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November 11, 2024
AI adoption in insurance grows amid rising extreme weather risks
As losses from extreme weather increase, insurers are rapidly adopting AI risk assessment models, with one in four now using AI for convective storms and 18% for wildfires, according to a recent survey by Zesty AI. Source: Reinsurance News
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Bilal Jarjour
November 11, 2024
Egypt: Financial Regulatory Authority approves EGP 17.8 billion new investments for private insurance funds
The Financial Regulatory Authority (FRA) approved new investments for private insurance funds worth EGP 17.8 bn during the first 8 months of 2024, compared to EGP 15.7 bn during the same period in 2023, according to the monthly report issued by the authority. Source: اموال الغد
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Bilal Jarjour
November 11, 2024
Bahrain: Insurance companies sold 2.9 million insurance policies in six months
Recent official data for the insurance market for the first half of 2024 showed a significant increase in total insurance premiums and claims compared to the same period last year, as insurance companies sold about 2.9 million insurance policies in six months, an increase of 256,000 policies. Source: Al Morakeb Group
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Bilal Jarjour
November 11, 2024
Egypt: Property insurance premiums grew in the first 8 months of the year to EGP 34.2 billion
Property insurance premiums rose in the first eight months of the year to EGP 34.2 bn compared to EGP 23.9 bn for the same period last year, according to a report by the Financial Regulatory Authority for the period from January to August this year. Source: المال
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Bilal Jarjour
November 8, 2024
Fitch Ratings: Investor Returns, Climate-Risk Mitigation Drive Cat Bond Issuance
The record issuance of insurance-linked securities (ILS) is expected to continue as (re)insurers tap the capital markets to utilize catastrophe (cat) bonds to manage risks amid a firm reinsurance market. Source: Fitch Ratings
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Bilal Jarjour
November 8, 2024
Frequency & severity losses will not be solved by reinsurers in 2025: AIG CEO
This year, insured catastrophe losses have already exceeded $100 billion and are expected to easily breach the $120 billion mark, according to Peter Zaffino, Chief Executive Officer (CEO) of AIG. Source: Reinsurance News
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Bilal Jarjour
November 8, 2024
UAE: Premiums of mandatory health insurance scheme in northern emirates to start at US$95
Health insurance premiums in the northern emirates in the UAE will be priced as low as AED350 ($95.30) per year per person, when the mandatory scheme takes effect on 1 January 2025. Source: Middle East Insurance Review
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Bilal Jarjour
November 8, 2024
Saudi Arabia: Insurance spending per capita increased by 30% in 2023
Insurance spending per capita increased by 30% to SAR2,034 ($541.50) in 2023 from SAR1,564 in 2022 in Saudi Arabia, according to the Insurance Authority (IA). Source: Middle East Insurance Review
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Bilal Jarjour
November 5, 2024
Libya: MOU between the Center for Research and Actuarial Studies and the Ins Supervisory Authority
In Libya, a memorandum of understanding was signed at the headquarters of the Insurance Supervisory Authority in Tripoli, among the Libyan Center for Research and Actuarial Studies affiliated with the Social Security Fund, the Insurance Supervisory Authority and the Libyan Insurance Federation. Source: صحيفة الأنباء الليبية
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Bilal Jarjour
November 5, 2024
UAE: Insurance market is forecast to grow by up to 20% this year
The insurance sector in the UAE, both conventional and Islamic, is expected to grow by 15-20% in 2024, according to S&P Global Ratings (S&P). Source: Middle East Insurance Review
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