September 4, 2024
AM Best upgrades Arab Re rating for year 2024
AM Best has upgraded the Financial Strength Rating to B (Fair) from B- (Fair) of Arab Reinsurance Company SAL (Arab Re) (Lebanon). The outlook is stable. This upgrading change in the financial strength rating duly confirms the soundness of the strategies followed by the Company, which since its establishment, has overcome the difficult political, economic…
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Bilal Jarjour
September 4, 2024
Turkey: Ins association outlines industry expectations re motor
The number of insured vehicle drivers in Türkiye is expected to decrease as motor insurance premiums increase, according to the “2023 Sector Report” released last week by the Insurance Association of Türkiye (TSB). Source: Middle East Insurance Review
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Bilal Jarjour
September 4, 2024
Egypt: FRA issues regulations for non-banking companies
The Financial Regulatory Authority (FRA), headed by Dr Mohamed Farid, issued the resolution no 177 of year 2024, regarding the controls for granting and continuing the license to companies operating in the non-banking financial activities. Source: أموال الغد
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Bilal Jarjour
September 4, 2024
Egypt: Insurance brokers highlight challenges of inflation
Inflation has had a mixed impact on the insurance industry in Egypt, said Egyptian Insurance Brokers Association Chairman Mr Adel Shaker. Source: Middle East Insurance Review
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Bilal Jarjour
September 2, 2024
Abu Dhabi Market: Insurance sector’s consolidated profits fall to AED 219.8 million
A study conducted by Argaam on insurance companies listed on the Abu Dhabi Securities Exchange during the first half of 2024 showed that the consolidated profits of 14 insurance companies listed on the Abu Dhabi Securities Exchange decreased by 27% to reach AED 219.8 million, compared to profits of AED 301.6 million during the first…
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Bilal Jarjour
September 2, 2024
Jordan: Spotlight on the amended systems of compulsory motor insurance and the unified office in Jordan
In a meeting of the General Assembly of the Motor Insurance Committee held at the headquarters of the Jordan Federation of Insurance Companies, the CEO of the Federation, Dr Muayad Al-Kloub, briefed the participating members on the most prominent items of the compulsory vehicle insurance system and the unified office system issued recently. Source: تامين…
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Bilal Jarjour
September 2, 2024
Americans account for half of the world’s insurance spending, and in 2028, the average per capita insurance coverage rises to $15,000, 30 times more than Asians and 7 times more than Europeans
Although countries such as China, Japan, the United Kingdom and Germany all have huge insurance markets, the United States remains the largest spender on the insurance sector by a large margin between them and those countries. Source: تامين ومصارف
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Bilal Jarjour
August 29, 2024
Red Sea insurance nearly doubles after attacked oil tanker appears to be leaking oil
The cost of insurance for ships sailing through the Red Sea has nearly doubled after Yemen’s Houthis attacked a tanker that appears to be leaking oil, with environmental fears growing for the trade route, industry sources said on Wednesday. Source: Insurance Journal
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Bilal Jarjour
August 29, 2024
Reinsurers’ financial strength & diversification key to mitigating cat losses: Swiss Re
After reinsurers paid over $150 billion in global claims across property, casualty, and specialty lines in 2023, Swiss Re’s Urs Baertschi has emphasised the industry’s critical role as a shock absorber, a springboard for addressing the protection gap, and a compass for data-driven decision-making. Source: Reinsurance News
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Bilal Jarjour
August 29, 2024
Egypt: Head of the Financial Regulatory Authority recommends insurance companies to adjust their status with the new law
Dr Mohamed Farid, Chairman of the Board of Directors of the Financial Regulatory Authority, recommended that companies licensed to practice insurance activities in their various branches adjust their status with the Unified Insurance Law recently issued by the President of the Republic by law no 155 of year 2024. Source: أموال الغد
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