Reinsurers domiciled in the Middle East and North Africa (MENA) region continued to benefit from positive pricing momentum over the recent renewal periods, albeit to a lesser extent than the global reinsurance market, according to a new report from AM Best.
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.
Gulf Insurance Group (GIG), one of the leading insurance groups in the Middle East and North Africa region, has announced the formation of a new board, which comprises the current directors representing majority shareholder, Fairfax Financial Holdings, and two newly elected independent members, who bring valuable expertise in the financial, economic and insurance sectors.
Turkiye overtook Saudi Arabia as the biggest market among 13 markets in the Middle East and North Africa, according to data published by Swiss Re Institute (SRI).
Natural catastrophes, which are increasing in terms of frequency and the size of economic losses they cause, should prompt Arab insurance markets to exert greater efforts to face this threat, said speakers at a recent seminar addressing Nat CAT threats in the region.
Bermuda-domiciled specialty insurance carrier Relm Insurance has entered the MENA region through the acquisition of B&F Partners Ltd., now known as Relm Insurance MENA Ltd.
The share of life insurance in the Arab region varies from country to country from only about 2% of the premiums in some markets to over 51% in others, pointed out Mr Chakib Abouzaid, the secretary-general of the General Arab Insurance Federation (GAIF).
The need for insurance in the MENA region has never been stronger than it is today - and that's why the industry is attracting the best-of-the-best at every level, from the C-suite on down.
The Dubai World Insurance Congress began just two weeks after unprecedented levels of rain in the UAE. The risk landscape in the MENA region is volatile with significant developments in political violence, Nat CAT and economic uncertainties.
AMAN UNION and the International Credit Insurance & Surety Association (ICISA) have announced a Joint Strategic Collaboration aimed at fostering mutual cooperation and knowledge sharing in the realm of trade and investment insurance.