The aggregate net earnings of listed insurance companies in the GCC for 1Q2022 fell by 17.3% to $335.7m compared to $405.7m in the corresponding quarter of 2021, according to data compiled by Insurance Monitor.
The Supreme Council of Health (SCH) and Aon Bahrain have signed an agreement on the implementation of a health insurance scheme for foreign residents within the framework of the National Health Insurance (NHI) programme.
The Financial Regulatory Authority (FRA) has laid down rules for the use of fintech by non-bank financial institutions, including digital insurers, according to FRA assistant chairman Hesham Ramadan.
The Insurance Regulatory Unit (IRU) is working on preparing a new motor TPL insurance system under which various insurance packages will be offered based on the driver’s age and traffic record, the vehicle type and other factors that affect the degree of risk.
The Insurance and Social Security Supervisory Authority (ACAPS) has published new rules for online insurance sales that will apply from 1 July 2022.
The first quarter of this year continued to be extremely challenging for the Saudi insurance market and brought higher losses following 2021 which was already one of the toughest years for profitability in the kingdom’s insurance sector, said Badri Management Consultancy (Badri). Most of the 1Q2022 loss was from motor insurance business.
The insurance industry in Tunisia paid fire insurance claims totalling TND25m ($8m) in 2015 and the quantum jumped over the years to TND107m in 2020. That represented an average increase over 30% a year, according to a statement released by the Tunisian Federation of Insurance Companies (FTUSA).
The insurance sector in Türkiye said the 25% tariff increase for compulsory motor TPL insurance (dubbed ‘traffic insurance’) that took effect on 1 June will not cover their costs, particularly as the coverage sum has also been increased.
Motor insurance prices have continued to decline in the UAE, with some insurers charging a premium that is about 40% less than the average premium they were charging less than three years ago.
According to an analysis by Insuramore, the value of revenues earned worldwide by MGA, MGU and cover-holder groups reached around $15.23bn in 2021, signifying annual growth of approximately 21.7% before adjusting for inflation. This is substantially ahead of the growth rate of world’s insurance broking sector which is believed to have risen in value by almost 12.5% in 2021.
Global
Businesses should prepare for a rise in civil unrest incidents as the cost-of-living crisis follows hot on the heels of the COVID-19 pandemic, according to Allianz Global Corporate & Specialty (AGCS).
According to a WTW survey, most IFRS17 programmes will require a pragmatic approach to deliver on time.
Nearly all average premium renewal rates for major commercial lines of business remain up y-o-y, according to the May 2022 results of the Ivans Index.
Takaful
Earned contributions in Egypt reached EGP777m ($41.5m) in the first four months of 2022 against EGP306.7m in the same period of the previous year, a 153.3% increase, according to the monthly report of the Financial Regulatory Authority.
Takaful Oman has announced the successful completion of its OMR6m ($15.6m) rights issue.
Four parties have signed a memorandum of understanding (MoU) to establish a takaful venture in Morocco to meet demand in the market for Islamic insurance. The four are Casablanca-based AtlantaSanad Assurance, Moroccan Tourism and Real Estate Loan Bank (CIH), Qatar International Islamic Bank (QIIB) and Qatar Islamic Insurance Company (QIIC).
The Insurance and Social Welfare Supervisory Authority (ACAPS) granted approval to six participating banks to offer takaful products in Morocco last month. A statement issued by ACAPS said that the banks will offer products of takaful operators which were licenced at the beginning of 2022.
With the successful end of the creditor’s notice period, the plan to merge Dar Al Takaful (DAT) and Watania to create the UAE’s largest takaful company continues towards completion at end June 2022.