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February 4, 2025
Egypt: “Senate” discusses government policy to improve insurance companies’ efficiency
In Egypt, the Senate discussed during its General Session a request to debate the government’s policy to improve the efficiency and competitiveness of the insurance sector. Source: المصري اليوم
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Bilal Jarjour
February 4, 2025
Saudi Arabia: signing a memorandum of cooperation to develop the insurance and financial market sectors
The Capital Market Authority and the Saudi Insurance Authority signed a memorandum of cooperation aimed at enhancing joint efforts in developing the financial market and insurance sector, in order to achieve the strategic objectives of the financial sector. Source: العربية
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Bilal Jarjour
February 1, 2025
2024 climate disasters cause billions in losses highlighting urgent need for action
The year 2024 saw several extreme climate disasters that resulted in billions of dollars in insured losses, underscoring the urgent need to reduce carbon emissions, accelerate the transition to renewable energy, and provide funding for vulnerable populations, according to Christian Aid. Source: Reinsurance News
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Bilal Jarjour
February 1, 2025
Saudi Arabia: Insurance sector records double-digit growth
The Kingdom of Saudi Arabia’s insurance industry expansion is closely tied to its Vision 2030’s initiatives, including mandatory motor insurance and bolstered social welfare systems, which have significantly increased the demand for insurance products, according to a press release on Zawya. Source: Middle East Insurance Review
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Bilal Jarjour
February 1, 2025
Egypt: Insurance sector takes the “green” path to support the voluntary carbon market
The Financial Regulatory Authority has completed work on launching the voluntary carbon market, taking it out of the local and regional sphere to be one of the experiments that can be used by various countries. Source: أموال الغد
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Bilal Jarjour
February 1, 2025
Egypt: 4.8% increase in accident insurance commissions, the total declined to 18.9% in 2022/2023
The Financial Regulatory Authority (FRA) issued its statistical yearbook for the year 2022/2023, which reflects the performance of insurance companies in various insurance branches, and the growth and change rates compared to the previous fiscal year 2021/2022. Source :المال
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Bilal Jarjour
January 30, 2025
Türkiye: Total insurance premiums grew by 72.5% from 2023 to 2024
According to preliminary figures the Insurance Association of Turkey (TSB) has published of total gross written insurance premiums collected, there has been a 72.5% increase, from TRY468tn ($13.6bn) in December 2023 to TRY838.5tn in December 2024. Source: Middle East Insurance Review
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Bilal Jarjour
January 30, 2025
Saudi Arabia: The Insurance Sector Drives Economic Diversification in Line with Vision 2030
The insurance sector in Saudi Arabia is a key pillar of the Kingdom’s financial industry and has evolved to become one of the largest insurance markets in the Gulf Cooperation Council (GCC) countries. Driven by Vision 2030, the sector is experiencing unprecedented growth, supported by regulatory reforms, technological advancements, and economic diversification. Source :الرياض
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Bilal Jarjour
January 30, 2025
UAE: Majority of insurance claims from April 2024 settled
Insurance companies in the UAE have lost up to $2.5 billion (AED 9.175 billion) due to the 2024 rains. The majority of insurers have settled claims following the record rainfall on April 16. Source: Khaleej times
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Bilal Jarjour
January 30, 2025
Kuwait: Insurance Unit issues new rating standards for foreign providers
Foreign insurers operating in Kuwait are subject to a new condition that requires a minimum rating standard for their parent companies, according to a new resolution the regulator has issued. Source : Middle East Insurance Review
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