The mystery of the missing MENA ILS
MENA's evolving landscape offers scope for ILS
Oman
Resilience and growth of Oman reinsurance
Oman insurance sector headed for 4.5% growth
Takaful in Oman is small but impactful
Oman life and health insurance on growth path
Brokers in Oman set to be positive change agents
General insurance - stronger market in 2024
Oman's ambitious bet for insurance growth
Oman's national development plan offers scope for insurance growth
General
GCC insurance market set for rapid growth
Insurance captives can be a game changer
Domestic insurer goes regional
Saudi's opening up spells growth for insurance
InsurTech boom in Saudi Arabia
Egypt: Adapting to technology in (re)insurance broking
Regional reinsurance brokers reinventing game plan
Surge in MENA insurance dealmaking
AI in insurance: Early mover advantage
Lebanon: Impetus for insurance workforce to reskill for AI
AI is redefining MENA insurance
Plenty of scope for global takaful growth
MENA support network for women in insurance
MENA
GCC: Takaful market expected to see another profitable year in 2024
GCC: Impact of regional weather-related events in 2Q2024 contained by reinsurers
Algeria: Proposals to enhance takaful legislation
Algeria: National Agricultural Insurance Mutual's protection plan for seasonal workers
Bahrain: Insurance market set for shake-up with Solidarity Group's acquisition offer
Bahrain: Bahrain National Holding's 1H2024 profit plunged on storm losses
Egypt: Insurance industry recorded $900m in premiums in 1H
Egypt: Inflation's impact on insurance brokers
Kuwait: Banks promote life insurance to borrowers
Kuwait: GIG's insurance revenue grew 15% in 1H 2024, balanced by increased claims
Morocco: Insurance regulator to boost insurance inclusion
Morocco: Insurance industry posted net profits of $428m in 2023
Oman: Central bank says financial stability remains strong
Qatar: QIC's 1H2024 net profit grew on strong momentum
Saudi Arabia: Tawuniya signed 15 FinTech deals to boost InsurTech
Tunisia: Steady growth in insurance sector
UAE: Lack of insurance for growing population of e-scooters
UAE: Sukoon introduces videoconferencing for life insurance underwriting
UAE: Sukoon completes acquisition of UAE Life Insurance
Global
Global: Industry pioneer Brian Salmanpour passes away in London at 74
Global: Reinsurers' risk/return dynamics gathers momentum
Global: Dynamic trading environment meets reinsurance demand
Global: Reinsurers advised to maintain discipline amid casualty risks
Global: Rising catastrophe losses amid climate change and secondary perils
Global: Lloyd's reports $6.4bn profit, combined ratio up by 83.7% at 1H
Global: AM Best affirms credit rating of Active Capital Re
Takaful
Egypt: Contributions grow at slower pace in 2Q
Malaysia: Takaful Malaysia shows steady performance
UAE: ADNTC cancels plan to acquire AMAN's life portfolio
Qatar Insurance Company unveils VITACARE, a new health insurance solution
Hong Kong's OneDegree partners with Saudi Arabia's Walaa for digital asset insurance
Tawuniya and Hakbah partner to provide life insurance coverage during their Jameya savings periods
People on the move
MARKET PROFILE - Oman
SAUDI ARABIA
ADNIC’s recent acquisition in Saudi is a first step to its becoming a regional player. Building on its legacy, the insurer has more in store. The insurer’s Mr Charalampos Mylonas shares the company’s plans and future strategies.
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BROKING
Insurance broking centres on the human being, according to Trust Reinsurance Brokers’ Mr Ibrahim Abdul Shahid. Thus, while the implementation of technology can help in simplifying operations, personal connections will remain crucial to...
Asset managers the world over are forever on the lookout for higher returns. They are also attracted to uncorrelated asset classes – hence the rapid growth in interest in catastrophe bonds and insurance-linked securities.
The frequency of natural catastrophes in MENA has exacerbated losses for local insurance and reinsurance companies, creating potential for alternative capital transfer instruments such as insurance-linked securities. We spoke to RB Ventures’...
Oman is often seen as the quiet achiever of the GCC states where reinsurance plays the role of the backbone of the insurance sector. We caught up with Oman Re’s Mr Romel Tabaja for in-depth insights about the performance of reinsurance in the...
Oman’s insurance industry is expected to grow at an annual rate of 4.5%, reaching $1.8bn by 2028, up from approximately $1.4bn in 2022, according to an Alpen Capital report. Several macroeconomic trends, including economic diversification...
Oman’s insurance market may be small and the takaful segment even smaller, but this important sector has shown both tenacity and an upward trajectory. Middle East Insurance Review spoke to Takaful Oman Insurance’s Mr Neelmani Bhardwaj to...
The GCC petrostates are shedding some of their financial and social constructs and the result is substantial growth in insurance and a flurry of activity in mergers and acquisitions and InsurTech. We take stock of the development in the member...
Insurance captives can be an excellent medium for bringing in better risk management, innovative insurance products and promoting more professionalism. Middle East Insurance Review spoke to Meesra’s Mr Hitesh Saini and Hamad Bin Khalifa...
Saudi Arabia Vision 2030 is clearly written in pencil and not ink; it is constantly being recast to meet new realities and opportunities. Chedid Insurance Brokers KSA’s Mr Salem Al Sulaiman offers a ringside view of the insurance...
InsurTechs are experiencing a boom in the Kingdom of Saudi Arabia, boosted by initiatives to make insurance accessible through technology, said WIS Group’s Mr Jonathan Cooper. The distribution of new product types via InsurTechs to the 1.3m...
Regional reinsurance brokers are going through a phase of growth and transformation. APEX Reinsurance Brokers’ Mr Hani Al-Kurdi and Shields Reinsurance Brokers’ Mr Ahmed Rajab spoke to Middle East Insurance Review about what is shaping...
The Middle East insurance market has become synonymous not just with overcrowding and saturation but also an increased appetite for products that can service an urbanised demographic. Middle East Insurance Review spoke to S&P Global...
The adoption of AI in insurance has accelerated significantly following the emergence of generative AI and the release of ChatGPT in late 2022. Top global insurers swiftly recognised the potential and quickly initiated programmes to evaluate using...
In the coming year, continued advancements in AI are expected, according to PwC’s Mr Ahmed Aly. These include more sophisticated AI algorithms, predictive analytics and automation capabilities.
AI advancements and innovation in service delivery are transforming the MENA insurance industry. We spoke to HAYAH Insurance’s Mr David Howard about how AI is enhancing efficiency and reshaping the customer experience.
Several factors hold back the growth of takaful, although it has a number of positives that can give conventional insurance a run for its money. It only needs to be exploited for its benefits to unfold. JENOA Insurance & Risk Management’s...
Women’s Insurance Network (W.I.N) MENA is a UAE-based initiative that was founded in 2020 to foster an inclusive space for female insurance professionals. The network’s Ms Mina Sahib gives a personal account of what setting up the...
The GCC Islamic insurance sector is set to keep its profitable ways in 2024. Net profits in 2023 were already at a record high of almost $1bn, mainly due to rate adjustments in previously underperforming lines and higher investment returns, said...
GCC-listed insurers registered growth of 8% in after-tax profits despite1.1% y-o-y increase in net combined ratio (NCR). Reinsurance largely contained the impact of extreme events, such as record-breaking rainfall in the UAE in April 2024.
Takaful has gained significant acceptance among Algerians but faces regulatory and technological hurdles and a lack of awareness, according to two academics from the Higher School of Accounting and Finance and the National Higher School of Islamic...