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

Dec 2024

Contents

December-Home
Editor's Letter
Magazine article aboutTime-for-takaful

Time for takaful

Insurance 2025 predictions
Magazine article aboutInsurTech-pioneers-innovation-in-MENA

InsurTech pioneers innovation in MENA

GCC credit insurance market set to grow despite risks

Insurance growth on cards despite headwinds

Expectations of industry consolidation

Geopolitical risks and regulatory compliance to test markets

A wider but challenging landscape for insurers in 2025

Navigating transformation and seizing opportunities

Regulatory reform reshapes insurance market for all

Macroeconomic tailwinds will drive insurance growth

A better understanding of risk

GCC insurance outlook: Growth and resilience

Insurers must adapt or pay the price

Maximising new technologies to scale innovation

Market Profile
Magazine article aboutKuwait-s-life-insurance-industry-gets-government-boost

Kuwait

Kuwait's life insurance industry gets government boost

Kuwait insurance: Growth and transition

Kuwait: Digital and regulatory shifts revitalise L&H insurance

Developing local talent for the insurance sector

Diversification and digital innovation drive non-life market in Kuwait

Kuwait regulators explore new healthcare solution for retirees

Health bullish, motor and takaful face hurdles

Reinsurance
Magazine article aboutSIRC-continues-to-facilitate-industry-advancement

SIRC continues to facilitate industry advancement

Building a reliable platform for growth

Saudi Arabia
Magazine article aboutWhere-are-all-the-InsurTechs-

Where are all the InsurTechs?

Insurance
Magazine article aboutView-from-India-Product-innovation-and-customisation-impact-insurance-adoption

General

View from India - Product innovation and customisation impact insurance adoption

AI
Magazine article aboutUAE-AI-presents-viable-solution-to-medical-claims-issues

UAE: AI presents viable solution to medical claims issues

Acquiring digital market share without AI integration

Takaful
Magazine article aboutParticipation-insurance-in-T-rkiye-Breaking-new-ground

Participation insurance in Türkiye: Breaking new ground

Notebook
Magazine article aboutWIN-sparks-change-in-MENA-insurance

WIN sparks change in MENA insurance

Egypt insurance set for sustained growth

An opportunity for the global insurance industry

News

MENA

MENA: Reinsurers gain from pricing environment

MENA: Actuaries League elects chairman and vice chairman for 2024-26

GCC: Gulf Insurance Forum resolutions focus on climate change and tech

GCC: Weaker underwriting performance slows down profit growth in 9M2024

Algeria: Insurance market grows by 8.8% in 1H2024

Bahrain: Higher operating costs dent net profits of insurers in 1H2024

Egypt: Life insurers to check credit status of applicants

Egypt: Insurers cooperate with regulator to develop parametric insurance and Nat CAT insurance pool

Jordan: Insurance premiums grow by nearly 5% to over $850m in 9M2024

Kuwait: GIG posts 3.3% increase in net profits for first three quarters

Morocco: Insurance industry posts profits of over $312m in 1H2024

Oman: Trade chamber proposes the establishment of a distinct regulatory agency for the health insurance sector

Qatar: QIC's net profit jumps by 16% to $144m for first three quarters of 2024

Saudi Arabia: Insurance sector's net profit jumps by 15% to $800m in first three quarters

Saudi Arabia: Insurers with reinsurance licenses expect significant increase in revenue due to new reinsurance regulation

UAE: Motor co-insurance costs on the rise

UAE: Listed insurers post combined pre-tax profits of $544m for the first three quarters of 2024

Global

Global: Growth in the shadow of geopolitics

Global: Outlook for global reinsurance industry remains positive

Global: Firms must adopt now or risk falling behind

Takaful

GCC: Solidarity Bahrain acquires 29% stake in UAE insurer

Bahrain: Takaful International maintains strong operating performance

Indonesia: Two insurers complete spinoff of takaful windows

Malaysia: ASEAN chairmanship in 2025 to propel takaful market

Philippines: Pru Life UK receives the country's first takaful licence

Global: ESG sukuk to exceed $50bn by 2025

Product Bites

Insurance Authority and Saudi Red Sea Authority launch coastal tourism insurance product

Solidarity Bahrain launches life takaful protection plans

Howden introduces streamlined cyber insurance solution

HAYAH Insurance launches two new savings products

Al Salam Bank launches third-party motor takaful coverage in Bahrain

Diary
People on the move

People on the move

Where are all the InsurTechs?

Source: Middle East Insurance Review | Dec 2024

Saudi Arabia has emerged as a promising hub for fintech, as part of its ongoing digital transformation and economic diversification under Vision 2030. InsurTech remains underfunded and less mature by comparison. Celent’s Mr Todd McGregor examines the reasons for the mismatch in funding and progress in these two technology-first sectors.
 

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