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January 29, 2025
Saudi Arabia: Positive outlook for the insurance sector in the Kingdom. Premiums will record 212 billion riyals by 2030
The insurance sector in the Kingdom is expected to witness remarkable growth in the coming years, with an estimated annual growth rate of 18%. Growth by 2030 compared to 2023 is expected to reach 224%, which will contribute to enhancing the depth of the insurance sector in non-oil output to reach the Vision 2030 target…
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Bilal Jarjour
January 29, 2025
Kuwait: “Insurance Regulation” Issues 3 Decisions for Licensing and Revocation
The Kuwaiti Insurance Regulatory Unit issued three new decisions regarding individual licensing, revocation of another license, and a decision related to accredited rating agencies. Source :Al Morakeb
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Bilal Jarjour
January 29, 2025
UAE: Stability in Car Insurance Prices in 2025
The prices of “comprehensive” and “third-party” car insurance policies in the UAE are expected to stabilize in 2025, following an increase of 25% to 35% in 2024. This rise was attributed to the higher costs of reinsurance for companies’ insurance portfolios, according to experts and industry officials. Source :مركز الإتحاد للاخبار
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Bilal Jarjour
January 29, 2025
Egypt: Insurance Federation “Fraud Causes Annual Losses of Up to 21.6% in the Auto Sector”
The Egyptian Insurance Federation has emphasized the importance of addressing the phenomenon of fraud and deception in auto insurance, which poses a significant challenge to the insurance industry both locally and globally. Source :المال
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Bilal Jarjour
January 27, 2025
Global Insurance Fraud Detection Market Expected to Grow to $9.13 Billion
The Egyptian Insurance Federation has highlighted that fraud in the insurance industry poses a significant challenge for insurance companies worldwide. Source :اموال الغد
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Bilal Jarjour
January 27, 2025
Qatar: Executive Regulations of the Social Insurance Law Enhance Transparency and Efficiency
The Emir of the State of Qatar, Sheikh Tamim bin Hamad Al Thani, has approved the issuance of the executive regulations for Social Insurance Law No. 1 of 2022. These regulations represent a significant milestone in organizing and advancing the social insurance system in the country. Source :بوابة التامين
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Bilal Jarjour
January 27, 2025
Turkiye: Market growth registers 72.5% in 2024
Life and non-life insurance business in Turkiye registered notable growth rates in the past year, while participation insurance continues to record impressive growth rates. Source :Middle East Insurance Company
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Bilal Jarjour
January 27, 2025
2024 is the third most expensive year for the insurance market.
According to the German reinsurer Munich Re, the economic losses caused by natural disasters that occurred in 2024 amounted to $ 320 billion compared to $ 268 billion in 2023. The cost of insured losses rose from $106 billion in 2023 to $140 billion a year later, making 2024 the third most expensive year for…
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Bilal Jarjour
January 25, 2025
Lebanon: insurance premiums will rise and the “conflict” is raging with hospitals
The conflict is raging between insurance companies and hospitals over the 15% that the Syndicate of Hospitals wants to increase on insurance companies’ bills starting from February 1, as announced in a prior statement. Source: IMLebanon
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Bilal Jarjour
January 25, 2025
Egypt: The Financial Supervisory Authority amends the dates of the fiscal year for insurance funds and companies to comply with the unified law
The Board of Directors of the Financial Regulatory Authority (FRA), headed by Dr. Mohamed Fareed, issued Resolutions No. 256 and 273 of 2024, to amend the dates of the beginning and end of the fiscal year for private insurance funds and insurance and reinsurance companies. This decision comes in the context of completing the rules…
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