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March 2, 2024
Government insurance funds pay claims exceeding 143 m EGP in 2023
Total claims paid by government funds amounted to 143.6 million EGP in 2023. Meanwhile, the assets reached 1.5 billion EGP in 2023, with investments totaling 1.27 billion EGP during the previous year. Source: المال
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Bilal Jarjour
March 2, 2024
Egypt: Deputy Head of the FRA: committee formation underway to study mechanisms for establishing a national reinsurance company
In Egypt, Dr Islam Azzam, Deputy Head of the Financial Regulatory Authority, stated that the committee responsible for studying the establishment of an Egyptian reinsurance company is currently being formed. Source: أموال الغد
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Bilal Jarjour
March 2, 2024
Bloomberg publishes its forecasts for the Lebanese economy for 2024
Bloomberg’s quarterly survey of economists and analysts on the future outlook of the Lebanese economy estimated a 0.5% tightening in economic activity in 2023 compared to previous expectations of a 0.3% growth rate, based on a survey conducted in September 2023. Source: Leb Economy
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Bilal Jarjour
March 2, 2024
GAIF presidency goes to Oman
The chairman of the Oman Insurance Association, Mr Sayyid Nassir Salim Al Busaidi, has been appointed as the new president of the General Arab Insurance Federation (GAIF). Source: Middle East Insurance Review
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Bilal Jarjour
March 1, 2024
Egypt: Insurance companies pay EGP 27.3 bn as claims in 2023, an increase of 17.2%
In Egypt, Dr Mohammed Farid, Chairman of the FRA, stated that the total premiums during the fiscal year 2023 increased to reach EGP 61.4 bn, compared to EGP 48.9 bn in the previous year, an increase of 25.6%. Source: اليوم السابع
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Bilal Jarjour
March 1, 2024
Egypt: 13 decisions to develop the ins sector, including electronic policies’ marketing
In Egypt, the Financial Regulatory Authority has issued 13 decisions to develop the insurance sector, given its importance in maintaining its stability in order to play a vital role in supporting the Egyptian economy. Source: اليوم السابع
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Bilal Jarjour
March 1, 2024
Morocco: Govt to refine legislation and rules on catastrophic events
The Government Council has passed a draft decree that contains provisions concerning the determination of the maximum duration of a disaster depending on its nature, as well as to consider any event occurring after this period as a new disaster, in line with international standards. Source: Middle East Insurance Review
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Bilal Jarjour
March 1, 2024
Insurance Growth Report 2024 (by Clyde & Co)
Global law firm, Clyde & Co, has issued a report entitled: “Insurance Growth Report 2024“. Please click on the link below to read it in full: Source: Clyde & Co
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Bilal Jarjour
February 28, 2024
UAE Insurance Industry set to grow with motor profitability improving
Gross written premiums (GWP) in the UAE motor insurance sector are set to increase on the back of increased vehicle sales in 2023 with underwriting profitability improving, as premium rates return to pre-pandemic normalised levels, Fitch Ratings says in a new report. Source: Fitch Ratings
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Bilal Jarjour
February 28, 2024
“Saudi Insurance”: SAR 53.4 bn is the size of the insurance market in the Kingdom in 2022
Mr Fawaz Bin AbdulRahman Al-Hajji, Chairman of the General Committee for Directors of Insurance Companies “Saudi Insurance” and Chairman of the Executive Committee, confirmed that the Saudi insurance market achieved tremendous growth, exceeding SAR 53.4 billion (USD 14.2 billion) in year 2022; being the largest insurance market in the Arab region. Source: Maal
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