Algerian president Abdelmadjid Tebboune has ordered the postponement of a bill, which when passed would update and modernise the insurance law.
The Caisse Nationale de Mutualité Agricole (CNMA), which commands a share of over 75% of the agricultural insurance market in Algeria, has raised awareness of the risks linked to storage silos.
Insurers in Bahrain are addressing the growing trend of electric vehicle (EV) ownership although the current number of such vehicles is less than 750 out of a population of 750,000 vehicles in the kingdom.
The Financial Regulatory Authority (FRA) will establish an insurance pool for divorce risks after the unified insurance law takes effect.
The Insurance Federation of Egypt (IFE) is reviewing the role of life insurance companies in dealing with the risks of climate change and ways to improve their functions in this arena.
The Insurance Federation of Egypt (IFE) said that for insurance companies to adapt successfully to rapidly changing risks, there is a need to find new ways of working supported by a more flexible workforce with diverse capabilities.
The Central Bank of Jordan (CBJ) is preparing a draft insurance law aimed at regulating the contractual relationship between insurance companies and the insured, providing a stable legal foundation for these relationships, CBJ governor Adel Sharkas, said.
A new fee schedule for doctors for all medical procedures has been approved, providing for the first increase since 2008, Jordan Medical Association (JMA) head Ziad Al-Zoubi, has confirmed.
Large private insurers in the Lebanese market have indicated that they will raise health insurance premiums by 10%, starting 1 July, because of the rising costs of medical care.
The insurance industry has voiced serious concerns over the government’s move to implement the universal implementation of the Compulsory Health Insurance scheme (AMO), which is a social security programme.
With a rise in credit risk, the Omani insurance industry faces increasing challenges due to the enhanced impact of expected credit losses (ECL), says Badri Management Consultancy.
The Insurance Authority (IA) has approved on 2 June an application from Salama Cooperative Insurance Company to increase its capital by SAR100m ($26.7m) via a rights issue.
The Saudi Council of Health Insurance (CHI) and the Insurance Authority (IA) began implementing the decision to make health insurance mandatory for domestic workers registered with an employer if their number exceeds four people.
Howden, the global insurance intermediary group, and Allianz Trade, the world’s leading trade credit insurer, have announced the signing of an initial framework agreement with Saudi EXIM Bank to provide credit and political risk insurance to exporters willing to seize business opportunities in Saudi Arabia through its Vision 2030 plan.
Societe Tunisienne de Reassurance’s (Tunis Re) earnings are strong, underpinned by solid underwriting performance, said Fitch Ratings.
The UAE insurance sector continued to grow in 1Q2024, reflected by the increase of 18.5% year on year in gross written premiums to AED21.1bn ($5.7bn), according to the ‘Quarterly Economic Review June 2024’ published by the Central Bank of the UAE.
The number of managing general agents (MGAs) at the Dubai International Financial Centre (DIFC) has been increasing, according to DIFC Authority CEO Arif Amiri.
Some insurers in the UAE have increased premiums for losses arising from Nat CAT, while others are still considering adjustments in rates and will do so soon.
Owners of Japanese, Korean and Chinese car models in the UAE are facing the highest increases in motor insurance premiums on renewals as the full impact of April’s rains is felt by vehicle owners and insurers alike.
Relm Insurance is expanding into the MENA region through the acquisition of B&F Partners, now known as Relm Insurance MENA.
Economic losses caused by natural disasters in Europe, Africa and the Middle East regions have reached $155bn, with only $27bn are insured, which shows a protection gap of 83%, said the General Arab Insurance Federation (GAIF) secretary general Chakib Abouzaid, speaking at the Arab symposium ‘Emerging Issues and Applications in the Arab Insurance Industry’, held in Jordan.
Global
Global economic growth has remained resilient over the last year, and interest rates higher in the face of inflation persistence.
According to Guy Carpenter, mid-year renewals reflected a transitioning reinsurance market meeting demand in a dynamic trading environment.
Takaful
The Financial Services Authority (OJK) has revealed that two insurance companies will spin off their takaful windows this year by establishing takaful companies.
Last month, Takaful Oman Insurance Company (Takaful Oman) teamed up with Muzn Islamic Banking, the Islamic banking window of National Bank of Oman, to offer the bank’s customers a wide range of takaful products.
Doha-headquartered AlKhaleej Takaful Insurance Company has agreed to sell its 25% equity in Bahrain National Life Company (BNL).
Shareholders at the annual general meeting of Takaful Emarat Insurance Company have approved a special resolution allowing for a capital increase of AED185m ($50.4m) for the company.
Dubai-listed Arabian Scandinavian Insurance Company - Takaful (ASCANA) has rebranded itself as Sukoon Takaful.