The insurance industry, including takaful, grew by 4% to DZD48.4bn ($359.6m) in 1Q2024 in terms of overall revenue (direct and reinsurance acceptances), according to provisional data from the National Insurance Council (CNA).
The insurance market in Bahrain needs more mergers or acquisitions between insurance companies and even between reinsurance companies, Bahrain Insurance Association chairman Jawad Mohammed said.
The Unified Insurance Law, enacted earlier this month, allows the Financial Regulatory Authority (FRA) to license actuarial companies.
Egypt prime minister Mostafa Madbouly has issued a directive that part of the money in the Policyholders Protection Fund (PPF) be used for training and educational programmes for the Egyptian insurance market.
A cabinet session, headed by prime minister Bisher Khasawneh, approved the 2024 Mandatory Vehicle Insurance Bylaw on 21 July 2024.
Kuwait Reinsurance Company’s underwriting discipline and prudent risk selection are expected to support continued improvements in its operating metrics, said AM Best.
The Moroccan crop landscape may benefit from a tailor-made approach, supporting food production, social resilience and the economic sustainability of crop (re)insurance, according to a blog posted on Swiss Re’s website.
The House of Representatives has, during a plenary session, unanimously adopted a bill to amend the Insurance Code.
The Insurance and Social Security Supervisory Authority (ACAPS) has postponed its decision on the refund of premiums paid for travel insurance when applications for visas are rejected by European authorities.
Oman Re announced a 17% increase in reinsurance revenue for the first half of 2024, reaching OMR 24.5m ($63.7m) compared to OMR21.0m for the corresponding period last year.
The Qatari non-life insurance sector has modest growth potential and should remain resilient, even if economic growth slows down, said S&P Global Ratings (S&P).
The Company for Cooperative Insurance (Tawuniya) is well diversified across insurance lines with a solid competitive profile, says Fitch Ratings.
The Emirates Insurance Federation, referring to hikes in motor insurance premiums, has said that it is natural for insurance companies to raise their premium rates to compensate for losses and to re-adjust their operations.
Reinsurers lost about AED500m ($136m) on motor insurance alone during the last flood event in the UAE and they now need to recuperate their losses, according to a senior industry executive.
The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP) has announced a health insurance project for tourist visas.
Global
A high frequency of small to medium events resulted in global insured losses from natural catastrophes of $60bn in the first half of 2024, according to Swiss Re Institute’s preliminary estimates. Severe thunderstorms, mainly in the US, accounted for 70% of global insured losses.
By the start of 2024, a healthier balance had returned to the global property catastrophe market, said Guy Carpenter in its mid-year 2024 Market Insights Update.
The aviation industry, and its insurers, have had to face significant challenges in recent years including the COVID-19, the energy crisis and Russia president Vladimir Putin’s invasion of Ukraine.
Takaful
Solidarity – First Insurance Company (Solidarity-First) announced that its profits before tax for the first half of 2024 amounted to JOD1.9m ($2.7m), a growth rate of 15% compared to the corresponding period of the past year.
Takaful International Company (Takaful International) announced that shareholders’ net profit reached BHD555,000 ($1.48m) for 1H2024 against BHD428,000 for the same period in the previous year, a 30% increase.
The operating performance of Egyptian Takaful Property & Liability Insurance Company (EGTAK) is assessed as adequate, says AM Best.
Total assets of local takaful operators in Qatar reached QAR4.2bn ($1.15bn) in 2023 (excluding General Takaful Company), according to the Islamic Finance Report issued by Bait Al-Mashura Financial Consulting Company.
Participation insurance), which grew by 93.7% in the first half of the year, increased its market share in Türkiye to 5.5% with a premium volume (contributions) of TRY21.25bn ($633.6m), according to data compiled by the Insurance Association of Türkiye (TSB).