NASCO Insurance Group (Nasco) and Diot-Siaci, a European leader in corporate insurance brokerage, have announced a global strategic alliance.
The preliminary draft law on insurance, which is currently being finalised, will make it possible to diversify insurance products and systems, with an emphasis on financial inclusion, in particular via takaful, management of new risks, while giving a large place to digitalisation, said National Insurance Council secretary-general Abdelhakim Benbouabdellah.
Gulf Tamin has acquired a stake of 13.85% in reinsurer Arab Insurance Group (ARIG), according to a statement filed by ARIG with Bahrain Bourse.
The Insurance Federation of Egypt (IFE) is studying various options to arrive at the optimal business model for a natural disaster pool that it plans to establish.
The Economic Committee of the House of Representatives has recommended that a national reinsurance entity be established and that a small panel be formed to discuss the creation of the reinsurer.
Insurance premiums in the Egyptian market increased in nominal terms by 30.4% in 2023 to reach EGP74.1bn ($1.55bn), compared to EGP56.8bn in 2022.
The underwriting results of Middle East Insurance Company (MEICO) have been adequate in recent years, as evidenced by a five-year (2018-2022) weighted average combined ratio of 99.6% (as calculated by AM Best), according to the global credit rating agency.
Gulf Insurance Group has signed a binding agreement to sell its entire stake in Saudi Arabian insurer Buruj Cooperative Insurance Company.
The insurance law in Libya needs to be amended and updated to keep pace with market developments, especially legislation in neighbouring countries, according to Libyan Federation of Insurance Companies secretary-general Ali Regae.
The Capital Market Authority (CMA) has approved four insurance entities including insurance companies and brokerages to provide their integrated insurance services via online platforms.
Insurance premiums for coverage of domestic workers differ because of competition in the market, according to official spokesperson for the insurance sector in Saudi Arabia Adel Al-Essa.
The Insurance Authority has taken over the supervision of health insurance from the Council of Health Insurance (CHI), the insurance regulator saID in a statement.
The Company for Cooperative Insurance (Tawuniya) has formed a strategic partnership with Ejaro, a car rental platform company.
The insurance industry in Türkiye faces several challenges, according to the Istanbul Chamber of Industry chairman Erdal Bahcivan.
Sanadak, the Ombudsman Unit catering to customers of financial institutions and licensed insurers, has started operations, in line with the UAE leadership’s directive to enhance government services, and in accordance with the regulations set by the Central Bank of the UAE.
Global
Losses stemming from hurricane Ian, following several years of heightened catastrophe losses, have solidified the arrival of a hard market and dampened the influx of new capital from insurance-linked securities (ILS) investors, according to a new AM Best report.
Insurers are becoming increasingly concerned about greenwashing as ESG requirements become tougher, according to a new global study among investment management professionals in life insurers, London markets (re)insurers and investment managers who support insurers.
The risk of health and safety appears to be the top risk for directors and officers according to the 2024 Global Directors’ and Officers’ Survey Report from WTW and Clyde & Co.
Last month, Lloyd’s provided a trading update for its 2023 full year (FY23) financial performance.
Takaful
Toronto-based Canadian management general agent CHES Special Risk (CHES) has launched Ethical Insurance which is described as Canada’s first shariah-compliant insurance provider.
The heightened awareness of medical and weather events coverage is likely to stimulate takaful growth, but the market will face some headwinds, including the inflationary environment, market volatility, weakening ringgit, and the end of the passenger car tax exemption, said Fitch Ratings.
Oman Re, the sole reinsurer in the Sultanate of Oman, received a retakaful window licence from the Capital Market Authority on 22 February 2024, the company announced in a statement.
The net profit after zakat attributable to shareholders of Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful), one of the largest providers in Saudi Arabia, surged 353.18% y-o-y to SAR328.06m ($87.5m) in 2023 from SAR72.39m.
Sukoon Insurance Company (Sukoon) has announced that it has obtained the necessary approvals from the regulatory authorities to submit an offer to the remaining shareholders of Arabian Scandinavian Insurance Company – Takaful (ASCANA).