Nat CAT comes calling
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
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
General
Ensuring insurance growth in Jordan
Can public-sector insurers give up motor and health portfolios?
Life & health
Make the trend your friend
Developing insurance talent in Egypt
UAE: Hybrid training model for insurance
The challenges of insurance education in MENA
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
Pakistani farmers benefit from takaful
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
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
People on the move
MARKET PROFILE - Türkiye
Buy Now
MARKET SPOTLIGHT - Saudi Arabia
Saudi Arabia’s new regulator, the Insurance Authority, has been up and running for some time now, overseeing a growing industry and a tricky macroeconomic environment. We take a look at some of its main achievements to date.
EDUCATION AND TRAINING
The concept of insurance training has developed in the region but (re)insurance companies need to invest in this area because lack of talent is a serious challenge facing the industry.
INSURANCE - Life & health
After years mostly characterised by low interest rates in advanced economies, easy access to capital and loose monetary policy, the world is waking up to inflation. For health insurance, setting expectations about claims evolution does not only...
The Middle East region has traditionally never had the scale and frequency of Nat CAT that other parts of the world have had.
The booming Turkish economy has aided the growth of the insurance sector. This bodes well for the insurance broking community too.
The insurance market in Türkiye generated total premium income of TRY483bn in 2023, an increase of 105% compared to 2022. With growth like this, the insurance regulator has been kept rather busy.
Life and pensions insurance in Türkiye accounts for a small share of GWP despite registering steady growth over the years. Nonetheless, the future bodes well for this line of business especially with the country’s population and low...
Strategic diversification is the cornerstone of Saudi Re’s vision, according to Mr Ahmed Al Jabr, as it grows the company’s global footprint and helps maintain a balanced and resilient portfolio, which could ensure sustained growth. As...
As the Saudi Arabian economy develops, it provides ample opportunities for brokerage business. If the broking community can reinvent itself, the sky is the limit. We spoke with ACE Gallagher Arabia Insurance Broker’s Mr Rohbaan Ahmad and Marsh...
The insurance industry in Jordan is very well established and has been known for providing the region with high-calibre professionals for many years. Today, the sector faces some challenges, but regulatory intervention is expected to put the market...
Is the recent suggestion by the Indian finance ministry to public sector general insurers to exit loss-making motor and health portfolios feasible? Middle East Insurance Review spoke to Insurance Brokers Association of India’s Mr R...
The insurance education and training segment in the UAE has seen major changes since the onset of the COVID-19 pandemic and this has brought long-term benefits for the industry. We spoke to the Chartered Insurance Institute’s Ms Gaenor Jones...
Bahrain’s insurance industry is increasingly prioritising education and training to enhance the expertise of its workforce, emphasising advanced risk management, compliance and the integration of modern technologies to meet evolving market...
This could prove to be a definitive moment for the reinsurance industry in the Middle East. Global natural catastrophe losses of $60bn, mostly from the USA, have dampened reinsurers’ 1H2024 performance after holding strong in 2023. What effect...
SCOR, Munich Re and Hannover Re released their Q2 results in early August, continuing to display strong performance in P&C. However, SCOR found its life portfolio falling behind. We take a closer look at the results.
There is a significant shortage of skilled professionals who possess both insurance domain knowledge and expertise in AI technologies in Egypt. To address this gap, insurance companies can develop and implement generative AI training programmes to...
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.
On the Indian subcontinent, drought and floods are seemingly unending features of a farmer’s existence. Cyclical though the risk is, the pain does not fade easily. Pakistani farmers have the additional burden of not having access to risk...
In its report titled ‘World insurance: Strengthening global resilience with a new lease of life’, the Swiss Re Institute (SRI) pegged the Turkish insurance sector as the largest among 13 MENA markets.
The insurance industry, including takaful, grew by 4% to DZD48.4bn ($359.6m) in 1Q2024 in terms of overall revenue (direct and reinsurance acceptances), according to provisional data from the National Insurance Council (CNA).
The insurance market in Bahrain needs more mergers or acquisitions between insurance companies and even between reinsurance companies, Bahrain Insurance Association chairman Jawad Mohammed said.