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July 27, 2024
America: CrowdStrike Event Cost According to Cyber Cube
Initial insurance losses from the outage of CrowdStrike IT’s service to the standalone cyber insurance market are expected to range from $400 million to $1.5 billion, according to Cyber Cube, a firm that specializes in designing cyber risks and exposures. Source Al Morakeb Group
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Bilal Jarjour
July 27, 2024
Aviation: Loss adjusting must evolve alongside risk
According to Charles Taylor managing director, Asia Pacific – aviation Bob Battoo, loss adjusters in Asia will need to “closely monitor” a number of factors in the aviation industry, as well as the interplay between them, in order to identify emerging risks and assess potential impacts. Source Asia Insurance Review
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Bilal Jarjour
July 27, 2024
Comprehensive auto insurance policies hiked by 20-25%
Insurance companies in the UAE have raised the prices of comprehensive motor insurance policies during the first half of the year by a percentage ranging between 20% and 25% compared to the corresponding period in 202, according to Mr Saeed Abdullah Al Muhairi, CEO of United Gulf Insurance Brokers. Source Middle East Insurance Review
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Bilal Jarjour
July 27, 2024
Bill adopted to extend insurance notification period from 20 days to 60
The House of Representatives has during a plenary session unanimously adopted a Bill to amend the Insurance Code. Source Middle East Insurance Review
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Bilal Jarjour
July 25, 2024
The Council of Ministers approves a memorandum of understanding between the General Organization for Social Insurance and the Deposit and Management Fund
The Saudi Council of Ministers, in a session chaired by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud in Jeddah, approved a memorandum of understanding for cooperation in the field of social insurance between the General Organization for Social Insurance in Saudi Arabia and the Deposit and Management Fund in…
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Bilal Jarjour
July 25, 2024
Risk managers take steps to qualify for cyber insurance
A majority (76%) of IT and cyber security leaders have invested in cyber defenses to qualify for cyber insurance according to a new global survey by Sophos, the cyber security solutions company. Source Asian Insurance Review
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Bilal Jarjour
July 25, 2024
Govt announces new system for issuance of health insurance policies for foreign visitors
The Federal Authority for Identity, Citizenship, Customs, and Port Security (ICP) has announced a health insurance project for tourist visas. Visitors can acquire a health insurance policy when they apply for their visas online through the ICP website or app. Source Middle East Insurance Review
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Bilal Jarjour
July 25, 2024
Egypt: The Financial Regulatory Authority issues new amendments to the controls for granting licenses to non-banking companies
The Financial Regulatory Authority (FRA) issued Resolution No. 140 of 2024 amending FRA Board Resolution No. 53 of 2018 regarding the controls for granting and continuing the license and the rules for owning shares of companies operating in non-banking financial activities. Source اموال الغد
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Bilal Jarjour
July 24, 2024
Algeria: Algeria’s insurance market grows by 4% to 48.4 billion dinars
The National Insurance Market in Algeria achieved a turnover of 48.4 billion Algerian dinars in various activities during the first quarter of the year, a growth of 4% compared to the same period last year, the National Insurance Council said in its latest memorandum. Source Al Morakeb Group
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Bilal Jarjour
July 24, 2024
Cabinet approves several insurance bylaws
Cabinet session, headed by Prime Minister Bisher Khasawneh, approved the 2024 Mandatory Vehicle Insurance Bylaw on 21 July 2024. The objective is to cover all damages arising from vehicle-related accidents and set limits on the insurance company’s liability to pay compensation. Source Middle East Insurance Review
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