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November 15, 2024
Takaful policies in 2032 will increase by 9.41 percent!
According to a report published by research firm Market Research Future, the volume of proceeds from Takaful policy sales is expected to reach $85.38 billion in 2032, compared to $38.02 billion in 2023. The average annual growth rate during this period is estimated at 9.41%. Source: تامين ومصارف
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Bilal Jarjour
November 15, 2024
Tunisia: Government proposes increasing corporate tax rate for insurers to 40% for 2025 fiscal year
Financial institutions, including insurers and banks, will be required to pay a corporate tax rate of 40%, the government is proposing in the draft Finance Law 2025. Source: Middle East Insurance Review
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Bilal Jarjour
November 14, 2024
Morocco: Second place in policy sales on the African continent
According to the annual report of the African Insurance Organization (OAA), the volume of sales of the African insurance market reached $ 63.5 billion in 2023, a decrease of 5.6% compared to $ 67.3 billion recorded in 2022. Life insurance premiums accounted for 67.6% of the total portfolio compared to 32.4% for the General Insurance…
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Bilal Jarjour
November 14, 2024
Turkey: Insurers cite inflation as reason for steep health insurance premium hikes
Insurers are increasing health insurance premiums by around 150% this year, following a 200% rise last year, according to local media reports. Source: Middle East Insurance Review
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Bilal Jarjour
November 14, 2024
Bahrain: Higher operating costs dent net profits of insurers in 1H
The net profits of insurance companies operating in Bahrain fell by 43.5% to BHD15.78m ($41.87m) in the first half of 2024, compared to BHD27.91m in the corresponding period of 2023, according to the “Insurance Market Review June 2024”, released by the Central Bank of Bahrain earlier this month. Source: Middle East Insurance Review
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Bilal Jarjour
November 14, 2024
Sharm El Sheikh Rendezvous discusses ways to innovate and develop new insurance products
The second session discussed the sixth Sharm El Sheikh Rendezvous Insurance and Reinsurance Forum on the innovation and development of insurance products in a session entitled. “Developing an innovative conception of ways to distribute and develop new insurance products”. Source: اموال الغد
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Bilal Jarjour
November 12, 2024
Composite rate decreases in India, Middle East, and Africa
The composite insurance rate in the third quarter of 2024 decreased by 2% in the IMEA region, where rates for large and complex organizations are often driven or influenced by the reinsurance market, according to the “Global Insurance Market Index”. Source: Middle East Insurance Review
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Bilal Jarjour
November 12, 2024
Morocco: Insurance industry posts profits of over US$312m in 1H2024
The Moroccan insurance sector has generated a net profit of MAD3.1bn ($312.5m) in the first half of 2024, 3% higher compared to the corresponding half in 2023, according to data from the Insurance and Social Welfare Supervisory Authority (ACAPS). This performance was due to improved technical results. Source: Middle East Insurance Review
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Bilal Jarjour
November 12, 2024
Egypt: The Financial Supervisory Authority and the Egyptian Federation plan to launch the index-based insurance product in 2025
Alaa El-Zohairy, Chairman of the Egyptian Insurance Federation, said that cooperation is underway with the Financial Supervisory Authority to launch an index-based insurance product. Source: اموال الغد
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Bilal Jarjour
November 12, 2024
Natural disasters are the main challenges of the African repatriation market 2025
In 2025, reinsurers focused on working in Africa will seek to meet the challenge of an increasingly evolving landscape of natural disaster risks, even as inflation continues to rise and economic growth weighs on the continent. Source: المال
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