Saudi Arabia is becoming the market of focus for UAE-based InsurTechs, said Daman chief government and development officer Saif AlJaibeji in an article by Wamda, platform of programmes and networks that aims to accelerate entrepreneurship ecosystems across MENA.
A growing cohort of InsurTech startups have entered the insurance space to help incumbents digitalise their processes, according to a blog on the website of Wamda, which operates a platform of programs and networks that aims to accelerate entrepreneurship ecosystems across MENA.
The marine insurance committee of the Insurance Federation of Egypt (IFE) is studying serious marine accidents globally with the intention of drawing lessons from them.
The Financial Regulatory Authority (FRA) has completed all the necessary arrangements to start receiving applications for the asset valuation experts’ register.
The Insurance Federation of Egypt (IFE) has outlined the role of insurance companies in addressing the risks of plastic pollution.
Life insurers in Morocco face liquidity risk because hikes in interest rates could encourage policyholders to redeem their savings insurance policies in search of a higher return, according to an annual report on financial stability.
The Omani insurance sector’s total direct premiums rose by 12.8% to reach OMR541.30m ($1.41bn) in 2022 compared to OMR479.86m in 2021, said Capital Market Authority CEO Abdullah Al Salmi.
The Qatar Central Bank (QCB) has called on companies that are willing to work in providing digital insurance comparison services to apply for the required license from the bank.
The number of Saudis who have enrolled in health insurance schemes reached 11.46m as of the end of June 2023, up by 5% twelve months previously, according to the latest figures released by the Council of Health Insurance (CHI).
The Saudi Central Bank (SAMA) has approved InsurTech rules, following a public consultation via the National Competitiveness Centre’s Public Consultation Platform.
The insured property market loss for the 6 February Kahramanmaras Earthquake Sequence is estimated at TRY92.8bn ($3.43bn) at the current exchange rate, said PERILS.
Total premiums generated in the Turkish insurance market rocketed by 131.3% to TRY210.35bn ($7.8bn) in nominal terms in the first six months of this year, according to statistics released by the Insurance Association of Turkiye.
The Central Bank of the UAE (CBUAE) has decided to cancel a provision that allows a discount of 50% on the minimum insurance premium when an individual with an accident-free record buys a new motor insurance policy or renews an existing plan.
Dubai National Insurance (DNI) has extended its partnership with the UAE Cycling Federation (UAECF).
Global
A series of widespread thunderstorms hit the US and account for 68% of global insured natural catastrophe losses in the first half of 2023, highlighting the increasing loss impacts of secondary perils, Swiss Re Institute estimates in a recent report.
M&A in the global insurance industry dropped sharply in the first half of 2023 with 171 completed deals worldwide, down from 207 in the second half of 2022 and 242 at the same point last year, according to Clyde & Co’s Insurance Growth Report mid-year update.
As incumbent (re)insurers stepped-up their investment activity, new funding for the global InsurTech sector slipped to $916.71m during the second quarter of 2023, down 34.0% from $1.39bn in 1Q2023, pushing the quarterly total below $1bn for the first time in three years.
Insurance and reinsurance loss from the Lahaina wildfire in Hawaii to range between $2.5bn and $4.5bn, according to the property and casualty insurance equity analyst team at Bloomberg Intelligence.
Takaful
Takaful players are lobbying for the adoption of takaful as a platform for financial inclusion and for collaboration on regulations to foster the growth in Africa.
The Indonesian Islamic insurance industry is expected to continue to grow positively this year, according to Indonesian Shariah Insurance Association (AASI) chairman Rudi Kamdani.
Qatar’s takaful sector remained the GCC’s most profitable market, with insurers reporting an average combined loss and expense ratio of lower than 80% in 2022.
Zanzibar president Hussein Mwinyi has launched takaful services in the semi-autonomous state, which is part of Tanzania and has its own government. Almost all (99%) of the 800,000-strong population in the archipelago are Muslims. In Tanzania, more than a third of the total population are Muslims.