Men constitute 79.5% of drivers who are at fault in traffic accidents in Bahrain, while women account for 20.5%, according to statistics from the General Traffic Department.
Insurance companies in Egypt face five major challenges in applying the international financial reporting standard IFRS17 insurance contracts, according to Lux actuarial consultant Ahmed Nagy.
Some motor insurance companies have appealed to their customers to increase the insured sums to a level commensurate with the actual value of their vehicles.
A proposal by the healthcare sector to increase the pay of medical practitioners and the costs of medical services will have a significant impact on insurance companies and consumers said Jordan Insurance Federation (JIF) president Majed Smeirat.
Think tank Jordanian Strategy Forum has recommended linking vehicle insurance premiums to the age of a driver and driving history.
The adoption of online channels to sell insurance products and the enhancement of relationships with brokers have helped to boost insurance business in Oman said Badri Management Consultancy.
The Saudi insurance sector recorded an overall net Income of SAR689m ($183.7m) in 2022, compared to a net loss of SAR47m 2021 according to the Saudi Central Bank (SAMA).
Saudi Arabia’s Council of Ministers has approved the application of health insurance rules for domestic workers.
The Saudi Central Bank (SAMA) has been drafting a set of regulations called Marine Insurance Coverage Instructions.
Howden is working to establish a hub in Turkiye which will manage business in the Caucasus, Turkic republics and Commonwealth of Independent States countries said Howden Turkiye, Middle East and Africa group CEO Atinc Yilmaz.
The introduction of the involuntary loss of employment (ILOE) scheme in the UAE in 2023 is expected to continue to assist Dubai Insurance Company (DIN) in growing its top line and enhancing its market position said AM Best.
Dubai-listed Sukoon, previously known as Oman Insurance Company, has completed the acquisition of 93.0432% of the share capital of Arabian Scandinavian Insurance Company (ASCANA) by way of special deal through independent clearing company Dubai Clear, reported Zawya.
Global
According to Allianz latest Global Insurance Report, which analyses the development of insurance markets worldwide, total global insurance premium income amounted to almost EUR5.6tn ($6tn) in 2022.
The impact on shareholders’ equity of transition to the new IFRS17 accounting standard is considerably more pronounced for life insurers than their non-life counterparts, according to analysis from AM Best.
In the 2022 financial year, the Deutsche Rück Group expanded its business further and also strengthened its long-term asset base, the company said in an announcement last month.
Takaful
Last month, Takaful International Company (GIG Takaful Bahrain) has announced that it has become the first takaful operator in the region to adopt new Financial Accounting Standards (FAS) 43 and 30, issued by AAOIFI.
Asuransi Allianz Life Indonesia (Allianz Life) plans to spin off its shariah-compliant insurance business unit next year.
Shariah-compliant insurance providers in Morocco have generated contributions totalling MAD11.8m ($1.18m) in 2022, the first year of their operations, according to data released by the Insurance and Social Welfare Control Authority (ACAPS).
The National Insurance Commission (NAICOM) has issued two sets of guidelines for the (re)takaful sector, including the ‘Market Conduct Guideline for Takaful and Retakaful Insurance Operators’ and ‘Enterprise Risk Management Framework for Takaful and Retakaful Operators in Nigeria’.
5th Pillar Family Takaful, a newly licensed takaful provider, has received the largest ever foreign direct investment in the Pakistani takaful sector.
Regional banking group, Al Baraka Group, has received approval from the Financial Market Council to purchase 270,000 shares of the Islamic insurance company El Amana Takaful.