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March 21, 2024
Egypt : Property insurance branch drives industry growth in 2023
Insurance premiums in the Egyptian market increased in nominal terms by 30.4% in 2023 to reach EGP74.1bn ($1.55bn), compared to EGP56.8bn in 2022. Source Middle East Insurance Review
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Bilal Jarjour
March 21, 2024
UAE Cabinet approves the introduction of a health insurance system for workers
During its meeting, the UAE Cabinet, chaired by Sheikh Mohammed bin Rashid Al Maktoum, adopted a decision to introduce a health insurance system for workers registered with private sector institutions and domestic service workers in the UAE that do not have health insurance systems for such workers. Source: El Morakeb Group
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Bilal Jarjour
March 21, 2024
Egypt: IFE: AI changes the shape of the sector and plays a role in risk mitigation and management
The Insurance Federation of Egypt confirmed that artificial intelligence (AI) technologies are changing the traditional insurance model, as they can automate different aspects of the insurance process, from risk assessment to claims processing. Source El MorakebGroup
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Bilal Jarjour
March 21, 2024
Standard &Poor’s raises Egypt’s outlook from “stable” to “positive”
Standard & Poor’s revised its outlook for Egypt to positive from a stable one, while maintaining its long-term foreign and domestic short-term sovereign credit ratings at ‘B-/B’. Source: اموال
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Bilal Jarjour
March 11, 2024
Hatem Amira: Insurance companies apply the law
The Director General of the Tunisian Federation of Insurance Companies, Hatem Amira, confirmed that there is a great demand for non-compulsory motor insurance operations. Source: الإذاعة الوطنية
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Bilal Jarjour
March 11, 2024
Reinsurers Defend New Business Margins at January 2024 Renewals
Underwriting Margins to Peak in 2024 In contrast to 2023, in this year’s January renewals only loss affected lines of business and regions witnessed significant price increases. Source: Fitch Ratings
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Bilal Jarjour
March 11, 2024
Egypt: Egyptian Insurance Federation Participation in the First Edition of the Financial Supervisory Authority Conference
Insurance awareness is one of the most important axes adopted by the Egyptian Insurance Federation in its various strategies, because of its great return on the insurance industry as a whole and on insurance companies, and the Union is making various efforts in partnership with the Financial Supervisory Authority, in light of achieving insurance coverage…
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Bilal Jarjour
March 11, 2024
Egypt: Insurers expect benefits from liberalisation of the pound
The insurance industry is expecting gains from the Central Bank of Egypt’s (CBE) move on 6 March to liberalize the Egyptian pound and raise major interest rates by 600 basis points. The goal is to combat high inflation and attract foreign investments. Source: Middle East Insurance review
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Bilal Jarjour
March 9, 2024
Property cat reinsurance pricing power to fall 5-10% at mid-year renewals
As per a report from analysts at BMO Capital Markets, a prominent reinsurance broking executive from Howden Tiger has suggested property-catastrophe reinsurance pricing power will fall 5-10% at mid-year contract renewals. The comments from the Howden Tiger executive were reportedly made at the Association of Insurance and Financial Analysts (AIFA) conference Source: Reinsurance news
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Bilal Jarjour
March 9, 2024
Reinsurance demand to remain strong but prices to peak in 2024, says Moody’s
Trading conditions at the January 1st, 2024, reinsurance renewals were much more stable than a year earlier, and with discipline maintained and a greater willingness from existing carriers to deploy, the outlook for 2024 is one of more stability and healthy levels of profitability, Source: Reinsurance news
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