Ongoing economic development and rapid urbanisation will result in further accumulation of infrastructure and private assets that need to be insured, including against natural catastrophe risks, said Swiss Re Institute (SRI).
International reinsurers are starting to categorise the Middle East as a Nat CAT hot spot, given the increased frequency of natural hazards in the region in recent years, according to Apex-Egypt Reinsurance Brokerage managing director Khaled El-Sayed.
S&P expects credit conditions for rated insurers in Gulf Cooperation Council (GCC) countries to remain broadly stable in 2024, supported by robust capital buffers and adequate growth and earnings prospects.
Growth prospects for the insurance sector remain plentiful in the insurance markets of the Gulf Cooperation Council (GCC), said global credit rating agency AM Best.
The Nasco Insurance Group, an international group that specialises in direct and reinsurance broking, has acquired the retail insurance broking company, Crescent Global Insurance Services.
The Financial Regulatory Authority (FRA) is preparing the necessary technical and operational studies that could lead to the establishment of a national reinsurance company.
Fraud in the motor insurance branch is estimated to cost insurers 4% to 5% of overall turnover in Morocco’s insurance sector.
The Qatar Central Bank (QCB) last month issued instructions to digital insurance companies, aimed at drawing up the regulatory framework for digital insurance activities in the country.
The sales of insurance policies directly by insurance companies still dominate the Saudi insurance market, as the percentage of policies sold through insurers was around 50.3% in 2023, compared to 46.1% through insurance brokers and 3.6% by insurance agencies.
The Ministry of Culture and the Insurance Authority are working together on a project to insure historical buildings.
With the publication of annual reports in recent weeks, the world’s three biggest reinsurers have indicated the quantum of claims incurred due to the massive February 2023 earthquake that hit Türkiye and Syria.
Comprehensive motor insurance premiums increased by between 10% and 20% in the first quarter of this year, reaching 3% of the total value of the vehicle.
Dubai National Insurance (DNI) held its annual general assembly meeting that was led by DNI chairman Mohammed Khalaf Al Habtoor, where the board announced a 10% cash dividend to shareholders amounting to AED 11.55m.
Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa and South Asia (MEASA) region, has consolidated its position as the principal hub for the (re)insurance industry, with the highest gross written premiums recorded in its 20-year history of $2.6bn in 2023, increasing by 23% from $2.1bn in 2022.
Anoud Technologies (Anoud Tech), a global InsurTech group based in Qatar, launched its UAE branch last month as part of its strategy to become the IT platform provider of choice for the insurance industry in the MENA region and beyond.
Global
Nearly 400 natural disasters and an evolving climate reveal vulnerabilities and opportunities across the globe; closing the protection gap will continue to pose a challenge but also a huge opportunity for certain regions.
Munich Re has begun the new financial year in excellent shape, said the reinsurer in a statement revealing its results for the first quarter of 2024.
Loss severity for several US casualty lines of insurance business has exceeded economic inflation over the past decade, suggesting that other factors are influencing claims costs for indemnity and expense payments, according to a new AM Best report.
Takaful
Net profit of the shareholders for Takaful International Company reached BHD393,000 ($1m) for 1Q2024, a 2% increase compared with the same period in the previous year.
MNRB Holdings (MNRB) announced its best-ever financial performance in its 50-year history. For the financial year ended 31 March 2024 (FY2024), the group’s profit after tax (PAT) soared by 200% to surpass the MYR400m ($84.4m) mark.
Takaful generated contributions amounting to MAD65.9m ($6.58m) in the year 2023, according to the Insurance and Social Welfare Supervisory Authority (ACAPS).
Qatar’s listed insurance providers posted a combined net profit of QAR387.5m ($106.5m) for the first quarter of 2024, which represents an increase of 3.37% compared to the same period of the previous year, according to quarterly financial statements published by the companies.
Aljazira Takaful has achieved net profit after zakat and income tax attributable to shareholders for the first quarter of 2024 of SAR12.78m ($3.4m), compared to SAR7.123m in 1Q2023, an increase of 79.42%. The increase in profit was due increase in insurance revenue by SAR13.082m, 16.50% over last year, which was principally driven by business growth.
Watania International Holding (WATANIA; ‘WIH’), reported a net profit of AED5.9m ($1.6m) in its preliminary consolidated results for 1Q2024, compared with a loss of AED2.8m in 1Q2023, driven primarily by improved operational performance along with continued tight cost controls, the operator said in a press release.
Islamic Arab Insurance Company (SALAMA) has reported topline growth with a profit of AED17.58m ($4.8m) in its first quarter results of 2024, an increase by 118%, compared to AED8.04m in 1Q2023, the operator said in a statement.