Cause for optimism
2023
10th Middle East Insurance Industry Awards winners prove their mettle amid intense competition
2024
Challenges will continue but opportunities lie ahead
Exciting times ahead for the MENA region
Growth will sustain despite complex geopolitical situation
Insurance industry forecast for 2024
MGAs and M&A emerging in the Middle East
Middle East economy has mixed impact on insurers
Positive outlook for reinsurers in Middle East
Regulatory measures expected to raise cost of operations
Kuwait
Kuwait's insurers continue to grapple with compliance
Non-life growth remains strong in Kuwait
Reinsurance market expected to continue hardening
Strengthening supervision and restoring trust
Young population offers huge potential for life sector
Saudi Arabia
Saudi Arabia market too fragmented compared to its size
General
Bahrain wants more InsurTech growth
ESG reporting in the Middle East eclipsed by regulatory changes
Türkiye hopes to attract more investment to grow insurance market
SIRC delivers in style once again
View from India - Brokers need to reinvent themselves
Ready for the next 40
A platform for collaboration
Creative solutions in alternative risk transfer
The hard market will continue
AI is the new electricity
Underwriting cyber security insurance
MENA
The 29th FAIR 2025 will be held in India
Insurers heavily influenced by regional industry profile and operating environment
Algeria: Insurance industry grows by 4.3% in 1H2023
Bahrain: Central bank releases ESG reporting rules
Egypt: Insurance federation reviews insurers' coverage of risks of green hydrogen projects
Egypt: Insurers urged to design prototype products to address the lack of data
Kuwait: Regulator warns insurers against bargaining over motor claim payouts
Lebanon: Gross premiums of insurance market reach $1.6bn in 2022
Morocco: Proposed cuts in VAT on commissions fail to appease insurance brokers and agents
Morocco: Roadmap stresses importance of inclusive insurance
Saudi Arabia: Maximum medical insurance coverage for foreign tourists announced
Tunisia: Lawmakers debate new 4% tax on insurers
Türkiye: Liability insurance requirements for nuclear pool take effect
UAE: ADNIC launches technical training in insurance to groom local talents
UAE: Half of SMEs lack adequate insurance coverage
Yemen: Insurance companies exclude war risks in marine insurance policies
Global
Global: Insurance industry strengthens resilience in challenging environment
Global: As growing risks impact insurance affordability, customers seek insurers' help to prevent losses
Global: International development financing for pre-arranged financing not in favour of the poorest
Europe: Inflation, interest rates volatility biggest challenges for revenue growth in 2024
Takaful
Egypt: Misr Takaful to strengthen capital base
Indonesia: Insurers must spin off takaful windows before Dec 2026 deadline
Malaysia: Public awareness on takaful, insurance coverage still low
UAE: SALAMA reports 19% increase in net profit in 3Q
UAE: ADNTC to maintain strong underwriting results
New scenario highlights vulnerability of the global economy to extreme weather
Insurers prioritise profit over growth
Shipping industry pays an average $3.2m in ransom attacks
The new generation of risks
Links between global climate events getting stronger
Singapore insurers can help the country age well
Over 1,000 companies set net-zero targets, but only 4% meet UN standards
Japan: Poor work performance associated with depressive symptoms
AI not main cause of recent insurance layoffs
Ecological threats increase the risk of conflict
Australian companies could face new liability for nature-based risks
Extreme weather tops risks to watch by 2030
QLM launches new medical insurance product in Qatar
Solidarity Bahrain and Al Salam Bank launch takaful product
Insurance House launches easy payment plan for group health insurance
Watania launches motor takaful product on InsurTech platform
People on the move
REINSURANCE
MARKET PROFILE - Kuwait
The growth of Kuwait’s property and casualty sector remains strong, supported by economic growth, emerging infrastructure projects and various government initiatives says S&P Global Ratings’ Mr Sachin Sahni.
Buy Now
FAIR CONFERENCE - 2023
The opening session of the 28th FAIR Conference and General Assembly was a useful place-setter for the following days as delegates got to grips with the big question of the day: Is the hardening reinsurance market here to stay?
MIIA WINNERS - 2023
Nineteen winners were honoured as the Middle East Insurance Industry Awards celebrated its 10th anniversary on 16 November 2023 at Conrad Dubai, United Arab Emirates.
This year’s SIRC proved beyond doubt that it is one of the most important forums in the world as a platform for reinsurance debate. It is also a credit to the island nation of Singapore. Speakers at the 19th SIRC explored all of the...
As 2023 limps to a close, it is natural to wish to look back and find some positives to celebrate rather than focusing on the bad and the disharmonious.
IGI Dubai’s Mr Henri Labat reflects on what next year might bring to the Middle East insurance industry.
The MENA region’s insurance and reinsurance landscape will witness exciting developments and transformations in 2024 says Protection Reinsurance Brokers’ Ms Supriya Sehgal.
The MENA region is expected to achieve varied growth across markets. Reinsurers in the region may also be exposed to significant Nat CAT risks according to GAIF’s Mr Chakib Abouzaid.
While the domestic insurance industry is performing well and turning a profit, concerns with IFRS17 implementation and regulatory decisions regarding motor vehicle tariffs might have negative effects on the market.
The Kuwaiti reinsurance market remains unaffected by Nat CAT. However, competition is high as the number of players is large compared to the size of the market. Middle East Insurance Review spoke to Kuwait Re’s Mr Mohammed Al Tabtabaei to find...
Consolidation has been a recurring topic for the insurance industry in Saudi Arabia. However, there are some challenges insurers will have to take note of during M&A negotiations. Middle East Insurance Review spoke to Bain & Company’s...
Bahrain wants to bring in InsurTech solutions from countries like Singapore. Middle East Insurance Review spoke with Central Bank of Bahrain’s Ms Yasmeen Al-Sharaf and Bahrain Economic Development Board’s Ms Dalal Buhejji to find out...
Insurers in the region have been focusing on keeping up with changes to financial reporting laws and regulations such as IFRS17 and there has been less focus on the ESG agenda. Middle East Insurance Review spoke to PwC’s Mr Sanjay Jain about...
It has been a challenging year for the Turkish economy but domestic demand has helped spur robust growth. The country hopes to attract more investors and partners to expand the insurance market.
It is a very opportune time for insurance brokers in India. Their role can be meaningfully enhanced if they can provide the assistance required by customers. There are several areas where brokers can play a significant role. Middle East Insurance...
Celebrating its 40th anniversary, Emirates Insurance Company (EIC) hosted a dinner at the Abu Dhabi Yas Links last month. EIC partners, staff and friends participated in celebrating this major milestone.
The opening plenary session on the third day of the FAIR 2023 conference had the intriguing title of ‘Case studies on alternative solutions across FAIR land’ – and it delivered in style.
The debate over whether the insurance and reinsurance market will continue to harden as it has in the previous couple of years was the theme of the first day plenary session at FAIR 2023.
The Federation of Afro-Asian Insurers & Reinsurers (FAIR) steering committee has decided on India as the location for the next 29th FAIR Conference in 2025.
Middle Eastern insurers’ company profiles are influenced heavily by the regional industry profile and operating environment (IPOE) ranges said Fitch Ratings.
A new systemic risk scenario that models the global economic impact of extreme weather events leading to food and water shocks was launched by Lloyd’s. The new scenario model estimates the loss to be $5tn over a five-year period.
Nearly half of 400 insurance executives participating in a new survey have said their current priorities centre on improving profitability rather than growing their businesses.
Cyber attacks on shipping industry in 2023 cost the target organisation an average of $550,000, a threefold increase from $182,000 in 2022, according to a new report by law firm HFW and maritime cyber security company CyberOwl.
QLM Life and Medical Insurance Company has launched its latest individual product, QLM Care in Qatar.
Solidarity Bahrain has partnered with Al Salam Bank to launch ‘Al Salam Takaful’ product.
Insurance House launched a payment plan to cater to the specific requirements of SMEs seeking group health insurance in the UAE.