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November 19, 2024
Standard & Poor’s specific losses for insurance companies despite the magnitude of the repercussions of the flood in Spain the official insurance compensation union covered the bulk of the compensation
According to Standard & Poor’s (S&P), the deadly floods that occurred in Spain’s cities in October 2024, especially in Valencia and other Spanish cities, will have a limited impact on private insurance and reinsurance companies, with the official Insurance Compensation Consortium (CCS) affiliated with the Ministry of Economy, Trade and Business taking charge of the…
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Bilal Jarjour
November 19, 2024
Saudi Arabia: Insurers with reinsurance licenses expect jump in revenue from new reinsurance rule
The Insurance Authority has issued a circular that will require at least 30% of all reinsurance treaties (proportional and non-proportional) to be ceded to licensed reinsurance companies in the kingdom, said Saudi Reinsurance Company (Saudi Re). Source: Middle East Insurance Review
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Bilal Jarjour
November 19, 2024
UAE: Listed insurers post combined pre-tax profits of US$544m for the first 3 quarters of 2024
The first half of 2021 saw a remarkable recovery in profits and overall capital levels in the UAE-listed insurance companies’ market, compared to 12 months agoز Source: Zawya
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Bilal Jarjour
November 19, 2024
Egypt: Chairman of the Financial Regulatory Authority stresses the importance of data in improving insurance services
The Chairman of the Financial Regulatory Authority stressed the importance of providing and controlling statistical data to support the insurance sector and achieve its objectives, pointing out that the lack of such data is a major challenge that affects the accuracy of risk assessment and determining the prices of insurance coverages. Source: المال
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Bilal Jarjour
November 16, 2024
Egypt: FRA obliges companies to notify it of fraudulent operations
In Egypt, the Financial Regulatory Authority obliged insurance companies to notify the authority of fraudulent operations that they discover when underwriting personal insurance lines immediately upon discovery. Source: أموال الغد
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Bilal Jarjour
November 16, 2024
UAE: Motor co-insurance costs on the rise
In the UAE, motor insurers are increasing not just auto insurance premiums, particularly because of losses incurred in this year’s April rains, but also co-payments by insureds. Source: Middle East Insurance Review
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Bilal Jarjour
November 16, 2024
Artificial intelligence is one of the necessities of the cloud in the insurance sector
The Global Cloud Financial Services Report 2025, released by the Capgemini Research Institute, reveals that there is a clear difference between the way traditional financial institutions and modern institutions view their investments in cloud technology. Most banks and insurers rely on cloud solutions, with the aim of increasing operational efficiency (84%), while fintech and tech…
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Bilal Jarjour
November 16, 2024
Egypt: Head of Financial Supervision discusses with international funding bodies mechanisms to cover natural and agricultural risks by insurance
Dr. Mohamed Farid, Chairman of the Board of Directors of the Financial Regulatory Authority, said that discussions as well as the necessary studies are currently being prepared in partnership with the Egyptian Insurance Federation and international financing bodies in determining the appropriate mechanism to cover natural and agricultural risks. Source: اموال الغد
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Bilal Jarjour
November 15, 2024
Egypt: Private insurance fund investments rise to EGP 17.8 bln in 8 months
Private insurance fund investments in Egypt rose to EGP 17.8 bln in January-August 2024 compared to EGP 15.7 bln in the same period last year, a growth of 13.5%, and the volume of insurance fund investments in August alone reached EGP 2.23 bln compared to EGP 2.15 bln, a growth rate of 3.6%, according to…
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Bilal Jarjour
November 15, 2024
Kuwait: Government Insurance Contracts for Employees and Buildings Under Review
As part of its moves to reduce spending and boost non-oil revenues in the public budget, the Ministry of Finance has been studying the aspects of financial waste in the public budget, in an effort to rationalize expenditures, by developing a comprehensive vision through which the windows of unnecessary public spending can be closed. Source:…
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