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Magazine

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

Aug 2024

August-Home

Editor's Letter

Insuring renewables spending in MENA

Insurance investment

Boosting impact investment for insurers in MENA

Private credit and equities dominate insurance investment in MENA

Recent trends in MENA insurance investment

Market Profile

Qatar

Insurance plays central role in Qatar development

Addressing inflation in claims supports life insurance boom

New growth avenues for Qatar property and liability insurance

The development of Qatar's insurance regulatory framework

Egypt

Egyptian brokers face hard market over Nat CAT losses and inflation

Regulation for Egyptian InsurTechs increasingly supportive

Coping with Egypt's reinsurance challenges

Harsh new reality for (re)insurance broking in Egypt

Egypt: New insurance regulation for a new era

Insurance

General

Are MGAs growth engines for MENA?

The rising threat of cyber incidents and the importance of cyber insurance

Heatwaves pose a challenge for insurers

Latest D&O trends across the MENA region

New risks looming in MENA

Life & health

Emerging challenges for TPAs

Life and health go their separate ways

Motor

Mena motor insurance: Passenger or driver?

GCC motor broker survival could hinge on tech adoption

Embedded motor insurance can be a game changer in MENA

UAE insurers deny full coverage for EVs

Reinsurance

SIRC Connect

Extreme weather events can stimulate insurance growth

Saudi Arabia

The reality of growing an insurance business in Saudi Arabia

AI innovation and adoption in insurance in the Middle East

The rise of AI in insurance in MENA

The practicality of AI in insurance

AI for better customer experience and fraud detection

Takaful

Malaysia: Takaful growth fuelled by EVs and ageing population

South Asia is largely unchartered territory for takaful

Notebook

Advancing the cause of women in MENA insurance

Trends and developments in insurance training in MENA

Anniversary celebrations in style

News

MENA

Gulf: Floods cause estimated insured losses of almost $2.4bn

Algeria: Country's president postpones bill to amend insurance law

Algeria: CNMA highlights risks associated with grain stored in silos

Bahrain: Insurers tackle EV issues

Egypt: Regulator to establish divorce insurance pool

Egypt: Insurance Federation highlights that life insurers can mitigate climate change

Egypt: Talent management is regarded as crucial for the growth of insurance companies

Jordan: Central bank to revise insurance law to regulate contractual relationship between insurers and the insured

Jordan: Doctors' fees increased for the first time in 16 years

Lebanon: Health insurers to raise premiums, citing medical cost inflation

Morocco: Insurers warn of business impact from mandatory social health insurance decision

Oman: Listed insurers face impact of expected credit losses in adopting IFRS17

Saudi Arabia: Insurers act to increase capital

Saudi Arabia: Mandatory health insurance for domestic workers to start from 1 July

Saudi Arabia: Howden, Allianz Trade and Saudi EXIM Bank sign economic transformation agreement

Tunisia: Tunis Re strong earnings underpinned by underwriting results

UAE: Insurance industry sees total premiums grow by 18.5% in 1Q2024

UAE: DIFC sees growing number of MGAs

UAE: Insurers raise disaster insurance premiums by up to 50%

UAE: Asian car models see highest motor premium hikes

UAE: Relm Insurance expands into MENA

MENA: Dealing with the growing threat of Nat CAT

Global

Global: Strengthening global resilience with a new lease of life

Global: Cascading effects of natural disasters, weak resilience of supply chains among risks insurance sectors face

US: A transitioning reinsurance market responds to cedents' increased demand through mid-year 2024

Takaful

Indonesia: Regulator presents update on insurers spinning off takaful windows

Oman: Takaful Oman in bancatakaful arrangement with Muzn Islamic Banking

Qatar: Alkhaleej Takaful agrees to sell stake in Bahraini life insurer

UAE: Takaful Emarat shareholders approve capital restructuring plan

UAE: ASCANA rebrands as Sukoon Takaful

Product Bites

Bupa Arabia launches insurance benefits product upgrade for members

GIG Gulf launches cashback promotion with personal insurance products

India's LIC International launches two new investment products in Dubai

Bahrain's UIC announce electronic insurance for vehicles entering via King Fahd Causeway

QIC to offer travel insurance

Diary

People on the move

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

UAE insurers deny full coverage for EVs

By Reva Ganesan -

Source: Middle East Insurance Review | Aug 2024

The April 2024 floods in the UAE significantly impacted motor insurance, with a surge in claims for flood damage. Insurers struggled to process claims efficiently, prompting expedited claims procedures and additional support. Insurers in the UAE are also refusing to offer full comprehensive coverage for EVs due to high repair costs, lack of repair expertise and increased accident rates. We find out more from Dubai National Insurance’s Mr A R Srinivasan.

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