The Arab Actuaries League has elected Childers Group chief actuary Wasem Tabaa as chairman of the regional professional association for the period 2024-2026.
Organised by the Emirates Insurance Federation, the 19th Annual Gulf Insurance Forum was held in Dubai on 15-16 October 2024 and had 200 delegates.
The latest financial results of 77 listed insurers across the GCC revealed a general decline in underwriting performance, with net combined ratio (NCR) rising by 1.3%, according to the ‘Q3 2024: GCC Performance Periodical’ by Insurance Monitor in association with Lux Actuaries and Consultants.
The Algerian insurance market generated a turnover of DZD90.2bn ($676m) in the first half of 2024, increasing by 8.8% compared to the corresponding period in 2023, according to a National Insurance Council (CNA) report on the sector.
The net profits of insurance companies operating in Bahrain fell by 43.5% to BHD15.78m ($41.87m) in the first half of 2024, compared to BHD27.91m in the corresponding period of 2023, according to the Central Bank of Bahrain.
The Financial Regulatory Authority (FRA) has directed life insurance companies operating in the Egyptian market to investigate the credit standing of insurance applicants who wish to buy policies with high insured sums.
The Insurance Federation of Egypt (IFE) is working with the Financial Regulatory Authority (FRA) to launch an index-based insurance product, according to IFE chairman Alaa El-Zoheiry.
Total insurance premiums in Jordan in the past nine months of this year amounted to JOD603m ($851m), an increase of about 4.9% compared to the corresponding period in 2023, according to the Central Bank of Jordan.
Gulf Insurance Group (GIG) has announced a net profit of KWD22.1m ($72.5m), for the first nine months of 2024 compared to KWD21.4m for the corresponding period last year, an increase of 3.3%.
The Moroccan insurance sector has generated a net profit of MAD3.1bn ($312.5m) in 1H2024, 3% higher compared to the corresponding half in 2023, according to the Insurance and Social Welfare Supervisory Authority. This performance was due to improved technical results.
A proposal has been raised for the Omani government to set up a supervisory agency to oversee the health insurance sector.
Qatar Insurance Company (QIC) has reported a net profit of QAR525m ($144m) for the first nine months of 2024, around 16% higher compared to QAR453m over the corresponding period in 2023.
The insurance industry’s profitability (after-zakat and tax) in the Kingdom of Saudi Arabia (KSA) stood at SAR3bn ($800m) in the first nine months of 2024, growing by 15% from SAR2.6bn in the corresponding period in 2023, according to a report by Badri Management Consultancy.
The Insurance Authority is requiring that at least 30% of all reinsurance treaties (proportional and non-proportional) be ceded to licensed reinsurance companies in the kingdom.
Motor insurers are increasing not just auto insurance premiums, particularly because of losses incurred in this year’s April rains, but also co-payments by insureds.
Listed insurers’ combined profit before tax increased by 8% to AED2.0bn ($544m) in the first nine months of the year, compared to AED1.8bn in the first three quarters of 2023.
Global
The global economy is poised for further solid expansion, according to a Swiss Re Institute report titled ‘sigma 5/2024: Global economic and insurance market outlook 2025-26’.
Outlook for the global reinsurance segment is positive, underpinned by robust underwriting returns and the potential for solid full-year 2024 results despite an active Atlantic hurricane season, said AM Best in a market segment report, issued recently.
ORX, which lists 125 of the world’s largest banks and insurers as its members, has called for a crucial overhaul of operational risk practices to keep pace with the rapid growth of digitalisation in the global financial sector. ORX sees this as a unique opportunity to unlock value for firms and customers alike.
Takaful
Solidarity Bahrain, a leading takaful provider and subsidiary of Solidarity Group Holding, has announced the acquisition of a 28.985% stake in Alliance Insurance, an insurer based in Dubai and listed on the Dubai Financial Market.
Takaful International Company has enjoyed the strategic support of its parent company, GIG-Bahrain and Gulf Insurance Group, and shared synergies and a disciplined approach to corporate governance.
The Financial Services Authority (OJK) has disclosed that two insurance companies have completed the spin-off of their takaful windows or shariah business units (UUS) in October 2024, more than two years ahead of deadline.
Bank Negara Malaysia deputy governor Adnan Zaylani said 2025 will be a significant year for Malaysia as it takes on ASEAN chairmanship, which represents a significant opportunity for Malaysia to actively advance regional collaboration across Southeast Asia in critical sectors, including takaful and retakaful.
Pru Life UK has made history after receiving its first takaful licence in the Philippines.
Global ESG sukuk issuance is expected to keep its growth driven by investor demand, funding and diversification goals and government sustainability initiatives in some Muslim-majority countries, according to Fitch Ratings.