Magazine

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

Oct 2024

Contents

October-Home
Editor's Letter
Magazine article aboutThe-mystery-of-the-missing-MENA-ILS

The mystery of the missing MENA ILS

Reinsurance
Magazine article aboutMENA-s-evolving-landscape-offers-scope-for-ILS

MENA's evolving landscape offers scope for ILS

Market Profile
Magazine article aboutResilience-and-growth-of-Oman-reinsurance

Oman

Resilience and growth of Oman reinsurance

Oman insurance sector headed for 4.5% growth

Takaful in Oman is small but impactful

Oman life and health insurance on growth path

Brokers in Oman set to be positive change agents

General insurance - stronger market in 2024

Oman's ambitious bet for insurance growth

Oman's national development plan offers scope for insurance growth

Insurance
Magazine article aboutGCC-insurance-market-set-for-rapid-growth

General

GCC insurance market set for rapid growth

Insurance captives can be a game changer

Saudi Arabia
Magazine article aboutDomestic-insurer-goes-regional

Domestic insurer goes regional

Saudi's opening up spells growth for insurance

InsurTech boom in Saudi Arabia

Broking
Magazine article aboutEgypt-Adapting-to-technology-in-re-insurance-broking

Egypt: Adapting to technology in (re)insurance broking

Regional reinsurance brokers reinventing game plan

M&A
Magazine article aboutSurge-in-MENA-insurance-dealmaking

Surge in MENA insurance dealmaking

AI
Magazine article aboutAI-in-insurance-Early-mover-advantage

AI in insurance: Early mover advantage

Lebanon: Impetus for insurance workforce to reskill for AI

AI is redefining MENA insurance

Takaful
Magazine article aboutPlenty-of-scope-for-global-takaful-growth

Plenty of scope for global takaful growth

Notebook
Magazine article aboutMENA-support-network-for-women-in-insurance

MENA support network for women in insurance

News

MENA

GCC: Takaful market expected to see another profitable year in 2024

GCC: Impact of regional weather-related events in 2Q2024 contained by reinsurers

Algeria: Proposals to enhance takaful legislation

Algeria: National Agricultural Insurance Mutual's protection plan for seasonal workers

Bahrain: Insurance market set for shake-up with Solidarity Group's acquisition offer

Bahrain: Bahrain National Holding's 1H2024 profit plunged on storm losses

Egypt: Insurance industry recorded $900m in premiums in 1H

Egypt: Inflation's impact on insurance brokers

Kuwait: Banks promote life insurance to borrowers

Kuwait: GIG's insurance revenue grew 15% in 1H 2024, balanced by increased claims

Morocco: Insurance regulator to boost insurance inclusion

Morocco: Insurance industry posted net profits of $428m in 2023

Oman: Central bank says financial stability remains strong

Qatar: QIC's 1H2024 net profit grew on strong momentum

Saudi Arabia: Tawuniya signed 15 FinTech deals to boost InsurTech

Tunisia: Steady growth in insurance sector

UAE: Lack of insurance for growing population of e-scooters

UAE: Sukoon introduces videoconferencing for life insurance underwriting

UAE: Sukoon completes acquisition of UAE Life Insurance

Global

Global: Industry pioneer Brian Salmanpour passes away in London at 74

Global: Reinsurers' risk/return dynamics gathers momentum

Global: Dynamic trading environment meets reinsurance demand

Global: Reinsurers advised to maintain discipline amid casualty risks

Global: Rising catastrophe losses amid climate change and secondary perils

Global: Lloyd's reports $6.4bn profit, combined ratio up by 83.7% at 1H

Global: AM Best affirms credit rating of Active Capital Re

Takaful

Egypt: Contributions grow at slower pace in 2Q

Malaysia: Takaful Malaysia shows steady performance

UAE: ADNTC cancels plan to acquire AMAN's life portfolio

Product Bites

Qatar Insurance Company unveils VITACARE, a new health insurance solution

Hong Kong's OneDegree partners with Saudi Arabia's Walaa for digital asset insurance

Tawuniya and Hakbah partner to provide life insurance coverage during their Jameya savings periods

Diary
People on the move

People on the move

Market Profile

Oman

Resilience and growth of Oman reinsurance

Oman is often seen as the quiet achiever of the GCC states where reinsurance plays the role of the backbone of the insurance sector. We caught up with Oman Re’s Mr Romel Tabaja for in-depth insights about the performance of reinsurance in the sultanate in the past year, a preview what lies ahead and the new Oman natural catastrophe pool.
 

Oman insurance sector headed for 4.5% growth

Oman’s insurance industry is expected to grow at an annual rate of 4.5%, reaching $1.8bn by 2028, up from approximately $1.4bn in 2022, according to an Alpen Capital report. Several macroeconomic trends, including economic diversification efforts, regulatory reforms and increasing awareness of insurance are likely to spur this growth.
 

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Takaful in Oman is small but impactful

Oman’s insurance market may be small and the takaful segment even smaller, but this important sector has shown both tenacity and an upward trajectory. Middle East Insurance Review spoke to Takaful Oman Insurance’s Mr Neelmani Bhardwaj to gain insights.
 

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Oman life and health insurance on growth path

The heightened awareness among individuals and businesses of the importance of protection is driving growth in Oman’s life and health insurance industry, says MetLife Oman’s Mr Raed Dawood. Coupled with the rollout of mandatory health insurance tech and supportive regulation, this has put the country on track for sustainable growth, according to Liva Insurance Oman’s Ms Hanaa Al Hinai.
 

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Brokers in Oman set to be positive change agents

Improved fiscal indicators, lowered public debt risk and a younger demographic have fostered the growth of insurance in the Sultanate of Oman. Middle East Insurance Review spoke to ISC-Oman’s Dr J Retnakumar about how insurance brokers can contribute to the transformation of the industry.
 

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General insurance - stronger market in 2024

The general insurance sector in Oman has experienced substantial growth in the first half of this year, says RMS Insurance Brokers’ Mr Adil Hasan Al Lawati in an interview with Middle East Insurance Review.
 

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Oman's ambitious bet for insurance growth

Oman’s regulatory reform promises to fast track its financial system and position it as a modern, resilient economy in the GCC. Some visible benefits of this change can be seen in its insurers’ performance in a year marked not just by regional political and systemic risks but unprecedented natural disasters.
 

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Oman's national development plan offers scope for insurance growth

General insurance in Oman commands the lion’s share of total market premiums and continues to lead the performance of the sector. Intense price competition limits the potential for significant market growth, but the future seems secure thanks to the country’s development plans.
 

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