Magazine

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Sep 2024

Contents

September-Home
Editor's Letter
Magazine article aboutNat-CAT-comes-calling

Nat CAT comes calling

Market Profile
Magazine article aboutTurkish-broking-at-crossroads-of-transformation-and-sustainability

Türkiye

Turkish broking at crossroads of transformation and sustainability

Insurance regulation in Türkiye meets market needs

Türkiye's life insurance is ready for take-off

Final loss report on 2023 Türkiye earthquake

Turkish insurers and reinsurers boost non-proportional Nat CAT cover

Türkiye: Motor still engine of non-life insurance

Market spotlight
Magazine article aboutLong-term-strategy-for-Saudi-Arabian-reinsurer

Saudi Arabia

Long-term strategy for Saudi Arabian reinsurer

New Saudi insurance regulator for a new day

Saudi insurance brokers adapt to new environment

Saudi insurance sector continues growth trajectory

Saudi life insurance needs a little nudge

Insurance
Magazine article aboutEnsuring-insurance-growth-in-Jordan

General

Ensuring insurance growth in Jordan

Can public-sector insurers give up motor and health portfolios?

Life & health

Make the trend your friend

Education and training
Magazine article aboutDeveloping-insurance-talent-in-Egypt

Developing insurance talent in Egypt

UAE: Hybrid training model for insurance

The challenges of insurance education in MENA

Reinsurance
Magazine article aboutMENA-reinsurers-cope-with-Nat-CAT

MENA reinsurers cope with Nat CAT

Reinsurers manage profitable second quarter

AI
Magazine article aboutEgypt-AI-skills-gap-in-insurance

Egypt: AI skills gap in insurance

AI algorithms, predictive analytics and automation capabilities in insurance

Takaful
Magazine article aboutPakistani-farmers-benefit-from-takaful

Pakistani farmers benefit from takaful

News

MENA

MENA: Türkiye overtook KSA in premium volume in 2023

Algeria: Insurance industry grew by 4% in 1Q2024

Bahrain: Consolidation needed in insurance industry to stop price wars

Egypt: New insurance law stipulates minimum capital for actuarial firms

Egypt: Policyholders Protection Fund to support insurance training programme

Jordan: Cabinet approves several insurance bylaws

Kuwait: Kuwait Re's outlook revised to positive following enhancements in operating performance

Morocco: Crop sector needs customised insurance

Morocco: Bill adopted to extend insurance notification period from 20 days to 60

Morocco: Regulator delays decision on travel insurance premium refunds for visa rejection class

Oman: Oman Re's net results for the first half of 2024 impacted by Nat CAT but saved by investment gains

Qatar: P&C insurance market has modest growth potential and is resilient

Saudi Arabia: Peer review of four insurers shows strong capitalisation but mixed company profile scores

UAE: Insurers explain need for motor premium hikes

UAE: Reinsurers reportedly lose $136m in last flood event

UAE: Government announces new system for issuance of health insurance policies for foreign visitors

Global

Global: Severe thunderstorms drive insured losses to $60bn in 1H2024

Global: Balance returns to the global property CAT market

Global: Crashes and collisions dominate $15bn of aviation insurance claims

Takaful

Jordan: Solidarity increases profit by 15% in 1H2024

Bahrain: Takaful International net profit for shareholders touches $1.5m for 1H2024

Egypt: AM Best assigns FSR of 'B' to Egyptian Takaful Property & Liability Insurance

Qatar: Assets of listed takaful operators cross $1bn

Türkiye: Participation insurance continues to grow

Product Bites

Guy Carpenter launches FloodShield, near real-time parametric flood cover

QBE Insurance launch global cyber coverage

Solidarity Bahrain and Al Salam Bank launch multi-year motor takaful insurance product

Swiss Re and Goodcarbon introduce carbon credits insurance product

Diary
People on the move

People on the move

Market spotlight

Saudi Arabia

Long-term strategy for Saudi Arabian reinsurer

Strategic diversification is the cornerstone of Saudi Re’s vision, according to Mr Ahmed Al Jabr, as it grows the company’s global footprint and helps maintain a balanced and resilient portfolio, which could ensure sustained growth. As such, the sale of its holding of an offshore entity would allow Saudi Re to capitalise on lucrative domestic opportunities.
 

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New Saudi insurance regulator for a new day

Saudi Arabia’s new regulator, the Insurance Authority, has been up and running for some time now, overseeing a growing industry and a tricky macroeconomic environment. We take a look at some of its main achievements to date.
 

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Saudi insurance brokers adapt to new environment

As the Saudi Arabian economy develops, it provides ample opportunities for brokerage business. If the broking community can reinvent itself, the sky is the limit. We spoke with ACE Gallagher Arabia Insurance Broker’s Mr Rohbaan Ahmad and Marsh Saudi Arabia’s Mr Ammar Tariq for insights.
 

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Saudi insurance sector continues growth trajectory

The Saudi Arabian insurance industry’s performance in 1H2024 makes for good reading. KSA growth in this period is at 18% building on a 60% expansion from 2021 to 2023. Badri Consultancy’s Messrs Hasham Esmail Piperdy and Syed Azadar Haider give us their view of a market that holds great promise for the region.
 

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Saudi life insurance needs a little nudge

The life insurance industry in Saudi Arabia has ample potential that is just waiting to be tapped. The new regulatory authority has also ushered in several positive transformations that can bring in the much-needed push. Middle East Insurance Review spoke to Chedid Reinsurance Brokerage’s Mr Asad Alam about how the kingdom’s life insurance sector industry is in for a major makeover.
 

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