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Jan 2024

News


MENA

GCC: IFRS17 transition's net impact on equity reaches -2.5%

Nine months into the year, the progress on the transition to IFRS17 has moved up to 91% as most insurers embrace IFRS17 except a few takaful entities who will likely adopt the standard’s equivalent from 1 January 2025, according to the Q3 2023: GCC Performance Periodical by Insurance Monitor in association with Lux Actuaries and Consultants.
 


Algeria: Government studies proposed revisions to insurance law

Algeria prime minister Nadir Larbaoui has chaired a government meeting during which a preliminary draft insurance law was examined.
 


Egypt: Insurance federation and regulator studying sustainable insurance legislation

The Insurance Federation of Egypt (IFE) is working with the Financial Regulatory Authority (FRA) in studying legislation and decisions related to sustainable insurance in Egypt.
 


Egypt: Regulator prioritises agricultural insurance

The Financial Regulatory Authority (FRA) is placing agricultural insurance at the forefront of its agenda to develop the sector, according to FRA central department for the supervision and control of insurance companies general manager Moustafa Khalil.
 


Morocco: Agriculture Ministry to expand insurance programme for various crops

The Ministry of Agriculture, Maritime Fisheries, Rural Development and Water and Forests is planning to extend insurance coverage for the agricultural sector by 84,000 ha.
 


Morocco: Long-term insurance savings lose appeal

The tax framework in Morocco has undergone significant changes, some of which have had a negative impact on long-term savings, according to Moroccan Insurance Federation president Mohamed Hassan Bensalah.
 


Qatar: Insurance industry to launch climate insurance products

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Saudi Arabia: All insurance sales jobs to be localised from April 2024

The Insurance Authority (IA) has issued a decision to localise all sales positions in the insurance industry starting on 15 April 2024.
 


Saudi Arabia: Cigna opens branch in Riyadh

Global health company, Cigna Healthcare, has boosted its presence in Saudi Arabia by opening its new office in Riyadh.
 


Saudi Arabia: Insurance Authority drafting national insurance strategy

The newly formed Insurance Authority (IA) is drawing up a national insurance strategy, to serve as a guide for the sector.
 


Tunisia: Number of road accidents caused by foreigners jumps in first 9 months

The number of road accidents caused by foreigners in Tunisia totalled 744 in the nine months to 30 September 2023, an increase of 37% y-o-y.
 


Türkiye: Fall in vehicle prices pushes down motor insurance premiums

There has been a noticeable decrease in new and second-hand vehicle prices in the Turkish automotive market recently.
 


Türkiye: Regulator announces revised minimum capital requirements

The Insurance and Private Pension Regulation and Supervision Agency (SEDDK) has increased the minimum capital requirements to establish insurance and reinsurance companies.
 


UAE: New insurance law takes effect

The UAE has issued a new insurance law that was published in the Official Gazette on 31 October 2023 and entered into force on 30 November 2023.
 


Global

Global: Insured losses from severe thunderstorms reach $60bn

Nat CAT will once again break loss records in 2023. A high number of low-to-medium-severity events will aggregate to insured losses of more than $100bn in 2023, estimated Swiss Re Institute, with severe thunderstorms being the main contributor. It is the first time ever that severe thunderstorms have caused this level of loss for the industry.
 


US: P&C insurers set for modest improvement in 2024

US property and casualty (P&C) insurers will see some relief in the coming year following a rough 2023 as a personal auto line recovery contributes to statutory profit improvement, according to Fitch Ratings in its 2024 sector outlook report.
 


S&P upgrades Lloyd's to 'AA-' on strong underwriting discipline

S&P Global Ratings has raised its financial strength ratings on the Society of Lloyd’s and its core operating entities to ‘AA-’ from ‘A+’. The outlook is stable.
 


Takaful

Indonesia: More insurers reveal decision on takaful windows


Malaysia: Malaysian Life Reinsurance launches retakaful window

Malaysian Life Reinsurance Group (MLRe), a joint venture between the Life Insurance Association of Malaysia and Reinsurance Group of America, has launched a retakaful window to contribute up to 10% of its premium within the next three years.
 


Pakistan: Pak-Qatar Family Takaful, Instaful Solutions tie up to promote bancatakaful

In December, Pak-Qatar Family Takaful and Instaful Solutions entered into a strategic partnership to introduce inclusive bancatakaful, reported Urdupoint.
 


Saudi Arabia: Al Rajhi increases its paid-up capital by 1.5 times

Shareholders of Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful) have agreed to increase the operator’s capital by 150% to SAR1bn ($266.6m) from SAR400m.
 


UAE: Ascana Insurance rebrands to Sukoon Takaful

Arabian Scandinavian Insurance Company-Takaful (Ascana Insurance) has rebranded itself to Sukoon Takaful, aligning itself with the parent company’s brand, according to a statement the company issued last month.