MENA's time has come
Türkiye
Türkiye: A fertile ground for growth
How technology affects life and health insurance in Türkiye
Lack of capacity for reinsurance in Türkiye
Noteworthy period for motor insurance in Türkiye
Structural changes and challenges face Türkiye's insurance sector
Türkiye's insurance sector optimistic despite challenges
Saudi Arabia
Saudi Arabia's new insurance authority paves the way forward
General
Ensuring DEI in insurance technologies with AI
Promoting diversity in insurance despite talent shortage
Gaining a perspective on IFRS17 implementation
Macroeconomic challenges for credit insurance in Egypt
Life & health
Egypt's health insurers wait on new insurance law
Potential gaps in healthcare pose opportunities for insurers
View from India - Mental health: Indian insurers need to take bold initiatives
The full Monte (Carlo)
The reinsurance environment is still very fragile
African reinsurer sets its sights on Middle East and takaful
Rising Nat CAT, hardening reinsurance and increasing retentions
North Africa disasters shine a light on Nat CAT cover
The Middle East cannot ignore business interruption risk
Takaful sector set to continue rapid growth
Cyber takaful set for growth in Pakistan and Malaysia
Microinsurance has potential to take off in MENA
MENA
MENA: Deutsche Rück expands life reinsurance business in region
MENA: Reinsurers expected to grow on the back of increasing product offerings in primary markets
Bahrain: Insurance market sees gross premiums rise to $402m in H1
Egypt: Regulator issues insurance pricing rules
Jordan: Insurers withdraw from joint pricing committee
Kuwait: Regulator expected to introduce motor insurance initiatives this year
Morocco: Industry-backed solutions likely to back quake relief despite low insurance penetration
Saudi Arabia: Insurance Authority expected to draft national strategy for the industry
UAE: ADGM Court of Appeal rules on scope of aviation insurance policy
UAE: Sukoon acquires the UAE life insurance portfolio of Chubb Tempest Life Reinsurance
UAE: DIFC attracts more insurance entities
Global
Global: Non-life reinsurance to continue growth momentum
Global: Stable outlook for reinsurance sector
Global: Lloyd's reports $4.9bn profit in 1H
Global: Reinsurers' capital base rise 13% in 1H
Takaful
Bahrain: Takaful contributions grow 13% in first half
Egypt: Takaful contributions fall in 1H
Palestine: New takaful operator receives regulatory nod
Pakistan: Salaam teams up with agri-food tech start-up
Cyber security helps decrease cyber incidents
Fossil fuel subsidies surged to a record $7tn in 2022
US: Spending on mental healthcare rose by more than half
Pandemic has ended but coronavirus is still around
Companies should avoid wellbeing washing
Asia: Business interruption is the top risk for technology sector
Risk managers need to play more prominent ESG role
Cyber insurance: Demand is surging but due diligence is missing
Climate change: Tropical forests could get too hot for photosynthesis
Rapid shifts from drought to floods are getting more common
Cyber security: Adhering to regulations is not enough
Africa climate crisis is fuelled by global banks
Watania Takaful Family launches chronic care programme
Sukoon launches Go Saver product
QBE Middle East launches cyber product as part of global cyber growth strategy
People on the move
MARKET PROFILE - Türkiye
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INSURANCE - General
It can be challenging to build a steady pipeline for talent and consider diversity, equity and inclusion principles at the same time. Middle East Insurance Review spoke to Munich Re’s Ms Muna Murad about how promoting a diverse workforce can...
REINSURANCE
As Nat CAT increase in severity and intensity, the reinsurance markets continue to harden. Even as primary insurers increase retention and technology, data can help economise costs for all stakeholders. SCOR P&C’s Messrs Eric Lafage and...
The sharp slowdown in China’s economic growth has had many effects – some of them predictable, such as tales of disinvestment from the country, and some of them unpredictable.
The life and health insurance industry in Türkiye is experiencing steady growth supported by market dynamics and regulatory support. WTW Turkey’s Ms Sema Gökdemir shares her views on the development of life and health insurance in...
Türkiye faces challenges from demographic shifts and rising healthcare costs. Synpulse Management Consulting’s Dr Ilker Aslan said it is time for life and health insurers to make use of emerging technologies as adoption remains nascent in...
The Turkish reinsurance market is under pressure due to high inflation and a rising number of natural catastrophes. The volatility of the lira has exacerbated these pressures and has led to Turkish reinsurers raising their rates or reducing their...
The establishment of the Insurance Authority (IA) in Saudi Arabia comes at a time of rapid change in the country’s dynamic insurance industry. Middle East Insurance Review caught up with Al Etihad Cooperative’s Mr Hussam Abdulaziz...
Achieving diversity, equity and inclusion using AI in underwriting and claims processes is possible, though not an easy task, according to National Life and General Insurance Company Group’s Mr Varghese Skariah. Middle East Insurance Review...
The Badri Management Consultancy’s Mr Hatim Maskawala spoke to us about some major changes and direct impacts of the new IFRS17 standard.
If the overarching theme of last year’s Les Rendez-vous de Septembre was one of substantial rate rises, what was the corresponding theme for the 2023 iteration? Middle East Insurance Review was there to find out what the leading ratings...
The disorganised 1/1 renewals at the start of the year have seen the major reinsurers approach the 2024 season with a sense of caution tempered with determination. Middle East Insurance Review was there in Monte Carlo to witness round one in the...
Markets in the Middle East have been attracting African reinsurers to establish bases in the region in recent years. Middle East Insurance Review spoke to Waica Re’s Dr Abiba Zakariah about the company’s plans to expand in the MENA...
Contingent business interruption is gradually pushing ahead towards the top slot in the risk charts across the various regions. Middle East Insurance Review spoke with Marsh IMEA’s Mr Ian Peters about where business interruption stands in the...
As Indonesia’s insurance market continues to grow, so too does the takaful market garner more investment and attention. Some insurers have already declared plans to spin off new takaful units, prompted by regulatory support.
According to a report by S&P Global ratings, the cyber insurance market is expected to grow at a CAGR of 25%-30% between 2022 and 2025. As more businesses and individuals seek to protect themselves from the financial losses that can result from...
Microinsurance needs regulatory backing and a supporting ecosystem to grow in the MENA region. We spoke to Munich Re Foundation’s Mr Dirk Reinhard about the current opportunities and challenges for microinsurance in the region.
From 2024, Deutsche Rück will underwrite life reinsurance business in selected countries in the Middle East and North Africa. With this step, the group is continuing its strategy of gradual internationalisation of its business.
Prospects for the MENA reinsurance market may arise from growing product offerings in primary markets, namely in cyber and liability lines of business, according to an AM Best report.
The insurance industry in Bahrain has shown steady results for the six months ended 30 June 2023, with gross premiums (conventional and takaful) generated in the domestic market amounting to BHD151.49m ($402m), 3.1% higher than the BHD146.86m posted...
Cyber claims data available in Beazley’s Cyber Services Snapshots shows that in the first half of 2023 there was an uptick in ransomware incidents, with data exfiltration a major threat in a vast majority of cases.
Fossil-fuel subsidies rose to a record $7tn in 2022 as governments supported consumers and businesses during the global spike in energy prices caused by Russia president Vladimir Putin’s invasion of Ukraine and the economic recovery from the...
Spending on mental healthcare services by private health insurance policyholders in the US has surged since the beginning of the COVID-19 pandemic according to a new study.
UAE-based Watania Takaful Family launched a chronic care management programme to deliver additional and responsive support for members covered under the NasNeuron Medical Takaful and/or their dependents who require treatment and care for chronic...
Sukoon, through its new subsidiary, Oman Insurance Workplace Savings Solution, has developed Go Saver, a product for companies to provide value for their employees in line with high international standards.
QBE Middle East has launched a new cyber product that provides coverage on property, liability and commercial crime policies.