Algeria prime minister Nadir Larbaoui has chaired a government meeting during which a preliminary draft insurance law was examined.
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.
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.
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.
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.
The Insurance Authority (IA) has issued a decision to localise all sales positions in the insurance industry starting on 15 April 2024.
Global health company, Cigna Healthcare, has boosted its presence in Saudi Arabia by opening its new office in Riyadh.
The newly formed Insurance Authority (IA) is drawing up a national insurance strategy, to serve as a guide for the sector.
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.
There has been a noticeable decrease in new and second-hand vehicle prices in the Turkish automotive market recently.
The Insurance and Private Pension Regulation and Supervision Agency (SEDDK) has increased the minimum capital requirements to establish insurance and reinsurance companies.
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
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 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 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
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.
In December, Pak-Qatar Family Takaful and Instaful Solutions entered into a strategic partnership to introduce inclusive bancatakaful, reported Urdupoint.
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.
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.