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July 2, 2024
UAE: Insurance industry sees total premiums grow by 18.5% in 1Q2024
The UAE insurance sector continued to grow in 1Q2024, reflected by the increase of 18.5% year on year in gross written premiums to AED21.1bn ($5.7bn), according to the “Quarterly Economic Review June 2024” published by the Central Bank of the UAE (page 22). Source: Middle East Insurance Review
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Bilal Jarjour
June 25, 2024
Oman: Listed insurers face impact of Expected Credit Losses in adopting IFRS17
With a rise in credit risk, the Omani insurance industry faces increasing challenges due to the enhanced impact of Expected Credit Losses (ECL), says the Dubai-headquartered international actuarial consulting company, Badri Management Consultancy. Source: Middle East Insurance Review
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Bilal Jarjour
June 25, 2024
AI Chatbots, Gen AI Set to Revolutionize Insurance Claims Processing: Survey
A majority of global insurers are actively endorsing the application of AI chatbots and generative AI in claims resolution processes, underwriting and customer fulfilment, according to a survey conducted by Gallagher Bassett, the claims-services provider and subsidiary of Arthur J Gallagher & Co. Source: Insurance Journal
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Bilal Jarjour
June 25, 2024
Egypt: The insurance density rate increased by 23.7% to record 584 EGP
The insurance density rate in Egypt – ratio of total premiums to population – rose to 584 EGP during the last fiscal year 2022/2023, compared to 472 EGP in the previous fiscal year 2021/2022, with a growth rate of 23.7%. Source: أموال الغد
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Bilal Jarjour
June 25, 2024
Red Sea attacks raise commercial shipping insurance premiums by 6%
Ongoing attacks by the Houthi group in the Red Sea have caused insurance premiums on commercial shipping to rise by approximately 6%, the highest in years. Source: بوابة الوسط
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Bilal Jarjour
June 22, 2024
Egypt: Conditions for benefiting from health insurance services
In Egypt, the Comprehensive Health Insurance Law defines those who are incapable, namely families who are identified according to criteria set by a committee formed by the Ministries of Social Solidarity and Finance and the Central Agency for Public Mobilization and Statistics, based on the minimum salary and inflation rates, which are adjusted periodically at…
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Bilal Jarjour
June 22, 2024
Bahrain: 5% annual growth in the insurance sector
Economist and banker, Mr Arif Khalifa, said that the insurance sector was growing in Bahrain at an annual rate of 5%, pointing out that the higher the growth of the sector, the greater the indicators of economic recovery. Source: الأيام
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Bilal Jarjour
June 22, 2024
Financial and “insurance” activities: the highest growing in the UAE’s GDP
Financial and “insurance” activities recorded a real growth, being 14.3%, topping the list of non-oil sectors with the highest growth in the UAE’s GDP during 2023, as per the Federal Competitiveness and Statistics Centre (FCSC). Source: الاتحاد
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Bilal Jarjour
June 22, 2024
Arabian Gulf Floods — Event Commentary
Gallagher Re Cat Analytics team addresses the torrential rains and flooding that impacted many Arabian Gulf countries in April. Source: Gallagher Re
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Bilal Jarjour
June 19, 2024
Morocco: Insurance industry’s 1Q2024 growth slowed by life business
Premiums issued by insurance and reinsurance companies in Morocco reached MAD17.24bn ($1.73bn) in the first quarter of 2024, an increase of 1.8% compared to the corresponding quarter of the previous financial year, according to the Insurance and Social Security Supervisory Authority Source: Middle East Insurance Review
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