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

Aug 2024

Contents

August-Home
Editor's Letter
Magazine article aboutInsuring-renewables-spending-in-MENA

Insuring renewables spending in MENA

Insurance investment
Magazine article aboutBoosting-impact-investment-for-insurers-in-MENA

Boosting impact investment for insurers in MENA

Private credit and equities dominate insurance investment in MENA

Recent trends in MENA insurance investment

Market Profile
Magazine article aboutInsurance-plays-central-role-in-Qatar-development

Qatar

Insurance plays central role in Qatar development

Addressing inflation in claims supports life insurance boom

New growth avenues for Qatar property and liability insurance

The development of Qatar's insurance regulatory framework

Egypt

Egyptian brokers face hard market over Nat CAT losses and inflation

Regulation for Egyptian InsurTechs increasingly supportive

Coping with Egypt's reinsurance challenges

Harsh new reality for (re)insurance broking in Egypt

Egypt: New insurance regulation for a new era

Insurance
Magazine article aboutAre-MGAs-growth-engines-for-MENA-

General

Are MGAs growth engines for MENA?

The rising threat of cyber incidents and the importance of cyber insurance

Heatwaves pose a challenge for insurers

Latest D&O trends across the MENA region

New risks looming in MENA

Life & health

Emerging challenges for TPAs

Life and health go their separate ways

Motor
Magazine article aboutMena-motor-insurance-Passenger-or-driver-

Mena motor insurance: Passenger or driver?

GCC motor broker survival could hinge on tech adoption

Embedded motor insurance can be a game changer in MENA

UAE insurers deny full coverage for EVs

Reinsurance
Magazine article aboutExtreme-weather-events-can-stimulate-insurance-growth

SIRC Connect

Extreme weather events can stimulate insurance growth

Saudi Arabia
Magazine article aboutThe-reality-of-growing-an-insurance-business-in-Saudi-Arabia

The reality of growing an insurance business in Saudi Arabia

AI
Magazine article aboutAI-innovation-and-adoption-in-insurance-in-the-Middle-East

AI innovation and adoption in insurance in the Middle East

The rise of AI in insurance in MENA

The practicality of AI in insurance

AI for better customer experience and fraud detection

Takaful
Magazine article aboutMalaysia-Takaful-growth-fuelled-by-EVs-and-ageing-population

Malaysia: Takaful growth fuelled by EVs and ageing population

South Asia is largely unchartered territory for takaful

Notebook
Magazine article aboutAdvancing-the-cause-of-women-in-MENA-insurance

Advancing the cause of women in MENA insurance

Trends and developments in insurance training in MENA

Anniversary celebrations in style

News

MENA

Gulf: Floods cause estimated insured losses of almost $2.4bn

Algeria: Country's president postpones bill to amend insurance law

Algeria: CNMA highlights risks associated with grain stored in silos

Bahrain: Insurers tackle EV issues

Egypt: Regulator to establish divorce insurance pool

Egypt: Insurance Federation highlights that life insurers can mitigate climate change

Egypt: Talent management is regarded as crucial for the growth of insurance companies

Jordan: Central bank to revise insurance law to regulate contractual relationship between insurers and the insured

Jordan: Doctors' fees increased for the first time in 16 years

Lebanon: Health insurers to raise premiums, citing medical cost inflation

Morocco: Insurers warn of business impact from mandatory social health insurance decision

Oman: Listed insurers face impact of expected credit losses in adopting IFRS17

Saudi Arabia: Insurers act to increase capital

Saudi Arabia: Mandatory health insurance for domestic workers to start from 1 July

Saudi Arabia: Howden, Allianz Trade and Saudi EXIM Bank sign economic transformation agreement

Tunisia: Tunis Re strong earnings underpinned by underwriting results

UAE: Insurance industry sees total premiums grow by 18.5% in 1Q2024

UAE: DIFC sees growing number of MGAs

UAE: Insurers raise disaster insurance premiums by up to 50%

UAE: Asian car models see highest motor premium hikes

UAE: Relm Insurance expands into MENA

MENA: Dealing with the growing threat of Nat CAT

Global

Global: Strengthening global resilience with a new lease of life

Global: Cascading effects of natural disasters, weak resilience of supply chains among risks insurance sectors face

US: A transitioning reinsurance market responds to cedents' increased demand through mid-year 2024

Takaful

Indonesia: Regulator presents update on insurers spinning off takaful windows

Oman: Takaful Oman in bancatakaful arrangement with Muzn Islamic Banking

Qatar: Alkhaleej Takaful agrees to sell stake in Bahraini life insurer

UAE: Takaful Emarat shareholders approve capital restructuring plan

UAE: ASCANA rebrands as Sukoon Takaful

Product Bites

Bupa Arabia launches insurance benefits product upgrade for members

GIG Gulf launches cashback promotion with personal insurance products

India's LIC International launches two new investment products in Dubai

Bahrain's UIC announce electronic insurance for vehicles entering via King Fahd Causeway

QIC to offer travel insurance

Diary
People on the move

People on the move

Market Profile

Qatar

Insurance plays central role in Qatar development

The insurance sector in Qatar has benefited from infrastructure projects and the economic boom the country has witnessed in recent years. Currently, more growth is expected as the government considers insurance a major component with an essential role to play in the development of the Qatar financial industry and the country’s future vision.
 
 

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Addressing inflation in claims supports life insurance boom

Even as the life and health insurance segments in Qatar continue to grow due to rising awareness and rapid economic growth, regulatory changes are helping insurers address rising costs related to inflation in claims management. Middle East Insurance Review spoke with Qatar Islamic Insurance Group’s Mr Muhammad Ashraf and QLM Life & Medical Insurance’s Mr Fahad Al Suwaidi to find out more.
 

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New growth avenues for Qatar property and liability insurance

With a population of close to 3m that boasts one of the world’s highest GDP per capita rates and strong spending – particularly benefiting property and financial lines due to the country’s demographic dynamics, Middle East Insurance Review spoke to Seib Insurance’s Mr Elias Chedid about how the general Qatari insurance market has been faring.
 

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The development of Qatar's insurance regulatory framework

Qatar continues to forge ahead with its legislative and regulatory advancements in the insurance sector ahead of its National Vision 2030. Clyde & Co’s Mr Wayne Jones and Mses Emma Higham and Nasteho Muse explore recent developments in Qatar’s insurance regulatory framework and their implications for the market.
 

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Egypt

Egyptian brokers face hard market over Nat CAT losses and inflation

The insurance broking market in Egypt is expanding as awareness of the importance of insurance increases among individuals and businesses. Some of the fastest growing lines of business were oil and gas, medical and marine cargo. However, Nat CAT losses and increased inflation have created a hard market. Middle East Insurance Review spoke with Apex IB Egypt’s Mr Khaled Sayed to find out more.
 

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Regulation for Egyptian InsurTechs increasingly supportive

Digital transformation in the Egyptian insurance industry has paved the way for InsurTechs, with the regulatory environment becoming more supportive from issuing decrees to fostering innovation. Middle East Insurance Review spoke with MalBazaar’s Mr Abbas Jammal and oola Technologies’ Mr Amr Darwish.
 
 

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Coping with Egypt's reinsurance challenges

Repercussions from Egypt’s currency crisis have put pressure on reinsurance business in the country, but players are already dealing with challenges. The dream to set up a national reinsurer remains alive but it might be out of reach for now.
 

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Harsh new reality for (re)insurance broking in Egypt

With an active regulator, high growth potential and increased insurance awareness, the Egyptian insurance and reinsurance broking industry faced its fair share of challenges such as retaining clients and navigating the shift to online platforms and digital tools. Middle East Insurance Review spoke with Allied Arab Assurance Brokerage’s Mr Maurice El Kalaani and Trust Reinsurance Broker’s Mr Ibrahim Shahid to find out more.
 
 

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Egypt: New insurance regulation for a new era

Egypt’s much-anticipated unified insurance law has finally arrived – in a regulatory landscape that was already developing fast. We take a look at the new law and the other significant insurance regulatory developments from the recent past.
 
 

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