The Know Your Customer (KYC) process is becoming a central tool in the insurance sector in Algeria, aimed at preventing fraud and money laundering, experts and professionals say.
Gross written premiums for Egypt’s insurance market in the first two months of this year reached EGP21.3bn ($420m), up from EGP15bn in the corresponding period in 2024, a jump of 40.5%, according to a recent report published by the Financial Regulatory Authority (FRA).
Microinsurance is not merely a limited-impact insurance product but one of the chief tools in achieving economic and social empowerment for marginalised groups and those with limited income, said the FRA vice chairman Dr Islam Azzam.
Insurance premiums paid by customers to insurance companies decreased by 17.8% to JOD256m ($361m) in the first quarter of this year, compared to JOD311m during the corresponding quarter in 2024. according to data from the Central Bank of Jordan (CBJ).
Shareholders of Gulf Insurance Group (GIG) have approved the board of directors’ recommendation to distribute cash dividend of 23% (23 fils per share) for the financial year ended 31 December 2024, amounting to approximately KWD6.5m ($21.23m).
The Minister of Economy and Finance Nadia Fettah has announced the insurance industry was developing an offering against cyber risks.
More than two in five Nigerian women want their employers to provide improved and comprehensive health insurance that covers fertility treatments, breast cancer care and menopause support, according to a report released by Healthtracka, a digital health platform.
The FSA has issued a circular to the CEOs and general managers of insurance and takaful companies pressing home the message that they cannot refuse to insure electric vehicles (EVs) or renew the motor policy as long as the vehicle satisfies the stipulations stated in the traffic law.
Qatar’s seven listed insurers have reported a combined net profit of QAR424m ($116.5m) for the first quarter of 2025 against QAR382m for the corresponding period of the previous year, according to corporate disclosures lodged with the Qatar Stock Exchange.
The Saudi insurance sector is projected to maintain a positive and strong growth trajectory in 2025, with top-line revenue growth forecast to fall in the double-digit zone, says the Insurance Authority (IA).
The impact of intense price competition in medical and certain motor segments are now coming through in the Saudi insurance market, said Badri Management Consultancy.
The Turkish government is preparing to introduce long-term care insurance for the elderly to ensure the sustainability of the social security system and to meet the needs of the rapidly ageing population.
Motor insurers are under cost pressure in motor third-party liability insurance (dubbed traffic insurance) as losses continue to increase in the branch, according to the Insurance Association of Türkiye (TSB) vice president Ahmet Yasar.
MENA InsureLab, the first dedicated InsurTech venture builder and accelerator in the Middle East and North Africa, has officially launched its operations with headquarters in Dubai.
Abu Dhabi National Insurance Company (ADNIC), one of the leading regional multi-line insurance providers for both corporates and individuals, has delivered strong financial results for the first quarter of 2025.
Further market consolidation is likely in 2025, especially if those listed insurers currently under regulatory scrutiny for not meeting solvency capital requirements fail to recover within the specified timeframe, Fitch Ratings said in a new report.
Global
Global InsurTech funding surged 90.2% q-o-q to $1.31bn in 1Q2025, including the highest funding to P&C InsurTechs since 3Q2022, according to Gallagher’s recent ‘Global InsurTech Report for Q1 2025’.
The impact of large claims from Nat CAT and man-made events was offset by strong underlying performance across the group’s businesses, said the global reinsurer in a press release.
The Deutsche Rück Group further expanded its business in the 2024 financial year while simultaneously strengthening its financial position, said the reinsurer in a press release.
Fewer than half of low-income individuals in the US have private health insurance. President Trump’s politics bring uncertainties to the pharmaceutical industry, which will likely translate into higher health insurance rates for consumers, potentially pricing out Americans with lower disposable income, while leaving others underinsured, according to recent GlobalData research.
Takaful
Takaful International Company (TAKAFUL) reported net profit of the shareholders before tax of BHD481,000 ($1.28m) for the first quarter of 2025, a 22% increase from the same period in the previous year.
Islamic finance assets’ value reached QAR694bn ($190.7bn) by the end of 2024, with Islamic banking and sukuk making up 97% of the total, according to the Qatar Financial Centre (QFC) report.
Neova Katilim Sigorta maintained its leadership in the participation insurance (takaful) market with a contribution volume of TRY6.6bn ($170.8m), representing a 41.2% market share, in the first quarter of this year, according to data released by the Insurance Association of Türkiye (TSB).
Dubai-headquartered regional operator Islamic Arab Insurance Company (Salama), a leading regional takaful provider, reported AED256.36m ($67.8m) in takaful revenue in the first quarter of the year, reflecting robust topline performance in a challenging environment, said the company in a press release.