Widespread flood losses in the UAE in recent months have reinforced reinsurers' discipline, according to Gallagher Re, one of the largest global reinsurance brokers.
Cigna Healthcare, a leading global health services company, has announced Ms Leah Cotterill as the new CEO for Cigna Healthcare - Middle East and Africa (outside Saudi Arabia).
Head of Middle East & Africa (MEA) P&C Reinsurance at SCOR Hedi Hachicha passed away peacefully on 14 June.
Total insured losses arising from the 2024 Gulf Floods event are estimated to exceed $1.6bn and could reach as high as $2.4bn for the UAE, of which Motor represents ~10%, according to an analysis by Guy Carpenter, with information available as of 30 May 2024.
Insurance market conditions were generally on a softening trend in the first quarter of this year, with most risks experiencing price reductions, underwriting flexibility and sufficient (and increasing) capacity in a competitive market environment, says Aon.
Middle East escalation ranks sixth on a list of top 10 risks compiled by global insurance services company WTW.
German reinsurer, Deutsche Rück Group, has announced that it chalked up strong growth in all its markets in 2023, including the Middle East.
International reinsurers are starting to categorise the Middle East as a Nat CAT hot spot, given the increased frequency of natural hazards in the region in recent years, according to Apex-Egypt Reinsurance Brokerage managing director Khaled El-Sayed.
The London-headquartered Institute and Faculty of Actuaries (IFoA) is holding its inaugural Middle East Conference this month with two events - in Riyadh and Dubai.
The life sector in the Middle East and Pakistan is less well-developed than the non-life market, accounting for around a fifth of total premiums in the region, noted Swiss Re Institute (SRI).