October 5, 2024
Insurance industry reported combined profits of US$681m for 2023
The total profits of the UAE insurance sector amounted to AED2.5bn ($681m) in 2023, compared to AED1.96bn in 2022, according to the Central Bank of the UAE. Source: Middle East insurance Review
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Bilal Jarjour
October 5, 2024
Moody’s: Central European floods cost insurance industry $3.9 billion
Damage from severe floods that swept through the Czech Republic, Austria, Poland, Slovakia, Hungary, Germany and Italy between September 11 and 19 is expected to result in losses in the insurance industry ranging from $2.8 billion (€2.5 billion) to $3.9 billion (€3.5 billion), according to disaster risk modeling firm Moody’s. Source:بوابة التامين الإقتصادية
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Bilal Jarjour
October 5, 2024
Jordan: Suggestions and recommendations of the Car Insurance Committee in the Jordanian Federation of Insurance Companies
The Executive Committee of the Motor Insurance Committee operating under the framework of the Jordanian Federation of Insurance Companies discussed, in a meeting at the General Administration of the Federation, the draft instructions for the principles and procedures for settling and paying claims resulting from vehicle accidents for the year 2024, in addition to identifying…
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Bilal Jarjour
October 5, 2024
Egypt: The Financial Supervisory Authority issues a periodic letter on the publication of any information and data on the activities of government insurance funds
The Financial Regulatory Authority (FRA), headed by Dr. Mohamed Farid, issued Circular No. (5) of 2024, regarding the publication of any statistical data, reports or studies on the activity of government insurance funds, as part of the Authority’s endeavors to protect customers, ensure the stability of transactions, and enhance the confidence of the public in…
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Bilal Jarjour
October 3, 2024
Turkey: Financial resilience as a priority for insurance authorities
Financial resilience is a top priority for the insurance authorities in Turkiye and there are great efforts being made to strengthen the insurance sector. Source: Middle East insurance Review
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Bilal Jarjour
October 3, 2024
Billions in losses due to Hurricane Boris and AON admits to the high cost.
Cyclone Boris, which hit Central and Eastern Europe, recorded several losses for insurance and repatriation companies, estimated at $3.3 billion. “This hurricane was the most costly and especially as it caused the deaths of 24 people, 10 of them in Bologna, 7 in Romania, 4 in Prague and 3 in Austria, as well as missing…
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Bilal Jarjour
October 3, 2024
Egypt: The Egyptian Insurance Federation discusses compensation file for loss of profits resulting from business interruption
The Egyptian Insurance Federation organized a comprehensive workshop on compensation for loss of profits resulting from business interruption. Source: اموال الغد
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Bilal Jarjour
October 3, 2024
Saudi Arabia and the UAE lead the Arab written premiums sector with $ 32 billion
A report by the Arab Monetary Fund revealed that insurance companies in Saudi Arabia and the United Arab Emirates came in the first ranks in terms of total written insurance premiums, after exceeding $ 32 billion, reaching about $ 17.45 billion in Saudi Arabia, and $ 14.71 billion in the UAE by the end of…
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Bilal Jarjour
October 1, 2024
UAE: Insurance sector well-capitalized with healthy earnings ratio in 1H
The UAE insurance sector reported that written premiums increased by 31.2% year on year (y-o-y) in the first half of 2024 to AED35.7bn ($9.75bn), according to the latest Quarterly Economic Review issued last week by the Central Bank of the UAE. Source: Middle East insurance Review
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Bilal Jarjour
October 1, 2024
Egypt: Financial Control EGP 9.2 billion insurance premiums and EGP 3.7 billion compensation paid during July 2024
The Financial Supervisory Authority revealed that the total premiums of the Egyptian insurance activity recorded EGP 9.2 billion during July 2024.The authority said in a statement issued on Sunday that these premiums were distributed between 5.6 billion pounds achieved by property and liability insurance companies in the market, and 3.6 billion pounds in companies insuring…
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