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November 5, 2024
Egypt: Microinsurance premiums reach US$7.7m in 2023
The microinsurance segment in Egypt generated premiums totaling EGP377m ($7.7m) and paid out compensation of EGP193m in 2023, according to data from the Financial Regulatory Authority (FRA). Source: Middle East Insurance Review
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Bilal Jarjour
November 5, 2024
Egypt: Applying the principles of governance in insurance companies enhances their ability to achieve their strategic objectives
An insurance broker and expert in strategic management stressed that the application of governance principles in Egyptian insurance companies enhances their ability to achieve their strategic objectives, and ensures their sustainability and growth in a complex competitive and legal environment. Source: المال
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Bilal Jarjour
November 4, 2024
Fitch: $102 billion in global catastrophe insurance losses so far
Insured losses for the current year have already reached $102 billion due to global disasters, according to the latest Fitch Ratings report. Fitch estimates that Hurricane Helen left insured losses of $5 billion to $10 billion, while Milton left only an estimated $20 to $40 billion. Source: Al Morakeb
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Bilal Jarjour
November 4, 2024
Morocco hedges against disasters with mandatory home insurance
Morocco has considered introducing compulsory housing insurance in a bid to mitigate the economic impact it faces when the country is hit by natural disasters, most recently last year’s earthquake. The Superintendency of Insurance and Social Welfare (ASWW), the government body tasked with monitoring the insurance sector and pension systems, has invited consulting firms to…
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Bilal Jarjour
November 4, 2024
Continuous adjustment of car insurance amounts is a necessity to face inflation
Experts confirmed that insurance companies face many challenges in light of being affected by economic and financial factors, including the change in the exchange rate of the currency, noting that the insurance company calculates the costs and risks of insurance based on expectations of future damages and the value of financial transactions, and when a…
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Bilal Jarjour
November 4, 2024
Reinsurers post 22% ROE in 2023, Helene & Milton to stall softening, says AM Best
Solid underwriting conditions, combined with a turnaround in unrealized losses drove reinsurers to a 22% return on equity (ROE) in 2023, states global ratings agency AM Best. Source: Reinsurance News
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Bilal Jarjour
November 1, 2024
Quantifying business interruption: Risk propagation in complex supply chains
Business interruption including supply chain disruptions have been among the top risks for most companies for over a decade. On average, supply chain disruptions cost organizations USD 184 million annually. Source: Swiss Re Institute
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Bilal Jarjour
November 1, 2024
Germany: E+S Rück anticipates further price increases and improved T&Cs at Jan 1
E+S Rückversicherung AG, the Hannover Re subsidiary responsible for German business, has indicated that further price increases and improved terms and conditions are likely at the January 1, 2025, property and casualty reinsurance renewals, following losses caused by severe weather events in the country. Source: Reinsurance News
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Bilal Jarjour
November 1, 2024
Egypt: IFE / The sector’s transition to confident claims management requires investment in AI
The Insurance Federation of Egypt stressed on the importance of insurance companies moving to confident claims management, and continuing to meet the evolving needs of their customers. Source: المال
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Bilal Jarjour
November 1, 2024
Saudi Red Sea Authority and Insurance Authority cooperate to launch Saudi Arabia’s first coastal tourism insurance product
The Saudi Red Sea Authority (SRSA) and the Insurance Authority have signed a cooperation agreement to launch insurance products covering risks associated with all coastal tourism activities through local insurance companies. Source: Maaal
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