The eruption of war between Hamas and Israel in the Middle East puts further upward pressure on S&P Global Ratings' (S&P) assessment of geopolitical risk that the global credit rating agency already views as elevated and worsening.
Holy Land Takaful Insurance Company (Holy Land) has received regulatory approval to offer takaful products in the Palestinian insurance market.
Palestine's Capital Market Authority (CMA) has said that the insurance industry is only discussing and exchanging ideas on establishing an insurance pool for compulsory motor third-party liability insurance, in response to objections to the proposed pool.
The eight insurance companies listed on the Palestine Exchange achieved a combined profit of $23.66n for 2022, according to the companies' disclosures to the Palestine Exchange.
The Palestine Capital Market Authority (PCMA) and Germany's Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) in partnership with the Palestinian Insurance Federation (PIF) have announced the completion of the first-ever PCMA InsurTech Wizard Hackathon and Challenge.
This year has so far been much worse for the insurance sector in Palestine compared to last year, Mr Anwar Shanti, who is CEO of Trust International Insurance Company, has said.
Net profits of the insurance sector in Palestine reached $21.5m last year, 27% higher than the $16.9m earned in 2019, according to data compiled by the publication Al-Iqtisadi.
Instability and violence across the Middle East are still the main risks to the regional economic outlook, says the September 2020 Political Risk Quarterly Update.
The Palestine Monetary Authority (PMA) and the Capital Market Authority are working together to restructure the Supreme Shariah Supervisory Board as part of moves to develop an Islamic financial system in accordance with international best practices and standards.
Premiums written in Palestine increased by 24% to $280m last year compared with 2017, according to data from the 10 insurance companies operating in the market.