Prospects for the MENA reinsurance market may arise from growing product offerings in primary markets, namely in cyber and liability lines of business, according to an AM Best report.
The insurance industry in Bahrain has shown steady results for the six months ended 30 June 2023, with gross premiums (conventional and takaful) generated in the domestic market amounting to BHD151.49m ($402m), 3.1% higher than the BHD146.86m posted for the corresponding period in 2022.
The Financial Regulatory Authority (FRA) has announced requirements that insurance companies and cooperative insurance societies operating in the Egyptian market must meet in pricing insurance policies to ensure fair competition and to protect policyholders’ interests.
The Jordan Insurance Federation (JIF) has decided to withdraw from a joint pricing committee formed by the Health Ministry to study doctors’ fees.
The new unified motor third-party liability insurance policy will see the light before the end of this year, according to Insurance Regulatory Unit (IRU) head Mohammed Sulaiman Al-Otaibi.
The earthquake that struck Morocco on 8 September 2023 affected an area with low insurance penetration.
The proposed Insurance Authority (IA) is expected draft the National Strategy for the Insurance Sector to be in line with other National Strategies such as National Investment Strategy and other programmes within Vision 2030 of the Kingdom of Saudi Arabia (KSA), according to insights provided by the global law firm Clyde & Co.
The owner of a $70m private jet, which allegedly plummeted in value after being badly damaged in a hailstorm, has lost its legal appeal to recover any loss in value from insurers.
Dubai-headquartered insurer Sukoon (formerly Oman Insurance) has bought the UAE life insurance portfolio of Chubb Tempest Life Reinsurance.
Dubai International Financial Centre (DIFC) has granted several licences to insurance and reinsurance companies in recent months, the sector in the DIFC is on track for 20% annual growth, the financial centre said in a statement.
Global
The non-life reinsurance market is expected to grow above GDP, driven mainly by inflation and urbanisation.
S&P Global Ratings has revised its view of the global reinsurance sector to stable from negative, according to “Global Reinsurance Stabilizes As Green Shoots Emerge In Underwriting,” published last month.
Lloyd’s announced a strong set of results for the first six months of 2023, with an underwriting profit of £2.5bn ($3.1bn) against £1.2bn achieved in the first six months of the previous year, an investment return of £1.8bn (HY 2022: £3.1bn loss) and a profit before tax of £3.9bn (HY 2022: loss of £1.8bn).
Capital dedicated to the global reinsurance sector totalled $709bn at half year 2023, an increase of 13% versus the restated full-year 2022 base, according to the latest “Reinsurance Market Report”, published by Gallagher Re.
Takaful
Total gross written contributions (GWP) for takaful operators in Bahrain reached BHD46.67m ($124m) in the first half of 2023 against BHD41.3m generated in the corresponding period of the past year, a 13% increase, according to a recent statement released by the Central Bank of Bahrain (CBB).
Gross written contributions for takaful business reached EGP4.3bn ($138m) in the first six months of 2023 versus EGP4.5bn generated in the same period of the past year, a decline of more than 6% from EGP4.5bn generated in the corresponding period of 2022.
Holy Land Takaful Insurance Company (Holy Land) has received regulatory approval to offer takaful products in the Palestinian insurance market.
Salaam Takaful has formed a partnership with Digital Dera, Pakistan’s first food security policy and rural technology innovation start-up, to advance the cause of financial inclusion.