Liva Group, a leading insurance group operating across the GCC and Relm Insurance, a specialist insurer dedicated to emerging sectors, yesterday signed a strategic partnership to empower innovation and entrepreneurship in emerging sectors such as digital assets, AI, biotech and the space economy.
The GCC healthcare industry is poised for strong growth driven by macro-economic factors, the expansion of mandatory health insurance and a growing and ageing population, according to UAE-based Alpen Capital, an investment banking advisory firm.
To strengthen its regional leadership and global expansion, Qatar Insurance Group (QIC), the leading insurer in Qatar and the MENA region, has announced strategic investments in three InsurTech startups.
The Algerian Ministry of Finance has issued licences to four new insurance brokers, with the decision published in the Official Gazette.
Takaful International Company has announced that the first Islamic Insurance Company in Bahrain, says that its total net profit reached BHD1.65m ($4.38m), representing a 9% growth from BHD1.51m in 2023, mainly attributed to strong investment performance.
Arab Insurance Group (Arig) has announced positive financial results for 2024, with net profit amounting to $26.44m attributable to shareholders, almost 90% higher than the $13.98m chalked up for 2023.
The Financial Regulatory Authority (FRA) has announced that it is raising the ceiling on coverage in microinsurance products by 25% to EGP 312,500 ($6,160) from EGP250,000.
The Insurance Federation of Egypt (IFE) has said that insurance companies in the country will cooperate with regulatory authorities and technology companies to develop a clear legal and insurance framework that meets the needs of the insurance sector covering autonomous ships.
In a strategic move to strengthen banking partnerships and further expand and diversify its distribution network, Solidarity First Insurance (Solidarity) signed a cooperation agreement with Islamic International Arab Bank (IIAB) to issue bancassurance policies through electronic channels and through the bank’s branches across Jordan. This makes Solidarity the first shariah-compliant insurer to sign such an agreement with the bank, said the provider in a press release.
Jordan’s insurance market continued to grow in 2024 with the premium volume jumping by around 8% while paid claims increased by 6.5%, according to preliminary data released by the sector’s regulator.
Kuwait Re has announced that it achieved a profit after tax of KWD14.13m ($45.8m) in 2024 compared to KWD10.83m in the previous year, a jump of 30.4%, according to a statement the company lodged with the Kuwait stock exchange.
Libano-Suisse Insurance and healthcare benefits management company GlobeMed Lebanon have won a tender from the Order of Engineers and Architects of Beirut (OEAB) to manage health insurance for over 125,000 beneficiaries, including engineers, employees and their families.
Gross written premiums (GWP) of Moroccan insurance and reinsurance companies reached MAD59.7bn ($6bn) in 2024, growing by 5.3% from the preceding year, according to preliminary data released by the Supervisory Authority of Insurance and Social Welfare (ACAPS).
Moroccan Insurance Federation (FMA) president Mohammed Hassan Bensalah, has advocated the establishment of a single insurance market in Africa.
The insurance regulator, the National Insurance Commission (NAICOM), is urging insurance companies to develop and introduce cyber insurance products in response to increasing digital risks.
Important challenges in the Nigerian insurance market include sluggish growth, low penetration rates and the under-utilisation of technology, according to a report launched by the Financial Institutions Training Centre (FITC).
Oman Re, the Sultanate’s first and only reinsurer, has announced a robust increase in its reinsurance revenue, reaching OMR49.9m ($129.8m) for the fiscal year ended 31 December 2024 (FY2024).
Saudi Reinsurance Company (Saudi Re) reported a strong net profit of SAR 475m for 2024, marking a 281% increase compared to 2023. The company’s gross written premiums (GWP) rose by 48% to SAR 2.36bn, driven by significant growth in both local and international markets.
The Company for Cooperative Insurance (Tawuniya), one of Saudi Arabia’s biggest insurers, has posted a net income after zakat of SAR1.02bn ($272.5m) in 2024, compared to SAR616.4m in the previous year, an increase of 65.8%, according to a company statement lodged with Tadawul.
Life and non-life insurance business in Türkiye registered notable growth rates in the past year, while participation insurance continues to record impressive growth rates, according to the Association.
Orient Insurance, the leading UAE insurance provider and a subsidiary of the conglomerate Al-Futtaim, has announced that its net profit after tax increased by 15% to AED731m ($199m) in 2024, up from AED636m in 2023, according to the company’s preliminary financial results for the year ended 31 December 2024.
Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region, has announced record financial results for 2024, coinciding with celebrating 20 years since its establishment, and continues to bolster Dubai’s position as the region’s financial services capital.
Several developments, set to be introduced in the UAE in 2025, will bolster insurance industry revenues, provide a secure, healthy environment and improve the quality of life across the country, according to a report of the board of directors of Sukoon Insurance.
Nas Neuron Health Services (NNHS) a leading health insurance TPA in the region, has unveiled a new brand identity—designed to unify its presence, enhance digital accessibility and elevate the experience of over 1.85m members.
Global
Organisations are more at risk of acute supply chain failure in 2025 because of heightened global geopolitical tensions and protectionist trade strategies, according to Marsh’s Political Risk Report 2025.
ILS capacity grew during 2024 reaching a record $107bn by year end, according to Guy Carpenter and AM Best estimation.
Lloyd’s full year 2024 financial result reflects another positive year as the marketplace continues to focus on consistent profitability.
Takaful
Premium income of insurance companies in Egypt reached EGP94.7bn ($1.87bn) in 2024, 28% up from EGP74.1bn achieved in 2023, according to the monthly publication released by the Financial Regulatory Authority (FRA).
Family takaful contributions saw a 10.4% growth in 2024 to IDR22.61tn ($1.37bn), compared to 2024, according to the Indonesian Life Insurance Association (AAJI).
The Securities and Exchange Commission of Pakistan (SECP) has amended the General Takaful Accounting Regulations, 2019, for takaful companies to disclose takaful results in their published financial statements.
Salaam Family Takaful Limited and Dubai Islamic Bank Pakistan Limited (DIBPL) have entered into a strategic partnership to offer innovative, shariah-compliant financial solutions, according to a statement the bank issued last month.
Doha Insurance Group (DIG), the parent company of Doha Takaful Company, has announced that it plans to transform the takaful unit from a limited liability company wholly owned by the group to a private joint stock company.
Al Rajhi Cooperative Insurance Company (Al Rajhi Takaful), the third largest insurer in Saudi Arabia in terms of premium volume, has reported a net profit after zakat attributable to the shareholders of SAR332.34m ($88.58m) in 2024, 1.30%, higher than the SAR328.06m chalked up in 2023.
Neova Sigorta (Neova), the first operator to launch participation insurance (takaful) in Türkiye, has announced its financial results for 2024 showing notable growth from the past year.