Sustainable bond issuance in the Middle East is down from the same period a year earlier, and could require acceleration in implementing net zero polices to really take off, despite government initiatives and increasing alignment with sustainability strategies, or even regulatory requirement, according to a report released yesterday by S&P Global Ratings.
Saudi Arabia-based AMAN Union, the leading professional forum for commercial and non-commercial risk insurers and reinsurers, has signed a corporate training services agreement with UAE-based RISC Institute DMCC, a regional training institution specialising in talent development for the insurance, risk management, personal finance sectors.
In the Middle East, there is a highly active MGA market in Dubai in the UAE, through the Dubai International Financial Centre (DIFC), where MGAs are playing a key role in the growth of the wider insurance market in the region, according to Global Insurance Law Connect (GILC), a network of specialist insurance law firms.
The conflict escalation between Israel and Hezbollah, following the death of Hezbollah leader Hassan Nasrallah, alongside Israel's military action in Lebanese territory, have severely weakened the recovery prospects of Lebanon's already fragile economy and political landscape, says S&P Global Ratings (S&P).
ASR Re's financial performance is expected to improve in 2024 on business growth and fewer large losses, says Fitch Ratings.
Bermuda-based The Fidelis Partnership (TFP) has announced that it would broaden its reach in the Middle East, Africa, Asia, and Latin America, all of which have increasing demand for specialist (re)insurance solutions, enhanced by Lloyd's licensing and TFP's new Abu Dhabi office.
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.