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Magazine

Read the latest edition of AIR and MEIR as an Interactive e-book

Jun 2024

June-Home

Editor's Letter

The rising profile of political risk

Mapping the risk environment

Bahrain and Qatar face flood risk challenge

Insurance to make agriculture climate resilient

Monitor to mitigate (risk)

Record rainfall threatens to drown Arabian Gulf

Market Profile

Morocco

AgriTechs can help agriculture grow despite the challenges ahead

A competitive non-life market in Morocco

Growth and stability in Moroccan reinsurance

Higher insurance profitability in Morocco despite macroeconomic challenges

New developments for regulations in Morocco

Life insurance continues to grow at rapid rate

Inflation, Nat CAT and claims in Moroccan reinsurance

Insurance

General

Egypt's insurers see respite despite gloomy outlook

UAE: Insurers review risk management polices amid floods

Floods call for collaboration between insurance and technology

Reinsurance

SIRC Connect

Ensuring mental health wellbeing in reinsurance

Saudi Arabia

Saudi Arabia: Listed insurers record profits across the board

Broking

Newcomers can make an impact in the MENA region

Takaful

Shariah-compliant policies in Canada

Notebook

Insurers need consistency amid volatility in the region

News

MENA

Middle East: Chedid Capital acquires remaining 20% stake in Groupe Ascoma

Middle East: Climate warming makes GCC states more vulnerable to flooding

Middle East: Wary reinsurers adjust Nat CAT coverage

Middle East: S&P says insurers currently broadly unaffected by Israel-Hamas war

GCC: Growth prospects in insurance market

Bahrain: Nasco Insurance Group acquires Crescent Global Insurance Services

Egypt: Regulator prepares studies on forming national reinsurer

Morocco: Insurers use digital technology to crack down on fraud

Qatar: Central Bank developing digital insurance framework

Saudi Arabia: Direct channel dominates sales but market share dips

Saudi Arabia: Government to insure historical sites

Türkiye: Top reinsurers disclose losses arising from Kahramanmaras earthquake

UAE: Comprehensive auto insurance premiums rise by up to 20% in 1Q2024

UAE: Dubai National Insurance approves a cash dividend of 10%

UAE: Insurance sector in DIFC posts record-high premiums in 2023

UAE: Anoud Tech launches UAE Operations

Global

Global: New record for Nat CAT losses in 2023

Global: Munich Re maintains promising outlook for the year

US: Social inflation remains worrisome for casualty insurers

Takaful

Bahrain: Takaful International reports 13% increase in profit

Malaysia: Takaful operations push MNRB's aftertax profit to historic high

Morocco: Takaful business gains momentum

Qatar: Listed takaful providers' profit outpaces conventional in 1Q

Saudi: Aljazira Takaful profit jumps by 79% in 1Q

UAE: High underwriting earnings boost Watania's profit in 1Q

UAE: SALAMA 1Q net profit jumps 118%

Global Risk Review

Rising cyber threats pose serious concerns for financial stability

Climate change financial impact could be twice that of previous estimates

Insurers optimistic about AI impact on underwriting quality

Avian flu could be transmitted to humans

Inflation main driver for rising cargo crimes

Why are major cities in China sinking 'rapidly'?

Climate change could spread malaria risk to new countries

Climate change creates a 'cocktail' of serious health hazards

Vulnerability exploitation surged by nearly 3X in last one year

Safety and risk management infrastructure expanded

Almost 85% of supply chains can't respond to disruptions in 24 hours

Indonesian forests under threat from nickel mining

Four ASEAN countries among the world's top emitters at high risk of climate disaster

Intangible versus tangible risks comparison

Product Bites

Daman launches its first non-health insurance product

Liva Insurance partners with Thawani Pay to provide third party motor insurance to app users

Chubb and Arta partner to launch embedded valuable insurance product

Saudi Arabia newly launch insurance for heritage buildings and artworks

Marsh introduces a crypto-asset insurance solution tailored for clients in the EU

Diary

People on the move

Read the latest edition of AIR and MEIR as an Interactive e-book

Life insurance continues to grow at rapid rate

By Ahmad Zaki -

Source: Middle East Insurance Review | Jun 2024

Morocco’s life insurers have seen life premiums grow at a steady rate, outpacing inflation. As unemployment rates drop and GDP rises, life insurers could see growth reach an average of 5.9% a year by 2028. We take a closer look at the market and the factors behind this growth.

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