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April 24, 2024
The Arab Monetary Fund organizes a (remote) course on “Islamic (Takaful) Insurance”
Although the Takaful sector still represents the smallest percentage of all islamic financial industry sectors at a rate of no more than 2%, the size of the global Takaful market will exceed US$30 billion in 2023. Source: Arab Monetary Fund
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Bilal Jarjour
April 24, 2024
For the first time in Egypt… approval to establish foreign insurance companies
The Parliament of Egypt approved, for the first time in the country’s history, the establishment of foreign insurance companies. This came during the plenary session discussing the draft unified insurance law submitted by the government. Source: RT
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Bilal Jarjour
April 24, 2024
Impact of UAE rainstorms will test some insurers – S&P Global Ratings
S&P Global Ratings stated that it is too early to assess the full financial impact of April natural disaster on the UAE’s insurance sector. Source: XM
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Bilal Jarjour
April 24, 2024
April storms expected to increase claims & reinsurance costs for GCC insurers: Moody’s
The April storms that struck the United Arab Emirates, Oman, Saudi Arabia and other Gulf Cooperation Council (GCC) countries are expected to “push up” local insurers’ claims and reinsurance costs, say’s Moody’s. Source: Reinsurance News
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Bilal Jarjour
April 22, 2024
Listed Saudi insurers: 2023 results
According to Badri Management Consultancy, the 25 insurance companies listed on the Saudi stock exchange closed the 2023 financial year with a 27% increase in insurance revenue. The figure jumped from 45 billion SAR (12 billion USD) as at 31 December 2022 to 57 billion SAR (15.2 billion USD) a year later. Source: Atlas Magazine
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Bilal Jarjour
April 22, 2024
AM Best: Emirati insurers facing flooding in Dubai
According to a study by AM Best, Emirati insurers are expected to receive a significant number of claims related to damage caused by the recent floods in Dubai. However, the low insurance penetration in the country and the extensive reinsurance coverage should keep the costs borne by local insurers at a manageable level. Source: Atlas Magazine
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Bilal Jarjour
April 22, 2024
UAE: Insurance Union: Companies are committed to compensating for damage to homes and vehicles
The Emirates Insurance Federation confirmed that insurance companies in the country are committed to compensation and insurance coverage for house damage and contents damaged by rain, according to the ceiling and the maximum amounts agreed upon in the insurance policy, as well as the case for cars. Source: الإمارات اليوم
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Bilal Jarjour
April 22, 2024
Egypt: MPs approve in principle the draft unified insurance law
The House of Representatives approved, in principle, a draft unified insurance law and a draft law submitted by MP Sakina Salameh, amending some provisions of the compulsory insurance law for civil liability arising from accidents of rapid transit vehicles within the country. Source: El Morakeb group
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Bilal Jarjour
April 20, 2024
Turkiye: Appeal made again for motor pricing liberalization
Insurance industry figures have once again called for the free pricing of motor compulsory third-party liability insurance (also called traffic insurance) to resolve underwriting losses in this insurance branch. Source: Middle East Insurance Review
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Bilal Jarjour
April 20, 2024
AI: The insurance sector uses artificial intelligence to hedge fraud risks
Insurance companies have turned to relying on the use of artificial intelligence tools to detect fraudulent attempts resorted to by some of those bound by contracts, including, for example, completely fabricated claims or tampered with dates, and exaggerated reporting of damages. Source: العرب
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