Developments in cyber and digital
Insurance as main driver of Algeria's economic development
View from India - India's insurance regulatory framework overhauled
Applying AI in insurance
Accelerating InsurTech adoption in Saudi Arabia
Bringing innovation to takaful
Improving takaful with preventative claims due diligence
Opportunities abound for Malaysian takaful
Lebanon
Life (insurance) during wartime
Lebanon's general insurers stay resilient despite market gloom
Lebanon: New regulations needed for stability
Lebanon struggles to grow amid economic crisis
Tunisia
Slower growth for Tunisian insurers in 2023
General
Flooding in the Gulf highlights lack of risk mitigation
Life & health
Wearables help health insurers deliver better
Data in health insurance: An underutilised wealth
Morocco's parametric insurance payout sets stage for flood protection expansion
SIRC Connect
Revolutionising reinsurance
MENA
Middle East: AMAN UNION and ICISA collaborate to advance credit insurance initiatives
Algeria: Insurance sector to adhere to AML/CFT requirements
Bahrain: Arig set to report premiums recovered from Saudi insurer as profit
Egypt: Insurance federation eager to offer risk data to industry
Egypt: Insurers increase capital to counter impact of depreciation of local currency
Morocco: Societe Generale pulls out of local insurance and banking units
Qatar: Listed insurers show mixed financial performance in 2023
Saudi Arabia: Combined profit of listed insurance sector jumps to nearly $900m in 2023
Saudi Arabia: Regulation on Saudisation of all insurance sales jobs takes effect
Türkiye: As technical losses mount in mandatory auto insurance business, insurers look to liberalised pricing
Türkiye: Insurance association head presents industry report card and wishlist
Global
Global: Super election year increases risks of PV
Global: Stable outlook for global non-life reinsurance
Global: Insurers are essential for industries to decarbonise
Global: Insured property assets continue to show impact of inflationary environment
Takaful
Algeria: Prospects seen as upbeat for takaful business
UAE: Sukoon to acquire another 1.57% stake in takaful company
UAE: Credit loss provision contributes to SALAMA's red ink in 2023
Marine heatwaves have significant impact on microorganisms
Businesses struggling with net-zero plans
Will 2024 be a turning point for geopolitical risks?
AI chatbots 'lack safeguards to prevent spread of health disinformation'
India: Deepfakes and ransomware identified as imminent threats for 2024
Tailored approach to health and wellness benefits is a better option
Asia struggles to contain record e-waste
AI improves global flood forecasting and extends alert time
US: Sinking shores and rising seas could impact 24 coastal cities by 2050
Insurers disasters
Appetite to write political violence risks is decreasing
Insurers plan to invest $5m in AI in 2024
AXA and Daman partner to launch a new international private medical insurance
UAE: HAYAH launches digital insurance product
BKIC launch online distance-based motor insurance
GIG Gulf and Bank Muscat launch comprehensive motor insurance plan
Allianz Trade launch next-gen trade credit insurance product in the UK and Ireland
People on the move
REGULATION
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MARKET PROFILE - Lebanon
The political and economic situation in Lebanon continue to pose challenges but the non-life insurance industry remains active amid the tough environment, demonstrating resilience in adapting to conditions of instability. We spoke to Arope...
REINSURANCE
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...
INSURANCE - Life & health
Access to granular data is essential to understand the health business and take appropriate decisions to improve its performance, say LINK’s Messrs Jihad Ghanem, Jens Sonnenschein, Imad Hamoush.
A good deal of time has passed since major insurers and reinsurers began to devote significant time and resources to the opportunities and threats posed by cyber and digital.
Algeria is a prime example of a North African nation that has plenty of potential for the growth of insurance – both life and non-life. We caught up with Conseil National des Assurance’s Mr Laaziz Faid to discuss insurance regulatory...
In recent months, there have been sweeping changes in IRDAI’s regulatory framework. These should usher in a fresh environment for the industry. Middle East Insurance Review spoke to law firm Cyril Amarchand Mangaldas’s Mr Indranath...
According to experts, the application of AI in InsurTech can range from providing behaviour-based insurance products based on real-time data gathered to classifying claims and estimating claim amounts with greater accuracy.
Saudi Arabia has been witnessing a growing interest in InsurTech, with several companies emerging in the sector. Saudi Arabia’s regulatory frameworks pave the way for harnessing the power InsurTech in the region.
Worldwide, takaful operators have been slow at innovation but things are about to change with several new-age players who are using technology and cutting-edge solutions to attract the masses. Ouch! is one such takaful company that is introducing...
Takaful performance in the GCC has been affected by rising claims and costs. Chedid Re’s Mr Wasim Alwani believes that fraudulent activities can be prevented with more emphasis on preventative due diligence, rather than reactive due diligence...
There is significant consumer demand for ethical and socially-responsible insurance solutions that will drive takaful adoption in Malaysia. Etiqa Insurance and Takaful’s Ms Janifer Queen spoke to Middle East Insurance Review about how the...
To say that Lebanon has had a tough couple of decades would be an understatement. Once considered to be the financial capital of the Middle East, the ravages of history have taken their toll – relentlessly diminishing the size of the life...
Lebanon’s insurance industry is going through significant changes, such as exclusion of war risks since the outbreak of war, digitalisation and adoption of IFRS17. However, there have been no new regulations or reform to maintain stability. We...
Tunisia’s non-life insurers saw slower net premium growth in 2023 compared to 2022, as increased fraud attempts bite into their bottom line. We take a look at some factors that have impacted the market over the past year.
Claims are expected to stream in as the UAE was hit by its heaviest rainfall in more than 75 years. Flooding in the region has brought to light a lack of preparation and mitigation for such weather events.
Wearables help users maintain a healthy lifestyle and health insurers bring down claims ratios. Several countries in the Middle East are now adopting smart healthcare technology solutions.
Work on continuing to grow the legacy of the Singapore International Reinsurance Conference as one of the world’s preeminent reinsurance events, with its 20th iteration later this year, has been going on for some months already. We caught up...
AMAN UNION and the International Credit Insurance & Surety Association (ICISA) announced a joint strategic collaboration aimed at fostering mutual cooperation and knowledge sharing in the realm of trade and investment insurance.
The Financial Intelligence Processing Unit (CTRF) of the Ministry of Finance has contacted financial institutions, including insurance companies and banks, about complying with regulations covering anti-money laundering and countering the financing...
Bahrain-based Arab Insurance Group (Arig) has announced that its appeal to recover amounts due from Saudi Arabian insurer, Al-Rajhi Company for Cooperative Insurance (Al Rajhi Takaful), has been successful in the final hearing before the Committee...
Prolonged warm oceanic waters are altering the marine microorganism communities that form the base of the marine food chain according to new research.
Large businesses around the world are struggling with their net zero plans, with barriers including fears of unfair scrutiny of climate efforts and how to address supply chains emissions, according to a survey by the Carbon Trust.
The potential for political instability presents a major risk for 2024, with pre-existing grievances tied to the rising cost-of-living, food and energy insecurity, falling real incomes and high levels of debt generating more frequent acts of...
AXA and UAE health insurer Daman have partnered to launch an international private medical insurance called Global Healthcare plan.
HAYAH insurance company launched its first digital insurance solution in the UAE, enabling customers to obtain a policy within minutes online.
Bahrain Kuwait Insurance Company (BKIC) recently launched its first online distance-based motor insurance service.