Some bright spots and some bleak spots
General
Preparing Arab insurers for the post-COVID era
Not enough cyber capacity to meet demand
View from India - Surety insurance and the regulator
Life & health
MENA health on the up-and-up
COVID-19 takes significant share of life claims
Digitalisation is sink-or-swim for insurance players
Lebanon
Lebanon's insurers face unfavourable environment
Lebanese general insurers face multiple crises
SIRC 2022 open for registrations
Long haul to becoming a reinsurance hub
Pandemic: A look under the hood
Rising inflation leads to more risk
Fearful cyber insurers steer clear of Middle East
Strong cyber security for a smart, green future
Insurers have a unique opportunity to help combat cyber crime
Cyber resilience in the Middle East and Africa
Risk management in a recovering market
The evolution of energy risk
The need to develop actuarial talent
Jordan: Industry tackles thorny issues
MENA
Middle East: Europ Assistance acquires MAPFRE Asistencia's operations in the region
GCC: Region's listed insurers post lower profits but higher GWP in 1Q
Bahrain: Health authority and broker sign deal on medical insurance scheme for expats
Egypt: FRA drafts rules governing digital insurers and online financial entities
Kuwait: Insurers hope to see the last of decades-old motor TPL tariff
Morocco: New rules for online insurance sales take effect on 1 July
Saudi Arabia: Motor losses render 1Q2022 extremely challenging for insurers
Tunisia: Insurers raise awareness of fire risk
Türkiye: Motor insurers say 1 June tariff increase is inadequate to cover losses
UAE: Motor insurance premiums fall back to levels seen before 2017
Global: MGA, MGU and cover-holder revenue up 21% in 2021
Global
Global: Businesses need to prepare for a rise in social unrest
Global: Work required before IFRS17 goes live
Global: Renewal rates continue its upward trend
Takaful
Egypt: Earned contributions register 153% increase by April 2022
Oman: Rights issue of takaful operator fully subscribed
Morocco: Qatari and local investors to establish takaful operator
Morocco: Licensing 6 participating banks to offer takaful products
UAE: Merger to create UAE's largest takaful provider
Insurance protection gap could rise to $1.86tn by 2025
Australia: Court ruling will impact cyber security for financial services licensees
Canada: New guidelines on climate risk management
Financial fraud leads the pack in cyber crimes
Mental health support to be part of climate action plans
Businesses need to prepare for rising social unrest
US to modernise its building codes
Thawing permafrost and construction high on emerging risk radar
Only a quarter of insurers have 'truly digitalised the value chain'
Utilities struggle to insure new coal power
Pakistan: MoU signed for takaful cover for car financing
UAE: IFZA Dubai launches bespoke medical insurance solutions for businesses
UAE: RSA Middle East enters a five-year strategic partnership with Emirates NBD
UAE: Policybazaar.ae and GuideMeDoc join hands
People on the move
REINSURANCE
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INSURANCE - General
The 33rd GAIF conference returned this year as a live in-person event. Insurance practitioners flew in from all over the world to discuss how Arab insurance can navigate the challenges that have surfaced in the post-pandemic world.
MARKET PROFILE - Lebanon
Lebanon’s insurance industry delivered an 8.2% increase in GWP last year amid tough business conditions. However, with no immediately viable solutions to a slew of ongoing issues, particularly the currency crisis and soaring inflation, the...
The economies of the MENA region offer a study in contrasts at present – and this could have a direct effect on the growth of the insurance industry.
Demand for cyber insurance in the MENA region is increasing as people become more aware of the risks. However, capacity is sorely lacking and this is likely to continue for the foreseeable future, with (re)insurers becoming even more cautious when...
Guidelines for surety insurance business in India came into effect on 1 April 2022, however, the new line of business has not been able to take off. To kickstart the process, the regulator will work on a sample product for the industry to help build...
Lebanon’s financial crisis has had a profound impact on insurers in the country. Some insurers are writing premiums in US dollars to manage the unstable Lebanese pound. Insurers also face issues paying reinsurers who have become more cautious...
As insurance and reinsurance events around the world return to ‘in person’ from ‘virtual’, the most important event in the APAC reinsurance calendar opens for bookings.
Is it time that the MENA region had a reinsurance hub that it could call its own? In the last couple of years, the reinsurance sector in the region has seen some significant changes as over a dozen firms withdrew from the market or disappeared...
Can the world truly be prepared for a pandemic? Aside from the expected mortality and economic losses that are still fresh in everyone’s mind, what are the risk factors that could help us better predict the frequency, severity and,...
The latest economic projections for the MENA region forecast an uneven recovery as regional averages mask broad differences. Oil producers will benefit from higher prices and vaccination rates as fragile countries lag. But tighter global monetary...
Businesses in the MENA region that operate without implementing sufficient cyber security infrastructure could find themselves out of luck in finding cyber insurers willing to provide coverage. Cyber insurers have either severely reduced capacity in...
In a region with a dearth of local actuaries, preparations for IFRS17 are driving demand. We spoke to Allied Actuarial Consultancy’s Mr Ala Karrain, who believes that despite the need for more actuaries, there is not enough effort being made...
Jordan’s biennial Aqaba Conference took place in May after being postponed for two years due to the pandemic. Insurance practitioners gathered to discuss some of the industry’s most pressing issues.
Europ Assistance, a subsidiary of the Generali Group, has announced the acquisition from MAPFRE Asistencia of a 74.6% stake in Bahrain-based Gulf Assist. Gulf Assist also owns Arab Assist in Jordan where most of its operations and support functions...
The aggregate net earnings of listed insurance companies in the GCC for 1Q2022 fell by 17.3% to $335.7m compared to $405.7m in the corresponding quarter of 2021, according to data compiled by Insurance Monitor.
The Supreme Council of Health (SCH) and Aon Bahrain have signed an agreement on the implementation of a health insurance scheme for foreign residents within the framework of the National Health Insurance (NHI) programme.
The global protection gap may expand to $1.86tn by 2025, according to a new report published by PwC.
Australian Financial Services (AFS) licensees must adequately manage cyber security risks as part of their licence obligations according to a ruling by Australian federal court.
Canada’s new guidelines on climate risk management propose a prudential framework that is more climate sensitive and recognises the impact of climate change on managing risk. Canada’s Office of the Superintendent of Financial...
MCB Islamic Bank, Hyundai Nishat Motors and Adamjee Insurance have signed an agreement to provide shariah-compliant car financing and family takaful coverage.
The International Free Zone Authority (IFZA) Dubai has launched an exclusive health insurance service for IFZA Free Zone Companies under the umbrella of the IFZA Life division.
RSA Middle East has entered into a five-year distribution agreement with Emirates NBD, a banking group in the Middle East, North Africa and Türkiye region, to provide general insurance solutions.