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Magazine

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

Sep 2024

September-Home

Editor's Letter

Nat CAT comes calling

Market Profile

Türkiye

Turkish broking at crossroads of transformation and sustainability

Insurance regulation in Türkiye meets market needs

Türkiye's life insurance is ready for take-off

Final loss report on 2023 Türkiye earthquake

Turkish insurers and reinsurers boost non-proportional Nat CAT cover

Türkiye: Motor still engine of non-life insurance

Market spotlight

Saudi Arabia

Long-term strategy for Saudi Arabian reinsurer

New Saudi insurance regulator for a new day

Saudi insurance brokers adapt to new environment

Saudi insurance sector continues growth trajectory

Saudi life insurance needs a little nudge

Insurance

General

Ensuring insurance growth in Jordan

Can public-sector insurers give up motor and health portfolios?

Life & health

Make the trend your friend

Education and training

Developing insurance talent in Egypt

UAE: Hybrid training model for insurance

The challenges of insurance education in MENA

Reinsurance

MENA reinsurers cope with Nat CAT

Reinsurers manage profitable second quarter

Egypt: AI skills gap in insurance

AI algorithms, predictive analytics and automation capabilities in insurance

Takaful

Pakistani farmers benefit from takaful

News

MENA

MENA: Türkiye overtook KSA in premium volume in 2023

Algeria: Insurance industry grew by 4% in 1Q2024

Bahrain: Consolidation needed in insurance industry to stop price wars

Egypt: New insurance law stipulates minimum capital for actuarial firms

Egypt: Policyholders Protection Fund to support insurance training programme

Jordan: Cabinet approves several insurance bylaws

Kuwait: Kuwait Re's outlook revised to positive following enhancements in operating performance

Morocco: Crop sector needs customised insurance

Morocco: Bill adopted to extend insurance notification period from 20 days to 60

Morocco: Regulator delays decision on travel insurance premium refunds for visa rejection class

Oman: Oman Re's net results for the first half of 2024 impacted by Nat CAT but saved by investment gains

Qatar: P&C insurance market has modest growth potential and is resilient

Saudi Arabia: Peer review of four insurers shows strong capitalisation but mixed company profile scores

UAE: Insurers explain need for motor premium hikes

UAE: Reinsurers reportedly lose $136m in last flood event

UAE: Government announces new system for issuance of health insurance policies for foreign visitors

Global

Global: Severe thunderstorms drive insured losses to $60bn in 1H2024

Global: Balance returns to the global property CAT market

Global: Crashes and collisions dominate $15bn of aviation insurance claims

Takaful

Jordan: Solidarity increases profit by 15% in 1H2024

Bahrain: Takaful International net profit for shareholders touches $1.5m for 1H2024

Egypt: AM Best assigns FSR of 'B' to Egyptian Takaful Property & Liability Insurance

Qatar: Assets of listed takaful operators cross $1bn

Türkiye: Participation insurance continues to grow

Product Bites

Guy Carpenter launches FloodShield, near real-time parametric flood cover

QBE Insurance launch global cyber coverage

Solidarity Bahrain and Al Salam Bank launch multi-year motor takaful insurance product

Swiss Re and Goodcarbon introduce carbon credits insurance product

Diary

People on the move

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

Türkiye: Motor still engine of non-life insurance

By Sarah Si -

Source: Middle East Insurance Review | Sep 2024

The Kahramanmaras earthquakes in 2023 may have contributed to rising awareness of fire and natural disaster policies, with a 124.3% increase in nominal terms, but motor business was still the main driver of the segment. Middle East Insurance Review caught up with Insurance Association of Türkiye’s Mr Ugur Gülen and AM Best’s Mr Ben Diaz-Clegg.

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