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April 8, 2024
Turkiye: Insurance association head presents industry report card and wishlist
The insurance market in Turkiye generated a total premium income of TRY483bn ($15.1bn) in 2023, an increase of 105% compared to 2022, Mr Ugur Gulen, president of the Insurance Association of Turkiye (TSB), indicated. Source: Middle East Insurance Review
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Bilal Jarjour
April 8, 2024
Saudi Arabia: Combined profit of listed insurance sector jumps multifold to nearly US$900m in 2023
Listed insurance companies in the Saudi market saw stellar growth in 2023, as their combined profits soared to SAR3,353m ($894m), compared to profits of less than SAR320m in 2022. Source: Middle East Insurance Review
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Bilal Jarjour
April 4, 2024
UAE: Insurance market grows at nearly 13% to US$ 14.5 bn in 2023
The UAE insurance sector reported robust growth of 12.7% in gross written premiums to AED53.2bn ($14.5bn) in 2023, compared to 2022, according to data from the Central Bank (CBUAE). Source: Middle East Insurance Review
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Bilal Jarjour
April 4, 2024
Egypt: FRA: 10.4 bn EGP as claims paid within 3 months
In Egypt, insurance companies paid total claims of 10.4 bn EGP during the fourth quarter of year 2023, compared to 6.971 bn EGP during the same period of year 2022, being a growth of 49.21%. Source: Amwal Al Ghad
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Bilal Jarjour
April 4, 2024
Egypt: Insurance companies start increasing their capital due to the depreciation of the EGP
Companies in the insurance sector are seeking to increase their paid-up capital during the coming period, to absorb the impact of the decline in the value of the EGP against the USD, due to pressure from credit rating agencies and reinsurers. Source: المال
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Bilal Jarjour
April 4, 2024
Saudi Arabia: Mr. Nader Hamad Al-Harbi, Director of Customer Protection Department at the Insurance Authority
Mr. Nader Hamad Al-Harbi was appointed as Director of the Customer Protection Department at the Insurance Authority. The appointment, promotion, or extension of assignment comes from the competent authority, for the person with skill and long work experience. Source: Al Morakeb Group
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Bilal Jarjour
April 2, 2024
UAE: 53.2 billion dirhams in insurance premiums written in the UAE during 2023
The Central Bank of the Emirates announced that the insurance sector in the country continued its growth over the past year, which was reflected in the increase in total written insurance premiums, which rose by 12.7% on an annual basis to 53.2 billion dirhams at the end of 2023 compared to about 47.2 billion dirhams…
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Bilal Jarjour
April 2, 2024
2024 global insurance outlook: Insurers evolving to address changing operating environment and precipitate even greater societal impact
The increasing frequency and severity of global risks is drawing eyes toward the insurance industry’s capacity and capability to serve as the “financial safety net” of society. (study by Deloitte) Source: Deloitte
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Bilal Jarjour
April 2, 2024
Türkiye: As technical losses mount in mandatory auto insurance business, insurers look to liberalised pricing
Compulsory motor third-party liability (CMTPL) insurance business, also referred to as traffic insurance in Türkiye, chalked up a technical loss of TRY13.7bn ($424m), after offsetting investment income, in 2023. Source: Middle East Insurance Review
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Bilal Jarjour
April 2, 2024
Egypt: Insurance premiums collected in the Egyptian market during the fourth quarter of year 2023 exceed 19 bn EGP
The quarterly report issued by the Financial Regulatory Authority revealed that the total premiums collected in the insurance sector increased to 19.142 billion EGP pounds during the fourth quarter of year 2023, compared to 14.56 billion EGP during the same period of year 2022, with a growth of 31.48%. Source: أموال الغد
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