Middle Eastern insurers’ company profiles are influenced heavily by the regional industry profile and operating environment (IPOE) ranges said Fitch Ratings.
The Central Bank of Bahrain (CBB) has released Environmental, Social and Governance (ESG) reporting requirements in line with its commitment to transparency, strong corporate governance, and the pursuit of social and climate-related objectives. The module represents a transformative step towards a more sustainable financial market.
The Insurance Federation of Egypt (IFE) is reviewing insurance companies’ coverage of the risks of green hydrogen projects.
The lack of historical data that would form the basis to price microinsurance products is a hurdle which insurers can overcome by adopting prototype products at an initial price, according to the Insurance Federation of Egypt (IFE) microinsurance and small and medium enterprises insurance committee chairman Makeen Lotfy Abdullah.
The Insurance Regulatory Unit (IRU) has urged insurance companies operating in the local market to settle claim payments arising from traffic accidents fairly and without any bargaining with claimants.
Gross insurance premiums of the 46 insurance companies operating in Lebanon totalled LBP2.4tn ($1.6bn) in 2022, falling by 4.5% from LBP2,573.1bn in 2021, according to figures released by the Insurance Control Commission (ICC) under the Ministry of the Economy.
The government has proposed in the 2024 Finance Bill (PLF) a gradual reduction in the value added tax (VAT) on the commission income of insurance intermediaries.
Saudi Arabia has set SAR100,000 ($26,667) as the ceiling on health insurance coverage for foreign tourists visiting the kingdom.
Insurance companies in Tunisia may have to pay a new temporary 4% tax on their profits under the draft 2024 Finance Bill (PLF 2024).
Abu Dhabi National Insurance Company (ADNIC) has launched a technical insurance development initiative for UAE national employees.
A considerable number of small and medium enterprises overlook the importance of insurance coverage.
Several insurers are excluding war risk in marine insurance policies involving Yemen, after the Houthis who control parts of the country announced on 31 October that they would join the Israel-Palestine war.
Global
After a resilient 2023 powered by strong US economic growth, the world economy is expected to slow by 0.4 percentage points to 2.2% real GDP growth in 2024, said Swiss Re Institute in a recent report.
The COVID-19 pandemic, Russia president Vladimir Putin’s invasion of Ukraine and global economic slowdown in quick succession have highlighted the fragility of the world order and the hazards inherent in an increasingly interconnected world, according to findings from a global customer survey published in a new Geneva Association report, “The Value of Insurance in a Changing Risk Landscape”.
Pre-arranged financing (PAF) for disasters has the potential to significantly increase the predictability, speed and effectiveness of responses to shocks, reducing the human and financial costs, according to The Centre for Disaster Protection’s recent report, “The State of Pre-arranged Financing for Disasters 2023.”
Insurance industry leaders from across Europe forecast high inflation and interest rates, attracting and retaining talent, and digital transformation will have the greatest impact on their organisations’ ability to secure future revenue growth in 2024, according to a recent survey conducted by WTW.
Takaful
Misr Takaful Insurance Property and Liabilities (Misr Takaful), the state-owned general takaful operator in Egypt, plans to increase its paid-up capital to EGP250m ($8.1m) from EGP165m, said Misr Takaful CEO and managing director Ahmed Morsy, according to Al Borsa News.
At the officiating of the launch of Allianz Life Syariah Indonesia last month, Indonesia vice president Ma’ruf Amin has urged insurance companies to spin off their shariah business units before the deadline of December 2026.
Public awareness of the importance of having takaful and insurance protection is still low, as 60% of the nation’s population does not have adequate takaful or insurance coverage for emergencies.
Islamic Arab Insurance Company (SALAMA) posted a net profit of AED18.6m ($5.1m) for the first nine months of 2023, a healthy 19% rise from AED15.6m reported in the corresponding period of the previous year, a statement the company issued said.
Management actions implemented by Abu Dhabi National Takaful Company (ADNTC) since 2020, including the restructuring of the family takaful reinsurance programme and strategic diversification of the underwriting portfolio, are expected to contribute toward maintaining the company’s strong underwriting performance over the coming years, said AM Best.