Across the Middle East and Africa region, fears about the long-term impact of the events of the Arab Spring of 2011 appear to be receding, with concern about political/ social upheaval not as prominent as a year ago, the third annual Allianz Risk Barometer report has shown.
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GCC countries are expected to see significant economic growth following Dubai's successful bid for the World Expo late last year, and the World Cup tournament to be held in Qatar in 2022.
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The GCC's healthcare spending is projected to increase at a compound annual growth rate (CAGR) of 11.4% from 2010 to 2015, mainly driven by the growing population, rising income levels, increased prevalence of lifestyle diseases, high demand for quality healthcare and mandatory health insurance policies, said a recent EY report.
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Argo International has launched its new environmental impairment liability (EIL) product in response to the growing trend towards ever more stringent environmental liability legislation for businesses in the Middle East.
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Difficult weather conditions which swept across the Middle East last December, bringing heavy precipitation and the coldest temperatures in years to several countries, caused about US$500 million in economic losses, said Impact Forecasting in its monthly Global Catastrophe Recap report for December 2013.
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Algeria's insurance market collected gross premiums of DZD109.4 billion (US$1.4 billion) last year, representing growth of 10.8% over 2012, said media reports citing data from the National Insurance Council.
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The Algerian government has banned insurers in the country from selling products providing cover for medical treatment overseas.
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Arig has agreed to sell 51% of its shareholding in its wholly owned subsidiary, Arima Insurance Software, to Beirut-based BSynchro Holding for US$1.25 million.
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Egypt's financial supervisor has approved new insurance rules for travel agencies in a bid to improve trust following a spate of accidents involving tourists in recent years.
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The interim nuclear deal reached late last year between Iran and major powers has left no tangible positive effects on the insurance business, said media reports citing a senior official.
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Insurers in Jordan are expected to report heavy financial losses due to the severe snowstorm last December, according to Jordan Insurance Federation.
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The African Development Bank (AfDB) has approved a loan of EUR115 million (US$157.15 million) to finance the third phase of the PARCOUM Program to support key institutional reforms of medical coverage in Morocco.
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The Moroccan economy is forecast to grow by 4.5% this year, but the number of corporate insolvencies could rise by 10% to more than 7,000 because of structural adjustments in public finance, according to Euler Hermes.
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The Omani government plans to merge the assets of the country's pension funds in an apparent move to save cost and enhance efficiency, said the Times of Oman. The pension obligations or systems of separate pension funds will remain without any change.
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Oman United Insurance's net profit for 2013 surged 92% to OMR5.07 million (US$13.2 million), thanks to a robust increase in investment income.
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The Qatar Financial Centre has launched its first-ever essay competition to celebrate the 8th annual Multaqa Qatar.
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Doha Insurance has received in-principal approval to increase its capital from QAR257.4 million (US$70.7 million) to QAR500 million by issuing 24,260,000 new shares at QAR18 per share.
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Members of non-life cooperative AMI Assurances agreed to its demutualisation and transformation into a company, reported the business information website, Tunisia IT.
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The UAE's Insurance Authority, together with the National Bureau of Statistics, will conduct a survey on the country's insurance sector to provide up-to-date data on the sector.
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Several UAE insurers have begun charging motor insurance premiums based on drivers' traffic records, as they now have an electronic link to traffic departments via a portal launched by the Ministry of Interior.
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The UAE government is working closely with local health authorities to fast-track a proposed federal comprehensive medical insurance scheme for the federation, according to Dr Anwar Gargash, Minister of State for the Federal National Council (FNC) and Foreign Affairs.
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Authorities will not allow premiums to soar under Dubai's new health insurance scheme, said Dr Haidar Al Yousuf, Director of Health Funding at the Dubai Health Authority (DHA).
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Expatriates in Dubai should ensure they have the right health plan following the recent ruling by the Dubai Healthcare Authority making such insurance compulsory, said international health insurance intermediary Medibroker.
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Customers of First Gulf Bank (FGB) may now enjoy free home contents insurance cover worth AED70,000 (US$19,058) for a period of six months.
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