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August 15, 2024
Severe thunderstorms drive insured losses to USD 60 billion in first half of 2024, Swiss Re Institute estimates
A high frequency of small to medium events resulted in global insured losses from natural catastrophes of USD 60 billion in the first half of 2024, according to Swiss Re Institute’s preliminary estimates. Source: Swiss Re
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Bilal Jarjour
August 15, 2024
Saudi Arabia: The cultural insurance policy was launched in Saudi Arabia to preserve heritage and works of art and may extend to all countries of the region
In the presence of officials and CEOs in the cultural and insurance fields In cooperation with the Insurance Authority in Riyadh, an agreement was signed at a press conference entitled “Cultural Insurance Conference”, to cover a group of heritage buildings of the Ministry of Culture that apply to whomever he wants from the owners of…
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Bilal Jarjour
August 15, 2024
Egypt: Financial Regulator: Insurance companies collect EGP 6.8 bln in premiums in May
The latest reports issued by the Financial Regulatory Authority for the month of May 2024 showed an increase in the value of insurance premiums collected from insurance companies’ customers during the month of May 2023, with a growth of 20.2% Source: Al Morakeb Group
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Bilal Jarjour
August 15, 2024
Reinsurers see strong profits in 2023 amid market reset & hard pricing: AM Best
According to a new AM Best report, a strategic market reset by global reinsurers in 2023 has led to robust technical profits and a shift in industry dynamics. AM Best’s Market Segment Report, Strong Technical Profits Bolster Momentum for Global Reinsurers Source: Reinsurance News
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Bilal Jarjour
August 14, 2024
UAE: Standard & Poor’s expects the UAE’s Takaful insurance sector to grow by 20% in 2024
S&P Ratings agency S&P today announced that the Takaful sector in U.A.E., the region’s second largest takaful market, will grow by 15% to 20% in 2024. Source: emaratalyoum
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Bilal Jarjour
August 14, 2024
S&P expects the Gulf Islamic insurance sector to grow by 15-20% in 2024
Ratings agency Standard & Poor’s Global expects the Gulf region’s Islamic insurance sector to grow by 15 to 20 percent in 2024, with revenues exceeding $20 billion. The agency added in its report that this comes after a strong growth in the revenues of Islamic insurance companies during the period between 2022-2023, according to the…
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Bilal Jarjour
August 14, 2024
Tunisia: Listed (re)insurance companies see premiums rise by 10% to US$271m in 1H
The overall turnover of the six Tunisian (re)insurers listed on the Tunis bourse amounted to TND835.16m ($270.87m) in the first half of 2024, an increase of 10.3% compared to the corresponding half in 2023 Source: Middle East Insurance Review
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Bilal Jarjour
August 14, 2024
96% of underwriters & actuaries say pricing tech needs improvement
Hyperexponential, a pricing platform for global re/insurers, has observed that while new technology has opened up significant opportunities, issues with the broader ecosystem and outdated systems are hindering innovation and limiting insurers’ efficiency, profitability, and collaboration. Source: Reinsurance News
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Bilal Jarjour
August 13, 2024
GCC: Islamic insurers continue to see positive growth prospects
Islamic and takaful insurers in the Gulf Cooperation Council (GCC) region continue to benefit from favorable growth prospects, said S&P Global Ratings (S&P). Source: Middle East Insurance Review
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Bilal Jarjour
August 13, 2024
Saudi Arabia: The Presidency of State Security signs a coordination agreement with the Insurance Authority
In Saudi Arabia, the Presidency of State Security, represented by the Permanent Committee for Combating Terrorism and its Financing, signed a coordination agreement with the Insurance Authority. Source: هيئة التأمين
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