According to Gallagher’s Middle East and Africa Insurance Market Update: 2024 Overview and 2025 Outlook, published in 2025, rates for political violence (PV) coverage are expected to increase moderately this year, as geopolitical tensions and economic uncertainties persist.
The outlook for credit fundamentals for sovereigns in the Middle East and North Africa (MENA) remains stable, said Moody’s Ratings in a new report.
The insurance sector in Algeria has witnessed exceptional growth in recent years, with GWP reaching DZD163bn ($1.2bn) in the past year compared with DZD137bn in 2020, around 5% average annual growth, due mainly to legislative amendments that contributed to opening the market and enhancing its role in the national economy, said the Algerian Union of Insurance and Reinsurance Companies president Youcef Benmicia.
Solidarity Bahrain, has introduced a mobile application, ‘Solidarity Drive’, aimed at promoting safer driving behaviour across Bahrain.
At the annual forum of the Universal Health Insurance, Egypt’s Prime Minister Mostafa Madbouly reaffirmed Egypt’s unwavering commitment to strengthening its healthcare sector.
The Egyptian Senate reviewed a general debate request from member of parliament Mohamed El-Manzalawi and more than 20 other members on government policies to enhance the efficiency and competitiveness of the insurance sector, according to news site Amwal Al Ghad.
The Central Bank of Jordan (CBJ) has issued its decision to liquidate Arab Union International Insurance company (AUII) as of January 2025, according to a statement the bank issued last month.
GlobeMed Jordan hosted its annual dinner, bringing together all team members. The event, held at W Hotel in Amman, Jordan on 4 February 2025, was an opportunity to recognise hard work, foster team spirit and set the vision for the year ahead.
In January this year, the Kuwaiti Cabinet instructed 11 government entities to stop renewing or offering new health insurance contracts for their employees, to preserve public funds and rationalise government spending.
Foreign insurers operating in Kuwait are subject to a new condition that requires a minimum rating standard for their parent companies, according to a new resolution the regulator has issued.
Cyber threats have emerged as the primary concern for businesses operating in Morocco, according to a recent survey conducted by Allianz.
For the year end 2024, insurance service results for the listed insurers in Oman experienced a 46% decrease, from OMR24.7m ($64.4m) to OMR13.4m ($34.9m), said Badri Management Consultancy.
Workers’ Support and Insurance Fund of Qatar since its inception in 2018 has contributed greatly to improving the working conditions and environment for workers and providing them with a decent living, within the framework of comprehensive reforms undertaken by the state in this regard.
Al Eithad Cooperative Insurance has signed a contract for bancassurance services, including quotations for comprehensive insurance relating to leased vehicles, with Al Rajhi Bank.
Saudi Arabian health authorities have imposed penalties on several employers, who failed to provide health insurance cover to their employees and families.
Dubai-headquartered Sukoon Insurance has launched a new AI-powered face-scanning feature for life insurance underwriting used to onboard new life insurance customers.
Abu Dhabi National Insurance Company (ADNIC), a leading multi-line insurance provider for both corporates and individuals, delivered exceptional results in 2024, achieving its highest-ever total insurance revenue and net profit.
Insurance customers in the UAE must make payments directly to insurers instead of through brokers from February 2025, when new industry regulations are implemented, according to the Khaleej Times.
Global
The year 2024 was one of insurance market transition following a prolonged period of widespread price increases and underwriting discipline in wide segments of the market.
According to the ‘Global Insurance Market Index’ released last month by Marsh, global commercial insurance rates fell 2% in the fourth quarter of 2024 following a 1% decline in the third quarter of 2024 – and marking the second consecutive quarterly decrease following seven years of rising rates.
The cyber market continues to evolve as a core class of insurance, said Guy Carpenter in its new report, ‘Behind the Firewall: 2024 Global Cyber Industry Insights’.
Geopolitical uncertainty is the biggest driver of emerging threats for banks and insurers according to the 2025 ORX Horizon and Cyber Horizon reports, based on input from 47 leading global financial services firms.
Takaful
Takaful International, Bahrain’s first shariah-compliant insurer, said that its total net profit reached BHD1.65m ($4.38m), representing a 9% growth from BHD1.51m in 2023, attributable mainly to strong investment performance.
Coris Life Insurance Burkina Company (Coris Assurances) became the first insurance provider in Burkina Faso to offer shariah-compliant insurance products after receiving approval from the Regional Insurance Supervision Commission, the insurance regulatory body of the Inter-African Insurance Markets Conference. Coris Assurances will be offering takaful products via a window.
Misr Takaful Insurance Company - Property & Liability has achieved an insurance surplus of EGP111m ($2.2m) during the last fiscal year 2023-2024 (ending 30 June), compared to EGP32m during the fiscal year 2022-2023, a surge of 247%. Net profit for the same period reached EGP89m versus EGP34m, a growth rate of 162%.
The Islamic Insurance Company (TIIC) reported satisfactory financial results by the end of 2024. The operator’s preliminary results show that shareholders’ profits before tax reached JOD2.9m ($4m), compared to JOD2.55m in the preceding year, a growth rate of about 13%, said the takaful operator in a press release.
Takaful Oman Insurance and Oman Arab Bank have officially signed a strategic partnership, setting the stage for seamless financial and insurance solutions, according to an announcement by the bank on its X account.
MENA
Qatar Islamic Insurance Company (QIIC) has disclosed its interim annual financial statement of 2024 which revealed a net profit of QAR143.7m ($39.5m) in comparison to QAR142.8m achieved in the same period of the previous year.