Rebirth of Egypt
Saudi Arabia
Insurance will be central to Vision 2030
Saudi Arabia has new market leader in terms of GWP
Green (re)insurance shoots emerge
InsurTech will be important for Vision 2030, and vice versa
Health insurance on growth trajectory
Growing local talent
Libya
The future of Libyan insurance in the making
Libya: National reinsurer breaking new ground
General
Reports of the death of InsurTech are greatly exaggerated
Has InsurTech lived up to the hype? What's next?
Global shift in InsurTech business models
Dealing with macroeconomic headwinds and climate change
Fragmented markets hinder growth of InsurTech in Middle East
View from India - ESG and insurers
Intricacies of (re)insurance and risk in the Middle East
Managing a volatile market
Insurance asset managers must watch inflation and ESG
Insurance asset management in the Middle East
Investment outlook for insurers
Insurers face difficulty reallocating portfolios without making losses
Lessons from steady growth of Malaysia takaful
Actuarial challenges and opportunities
Better insurer peer comparisons in riskier operating environments
Talent, technology and climate change in insurance
MENA
MENA: GAIF announces proposed establishment of the Arab Actuaries Association
MEA: COVID aftermath and changing workplace needs drive up medical claims costs
GCC: Modest earnings and high costs expected to squeeze insurers' capital buffers in 2023
GCC: ESG considerations have neutral to low credit impact for most insurers in the region
Egypt: Regulator issues decision on insurers allocating funds to asset managers
Lebanon: Budding interest in home insurance in wake of Turkish earthquakes
Morocco: Total market premium rose 9.3% to $5.3bn in 2022
Oman: CMA prepares insurers for standardised credit life insurance policy
Saudi Arabia: Najm upgrades NCD service to offer discounts of up to 60% on motor premiums
Saudi Arabia: Chedid Re Europe establishes regional headquarters
Turkiye: Insurance market grows at 36% in real terms in 2022
UAE: DIFC grants captive insurance licence to mining and metals group
UAE: Intense price competition erodes listed insurers' profitability in 2022
UAE: Over 80% of residents plan to use annual bonus on funding the future
Global
Global: Nat CAT insured losses surpass $100bn again in 2022
Global: ILS market at a crossroads
Takaful
Côte d'Ivoire: SAAR opens takaful window
Egypt: Kaf Life is country's first insurer to convert from takaful to conventional
GCC: Takaful operators' weakening profit highlights sector challenges
Pakistan: Pak-Qatar Takaful join hands with Takaful Bazaar
UAE: Fitch Ratings assigns Abu Dhabi National Takaful 'A-' IFS Rating
UN security council hears the risks of sea level rise
A shift from risk coverage to risk reduction
India: Micro quakes have prevented large-scale disastrous temblors
Nearly half of cyber security experts will change jobs by 2025
Japan: Record low birth rate adds to the woes of an ageing society
Employee mental health slips down in the list of workplace risks
Asia Pacific CEOs optimistic even as global CEOs remain pessimistic
Plastics polluting oceans are growing fast
In almost 50% companies ChatGPT replaces workers
Asia has worst air quality in the world
Global electronics industry at threat from semiconductor supply chain
Morocco: Payment company Wafacash launches microinsurance plans
Pakistan: TPL Insurance and Takaful Bazaar partner to offer shariah-compliant services
Qatar: QIC introduces digital health cover for international visitors
UAE: Abu Dhabi flexible health insurance options for entrepreneurs and investors
People on the move
INSURANCE - General
MARKET PROFILE - Saudi Arabia
Tawuniya has pipped Bupa Arabia to become Saudi Arabia’s largest insurance company by GWP, based on a compilation of their consolidated financial statements for the year ended 31 December 2022. Nonetheless Bupa Arabia is still the highest...
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MARKET SPOTLIGHT - Libya
Setting up a homegrown reinsurance provider to cater for the local market and expand to neighbouring countries is critical to advancing the Libyan insurance industry and adding value to the financial sector in the country, says Umbrella Reinsurance...
In many ways, Egypt represents all that is possible for the insurance and reinsurance industry in the MENA region.
Saudi Arabia is entering a new phase of its growth as the plans laid out in Vision 2030 start to show green shoots. With significant changes to the regulatory landscape imminent, it has become clear that insurance and reinsurance will play an...
The change in the reinsurance market poses challenges to the insurance supply chain and business environment. Nonetheless, gains are there for all providers in the long term especially with the significant development Saudi Arabia is witnessing...
Libya has witnessed relatively stable security and economic conditions over the past few years, which has reflected positively on the insurance industry. Insurers are expected to reap greater benefits in the future when stability is fully recovered,...
Establishing a date for when the first InsurTech appeared is always going to be controversial, but there is some evidence to suggest that it first emerged around 2010. The big question is whether today, 13 years later, the insurance sector has...
Over the last 10 years or so, InsurTech has made itself a mainstay in insurance thought leadership – always on everyone’s lips and frequently receiving top billing at industry events. We spoke to Bain & Company’s Dr Henrik...
The constant evolution of technology and its rapid adoption during the COVID-19 period have led to a more pressing need for clear competitive advantage in InsurTech business models. We spoke to McKinsey & Co’s Dr Simon Kaesler and Mr Alex...
There are various things that make the (re)insurance industry in the Middle East unique. We spoke to Swiss Re’s Mr Beat Strebel to get his thoughts on renewals, reinsurance and risk in the region.
Rising inflation and the subsequent tightening of monetary policy around the globe have led to a difficult year for financial markets. Organisations are scrambling to revisit investment strategies and find the right mixture of assets and bonds in...
Equity markets may remain range-bound and volatile amidst global headwinds and macro uncertainties over growth, inflation and interest rates, says Kotak Mahindra Asset Management’s Mr Shibani Sircar Kurian.
A look at how insurers in the UAE and Saudi Arabia are investing and what might affect their asset allocation in the near future from BADRI’s Mr Hasham Esmail Piperdy.
Malaysia’s takaful sector remains robust following stable growth in underwriting income. However, IFRS17 implementation and investment performance have posed challenges for the sector. Middle East Insurance Review spoke to Prudential...
Actuaries have remained high in demand and supply is not catching up. According to the Bureau of Labor Statistics in US, the demand for actuaries is projected to increase 21% from 2021 to 2031 - much faster than the average profession. The situation...
Nearly a decade ago, AM Best introduced its national scale rating, the purpose of which was to reduce the impact of specific country risk effects and therefore produce a broader distribution of ratings. This update from the ratings agency’s Mr...
The insurance sector has helped protect individuals and businesses to manage risk for centuries. It also provides employment opportunities, stimulates innovation, stabilises financial systems and helps societies function by pooling risk, says...
The General Arab Insurance Federation (GAIF) has announced plans to establish an association of Arab actuaries, in line with the objectives of the federation to be supportive of the development and integration of the Arab insurance industry.
The long-term effects of COVID-19 and shifting workplace needs are driving change in healthcare plans, from increased claims costs as a result of delayed diagnoses, to insurers’ digital innovation and inclusivity criteria, said Mercer Marsh...
Insurers in the GCC are reaping the benefits of ongoing economic growth in the region. The expansion of infrastructure investment and medical insurance covers will continue to spur premiums in 2023, albeit at a slower pace than in 2022, S&P...
Rising seas pose ‘unthinkable’ risks to billions around the world, with profound implications for security, international law, human rights and the very fabric of societies, the UN security council was informed as it held its first-ever...
Today’s insurance consumers want insurers to do more than help them when there is disruption but help them reduce and prevent risk too, according to a new report by Bain & Company published in February 2023.
Micro tremors have been helping release tectonic stress and protecting India from devastating events according to Indian seismologists. According to the Ministry of Earth Sciences, 59% of India’s land mass is prone to earthquakes.
Wafacash, which offers payments services, has launched microinsurance products, being one of the first few entities in Morocco to distribute such plans.
TPL Insurance – Window Takaful Operations (WTO), an insurance provider in Pakistan, has partnered with Takaful Bazaar, an upcoming takaful digital platform, to offer shariah-compliant services to customers.
Qatar Insurance Company (QIC) has launched a fully digital mandatory visitors’ health insurance solution.