What a fragile planet we have
Raft of first-time winners make the 9th Middle East Insurance Industry Awards an event to be remembered
Oman
Enhancing digital infrastructure for a growing market
Oman's listed insurers brace for another year of falling profits
Rising reinsurance premiums expected in Oman
Health insurance in transition
Promising prospects for P&C insurance market
Significant challenges ahead
Actuarial trends and challenges
Growth economies spell insurance opportunities
A solid regional footprint is essential for customers and a strong growth enabler
Capitalising insurance markets for the big challenges ahead
Expectation of market growth again
Decoding new industry norms for sustainable growth
Solid growth for non-life sector
Aligning IFRS17 with business needs
Inflation and climate change
Trends and challenges in GCC non-life insurance
Takaful prospects in Tunisia
General
Implications of climate change
Focus on innovation in P&C insurance in Egypt
Life & health
View from India - Mental ailments will now be insured
View from India - Promoting financial security
SIRC roundup
Reinsurers reconnected
Examining the critical role of reinsurance at SIRC
Captive insurance in the Middle East
Emerging use of captives in the post-pandemic era
Embracing a digital omnichannel future
Microinsurance is a special product
MENA
Mitigating inflation impact while preserving fiscal sustainability
GCC: Dubai-based online insurer expands to Bahrain
Bahrain: Insurance sector shows steady results for 1H2022
Bahrain: CBB plans to issue ESG disclosure guidelines in 1H2023
Egypt: Insurance federation affirms carbon-neutral commitment
Egypt: Regulator holds talks with reinsurers about helping to promote economic growth
Jordan: 19 insurers post combined 9M net profit of over $26m
Morocco: Online motor claim app to be implemented in December
Saudi Arabia: Combined GWP surges but net profit stays flat
Saudi Arabia: SAMA issues comprehensive motor insurance rules
Turkiye: Entry of new insurance companies shows interest in sector
UAE: Unemployment Insurance Pool will start on 1 Jan 2023
UAE: Aircraft leasing company sues insurers for claims on planes stuck in Russia
Global
Global: Insurers are rising to the world's social sustainability challenges
Global: Insurance industry to return to growth in 2023-2024
Global: New era of cyber risks calls for a novel approach to insurance
Australia: COVID-19 accounts for more than half of excess deaths in 2022
Takaful
Indonesia: Takaful association and London counterpart sign cooperation MoU
Malaysia: Takaful association launches five-year blueprint
Pakistan: Takaful company embeds parametric product in travel insurance policies
Palestine: Al-Takaful profit increases by 31percent in 3Q
Saudi Arabia: Aljazira Takaful profit registers 24 percent increase in 3Q
UAE: AMAN to sell life insurance portfolio to Abu Dhabi National Takaful Company
UAE: Management measures enable Abu Dhabi National Takaful to maintain strong underwriting
Financial and cyber crimes top global police concerns
Intermittent encryption - a new threat to cyber security
Majority of digital healthcare claims would not be covered under traditional policies
A third of people face life in climate hotspots
Climate risks could impair long-term viability of world's waterways
ESG, risk management and role of risk managers
Global insolvencies expected to rise in 2022 and 2023
Heatwaves lower the GDP of low-income countries
Oceans turning acidic is life threatening
Higher stress and less work engagement afflicts young adults
Malaysia: Etiqa offers cover for EV home chargers
Pakistan: State Life partners with DIB
Saudi Arabia: Al Rajhi Takaful partnership with Munich Re
UAE: ADNIC partners with Jafza
UAE: DNI launches international private medical insurance product with new partners
People on the move
MARKET PROFILE - Oman
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INSURANCE - Life & health
Closing the life insurance protection gap and instilling a culture of financial literacy and security is a challenge for any insurer. The Continental Group’s Mr Ashok Sardana spoke to us about the gender wealth gap, earning a DIFC licence and...
MICROINSURANCE
Microinsurance is not about selling simplified low-priced products but is rather a concept that requires providers to investigate the clients’ needs and address them with the right insurance policies, says AXA’s Mr Ayman Kandeel.
It would have been a great end to 2022 if the 27th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP27) in Sharm el-Sheikh had ended with something other than bitter disappointment.
Eighteen industry stalwarts claimed top honours at the 9th Middle East Insurance Awards (MIIA), held in person at Conrad Dubai on 21 November. This is the first time the awards have been held in person since the onset of the pandemic.
Oman’s insurance industry has continued growing steadily over the last few years. To keep the momentum going, the regulator has been implementing initiatives to support insurers in their digitalisation efforts. We spoke to the Capital Market...
With a persistent downward trend in aggregate earnings in the first three quarters of the year on the back of declining underwriting and investment income and higher claims, Oman’s 10 listed insurers are facing the prospect of reporting...
Reinsurance markets around the world are facing tough pressures from Nat CAT losses and inflation. Oman is no exception. Middle East Insurance Review spoke to Oman Re’s Mr Romel Tabaja about the reinsurer’s efforts to remain competitive.
The insurance industry in the MENA region continued to witness reasonable growth despite the competition in the large number of both commercial and takaful insurance companies.
UAE and KSA, the two largest markets in GCC, are showing a reduction in underwriting profitability as most of the insurers are just competing on prices.
Economic activities and investments in traditional as well as new generation industries continue to pour into the Middle East, attracting investors and lenders from across the globe.
The year 2022 saw devastating floods, unprecedented heatwaves and wildfires, severe drought, hurricanes, cyclones and storms resulting from climate change and global warming which affected the insurance industry heavily. Insurers are required to...
Insurance providers in Egypt are faring well but more innovation is required through investing in technology to ensure sustainable businesses, says Sarwa Insurance Company’s Mr Ahmed Khalifa.
All health insurance products in India will now cover mental illnesses in accordance with the provisions of the Mental Healthcare Act, 2017. Plum’s Ms Kriti Rastogi gave Middle East Insurance Review an update of why mental illness is still not...
There can be little doubt that the Singapore International Reinsurance Conference has become one of the most essential events in the calendar of many global industry professionals. We offer an overview of the 2022 conference.
The Singapore International Reinsurance Conference returned as an in-person event this year and welcomed over 2,000 delegates to its various conference halls, meeting rooms and exhibition booths. This period marks a challenging time for the...
Across the globe, boards and senior management of corporates have been forced to reassess their risk management strategy and options. While insurance remains one of the traditional risk management tools for risk managers, it has become increasingly...
The captive insurance industry has come a long way from being dominated by Fortune 500 companies, to now being tapped by even small and mid-sized organisations. This growth has been driven by the desire to gain more control over insurance placement...
The takaful market is rapidly gaining momentum, underpinned by robust demand from consumers seeking shariah-compliant solutions. Takaful was valued at $25.1bn in 2021 and is expected to reach $55.6bn by 2028, a CAGR of 14.2% over the forecast...
Countries in MENA have to act now to mitigate the cost-of-living crisis while preserving fiscal sustainability and building resilience, said IMF director of the Middle East and Central Asia department Jihad Azour.
Dubai-based online-only insurer Beema, part of the diversified state-owned global energy group Emirates National Oil Company (ENOC), is expanding its operations within the GCC to include Bahrain.
The Central Bank of Bahrain (CBB) said that the kingdom’s insurance industry has shown steady results for the six months ended 30 June 2022.
Financial and cyber crimes such as money laundering, ransomware, phishing and online scams are ranked either high or very high threats by over 60% of the respondents participating in a new study conducted by international police organisation...
Cyber criminals and hackers keep coming up with ‘innovative’ new ways to strip clients of their privacy, assets and data. Another new tactic, intermittent encryption, is now emerging in the area of cyber crime.
Over two-thirds (70%) of claims from digital healthcare presently come from areas which would not be covered under traditional medical policies or traditional malpractice solutions, according to a new report by CFC Underwriting.
Etiqa has rolled out Malaysia’s first insurance and takaful coverage for electric vehicle (EV) home chargers.
State Life Insurance Corporation (SLIC), Pakistan’s largest life and health insurer, has signed an MoU with Dubai Islamic Bank (DIB).
Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful) has partnered with Munich Re to launch construction warranty insurance (CWI) product for the government and quasi-government sector.