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August 27, 2024
Jordan: Discussing preparations for the implementation of the requirements of the unified office system for compulsory motor insurance
Following the issuance of a regulation of the Unified Office for Compulsory Motor Insurance No. 51 of 2024, which was published in the Official Gazette issued on 15-8-2024, the Jordan Federation of Insurance Companies took the initiative to form a joint committee from the sector and the concerned executive departments in the Federation to prepare…
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Bilal Jarjour
August 27, 2024
Proposal raised aimed at narrowing quake protection gap
Turkey: Compulsory earthquake insurance should be offered automatically to all homeowners in Turkiye with a sufficient level of coverage, a senior insurance executive has suggested. Source: Middle East Insurance Review
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Bilal Jarjour
August 27, 2024
Egypt: The Head of Financial Supervision ” the Authority ” continues to support the policies and procedures of digitizing the insurance sector and increasing its customer base
The Chairman of the Board of Directors of the Financial Regulatory Authority (FRA) met with the leaders of the insurance sector, during the meeting organized by the Egyptian Insurance Federation headed by Alaa Al-Zuhairy, and in the presence of Dr. Islam Azzam, Vice Chairman of the Authority and a number of the Authority’s leaders. Source:…
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Bilal Jarjour
August 27, 2024
Reinsurance market will continue to thrive with dedicated capital poised to increase: AM Best
Total dedicated reinsurance capital went up by 7% in 2023 to $568 billion, and an even larger increase is projected for 2024 of up to $625 billion, according to a recent report by credit rating agency, AM Best Source: Reinsurance News
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Bilal Jarjour
August 23, 2024
Monkeypox virus not covered by insurance
Mohamed Mukhtar, Chairman of the Board of Directors of Egypt Health Care Company, revealed that the monkeypox epidemic is not covered by insurance, explaining that medical documents do not cover epidemics within their basic conditions and coverage, but can be added in an appendix to them with an additional premium. Source Almorakebgroup
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Bilal Jarjour
August 23, 2024
UAE: Insurers expected to hike premiums in 2H2024 in some insurance branches
Price hikes are expected for some insurance products in the UAE on the back of high demand in the second half of 2024 Source: Reinsurance news
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Bilal Jarjour
August 23, 2024
GCC: Takaful market expected to see another profitable year in 2024
2024 is set to be another profitable year for the Islamic insurance sector in the GCC. Net profits in 2023 had already reached a record of almost $1bn, mainly due to rate adjustments in previously underperforming lines and higher investment returns, says S&P Global Ratings (S&P). Source: Reinsurance news
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Bilal Jarjour
August 23, 2024
Marsh offers port closure insurance with $50 million in compensation
Marsh, one of the world’s leading insurance brokerage and risk advisory firms, and a subsidiary of Marsh McLean, has announced the launch of its first port closure insurance service, with $50 million in compensation, covering shipping ports worldwide. Source: Almorkab group
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Bilal Jarjour
August 21, 2024
GCC: Impact of regional weather-related events in 2Q2024 contained by reinsurance for most insurers
Listed insurers in the GCC region have registered an impressive growth of 8.0% in after-tax profits. Source: Middle East Insurance Review
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Bilal Jarjour
August 21, 2024
Will GCC Islamic insurers’ strong earnings streak continue?
After strong topline growth over 2022-2023, Islamic and Takaful insurers in the Gulf Cooperation Council (GCC) region continue to benefit from favorable growth prospects, mainly due to higher insurance demand in Saudi Arabia, which is the largest Islamic insurance market in the region. Source: S&P Global
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