The fierce competition whipped up around this year's Middle East Insurance Industry Awards has resulted in a list of finalists comprising a total of 55 insurers, brokers, risk managers, service providers and industry leaders.
The drive towards market consolidation and growth in the Middle East has been guided, in no small part, by continually enhancing regulation with a drive to implement more balanced, but also more detailed corporate governance, said global law firm Clyde &Co.
Arab Reinsurance Company (Arab Re) held over 65% of its investments outside Lebanon at the end of 2023. This has made its balance sheet more resilient to asset-side stress tests, including full impairment of Lebanon-based assets, says AM Best.
The cost of insurance for ships sailing through the Red Sea has nearly doubled after Yemen's Houthis attacked a tanker that appears to be leaking oil, with environmental fears growing for the trade route, reported Reuters quoting industry sources.
Chedid Capital, an investment group in the insurance and reinsurance industry, has raised its global governance capacity by appointing Mr Stuart Davies as an independent non-executive director at Milestone Risk Solutions in the United Kingdom and a Strategic Committee member at Momentum Insurance.
Chairman of Kay International PL and Kay International AMEA Limited, Bahram (Brian) Salmanpour, passed away on Aug 9 in London, with his family at his side. Mr Salmanpour, a seasoned insurance market expert, began his career in 1974 by establishing Bland Payne's Lloyd's broker operation in Iran and co-founding Hafez Insurance Co.
Widespread flood losses in the UAE in recent months have reinforced reinsurers' discipline, according to Gallagher Re, one of the largest global reinsurance brokers.
Cigna Healthcare, a leading global health services company, has announced Ms Leah Cotterill as the new CEO for Cigna Healthcare - Middle East and Africa (outside Saudi Arabia).
Head of Middle East & Africa (MEA) P&C Reinsurance at SCOR Hedi Hachicha passed away peacefully on 14 June.
Total insured losses arising from the 2024 Gulf Floods event are estimated to exceed $1.6bn and could reach as high as $2.4bn for the UAE, of which Motor represents ~10%, according to an analysis by Guy Carpenter, with information available as of 30 May 2024.