts for around 10%, according to Salaam Takaful managing director and CEO Rizwan Hussain.