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Magazine

Read the latest edition of AIR and MEIR as an Interactive e-book

Nov 2024

November-Home

Editor's Letter

The battle for talent - part two

Reinsurance

Main business imperative of reinsurance is investing in people

Ensuring SIRC remains future-ready

Is global warming shifting the diversification paradigm?

Managing risks amid price corrections and political uncertainty

MENA reinsurers' blueprint for tomorrow's risk

Egypt: Reinsurance expected to regain momentum in 2025

Algerian reinsurer eyes pricing and ESG support

Acing your medical treaty renewal

India is a growing global reinsurance hub

Takaful

Takaful is a growing force in the UAE

Sudan takaful provides hope despite war

Market Profile

Abu Dhabi and Dubai

Takaful growth opportunities amidst challenges

UAE takaful market set to progress

UAE life insurance shows great potential

Critical illness covers are essential

UAE brokers face rising costs and InsurTech competition

Abu Dhabi and Dubai

Insuring construction risks in the UAE

New UAE insurance broker regulations

Insurance maintains momentum in growth and profitability

Saudi Arabia

Saudi regulatory reforms and insurance innovation

Insuring the Saudi sports sector

Insurance

General

The (re)insurance response to war in MENA

New insurance products for new risks

Shielding ports from business interruption risk

AI driving trust and efficiency in MENA insurance

Notebook

AIRDC in Thailand amid global uncertainty

Global platform to boost microinsurance in Africa

Türkiye's new (re)insurance future

Collective effort needed for climate-related risks

News

MENA

Algeria: Proposed insurance law must address digital distribution and other issues

Bahrain: Strategic partnership to develop innovative consumer lending and insurance marketplace

Egypt: AXA and Egypt Post agree to form microinsurance joint venture

Egypt: New Egyptian Accounting Standard for insurance contracts in 2025

Kuwait: Health ministry guidance on suspended medical insurance scheme awaited

Morocco: Competition Council gap analysis on insurance sector

Morocco: Specialty MGA Africa & Middle East launches with new Casablanca office

Oman: Authority issues regulation on health co-insurance

Saudi Arabia: Insurers adjust capital situation

Tunisia: Direct insurers' net premiums increased by nearly 10% in 1H2024

Tunisia: Insurers mobilise for decarbonisation

UAE: DNI & UAE Cycling Federation celebrate 3 years' collaboration of working together

UAE: New insurance brokerage regulation will take effect on 15 Feb 2025

UAE: Fitch assigns Union Insurance 'BBB' IFS rating

UAE: Watania signs deal to develop centralised AI and ML business intelligence platform

UAE: Orient Insurance to expand into 3 other countries

MENA: Africa Specialty Risks operates as a Lloyd's service company

MENA: Reinsurers gain from pricing environment

Global

Global: Reinsurers' losses should stay within 2024 catastrophe budgets despite Milton

Global: Geopolitical conflict could expose global economy to $14.5tn loss

Takaful

Global Takaful Alliance to be launched in Riyadh in December

Algeria: Conventional insurers could open takaful windows to tap growth

Egypt: Takaful contributions up by 23% in first half

Product Bites

UAE's Al Fujairah National Insurance launches storm coverage for third-party motor policyholders

Marsh and Tokio Marine Kiln launch port disruption insurance

Liva Insurance partners with the Zubair Corporation to offer exclusive employee benefits

KSA's Tree launches the kingdom's first pet insurance

DIC and OneDegree introduce digital assets custodial risk insurance product

HAYAH and Shory launch health protection product in UAE

Diary

People on the move

Read the latest edition of AIR and MEIR as an Interactive e-book

Morocco's parametric insurance payout sets stage for flood protection expansion

By Reva Ganesan -

Source: Middle East Insurance Review | May 2024

Morocco was rattled by a 7-magnitude earthquake in September 2023, leading to the formation of a parametric insurance pool facilitated by Gallagher Re MENA. Although the financial impact from the Morocco earthquake was said to be manageable, it triggered a maximum payout of $275m from the parametric cover. We spoke with Gallagher Re MENA’s Mr Chems Eddine Kassali.

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