The Insurance Regulatory Authority (IRA) has placed Trident Insurance Company, KUSCCO Mutual Assurance Limited, and Corporate Insurance Company under statutory management in accordance with the provisions of the Insurance Act.
The Insurers Federation of Egypt (IFE) believes that global conflicts since 2020 have highlighted the increasing complexity of the geopolitical, social and economic factors facing insurance companies, noting that the positive aspect of these crises is that insurance companies have learned how to navigate and and even thrive in a world whose outlook is darkened by uncertainty.
The UAE's healthcare and insurance sector has historically demonstrated a high level of resilience due to strong regulatory frameworks, advanced digital infrastructure and well-established healthcare provider networks, according to GlobeMed Gulf Healthcare Solutions CEO Ms Nada Majdalani.
The global outlook is extremely worrying, with the bond and equity markets reacting to recent events, said Mr Paul Hanratty, the Group CEO & Executive Director of Africa's largest insurer, Sanlam, which is headquartered in Capetown.
The situation in the Middle East, especially in countries directly involved in the conflict, continues to evolve in quick time. The situation on the ground in each country is nuanced, changing rapidly (sometimes by the hour), and travellers are being advised to assess their own risk profile and reasons for going there.
The Auckland High Court in New Zealand has imposed a final penalty of NZ$2.1m ($1.26m) on ASB Bank for fair-dealing breaches relating to its insurance and banking services.
The Thai insurance regulator, Office of the Insurance Commission (OIC), has launched a "PRIME Generation 1" programme to develop risk management and insurance planning talent. This will help the insurance community to support the new era of global risks.
Aon has appointed Mr Tom Langley-Poole and Mr Uday Tank as brokers in the Reinsurance Solutions Credit and Financial Risks team.
The short-term impact of the US-Israeli conflict with Iran on the credit quality of (re)insurers has been limited, according to AM Best. However, a prolonged conflict may have wider market implications.