October 21, 2024
UAE Insurers want to place a cap on motor commission rates
The Emirates Insurance Federation (EIF) has proposed imposing a ceiling on the commission rate charged by motor insurance brokers. Source: Middle East Insurance Review
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Bilal Jarjour
October 21, 2024
Home insurance has increased for homeowners as loss costs across all perils rise
The US home insurance industry has experienced an upward trend in loss cost across all perils combined over the past seven years, resulting in catastrophic claims which in turn contribute to rising premiums, LexisNexis stated in a recent report. Source: Reinsurance News
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Bilal Jarjour
October 19, 2024
Lloyd’s: Lloyd’s study on the risks ahead Geopolitical conflicts could cause $14 trillion in losses in the next five years
In partnership with the Cambridge Centre for Risk Studies, Lloyd’s is soon launching a study on systemic risk, predicting that geopolitical conflicts could cause $14 trillion in economic losses over the next five years on a global scale. Source:تامين ومصارف
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Bilal Jarjour
October 19, 2024
Egypt: FRA allows 33 insurance companies to launch mobile applications
Dr. Islam Azzam, Vice Chairman of the Financial Regulatory Authority (FRA), said that the Authority is focusing on digital transformation to increase the growth of the Egyptian agricultural sector and support its sustainable growth, to enhance and facilitate the access of financial technology solutions and various insurance products to farmers through mobile applications and through…
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Bilal Jarjour
October 19, 2024
UAE: 4.9m vehicle insurance policies worth US$1.6bn issued in 2023
The total motor insurance premiums generated in 2023 amounted to about AED5.9bn ($1.6bn), of which AED4.3bn was accounted for by locally incorporated companies and AED1.6bn by foreign insurers, according to data released by the Central Bank of the UA. Source: Middle East Insurance Review
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Bilal Jarjour
October 19, 2024
Insurance sector technology development reduces customer fraud attempts
Experts said that the insurance sector has started issuing policies electronically remotely, while premiums are now paid through e-wallets, and inquiries can be made with a simple phone call, however, there are still more developments that the sector needs. Source: المال
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Bilal Jarjour
October 17, 2024
Fitch: The stability of the reinsurance market in Asia during the current year depends on its sufficient capacity
Fitch Agency revealed that the reinsurance market prices in the Asia-Pacific region in year 2024 are stable due to sufficient capacity and will remain if this continues. Source:المال
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Bilal Jarjour
October 17, 2024
Egypt: Digitization and supporting startups are top priorities for the Authority’s work to achieve financial inclusion based on innovation
Dr. Mohamed Farid, Chairman of the Financial Regulatory Authority (FRA), participated in the fourth edition of the Fintech Surge 2024 Conference. The conference focuses on trends affecting the future of various financial sectors, specifically digital services, investment in financial technology, and growing cooperation between financial institutions and financial technology companies, and investment in them. Source:اموال…
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Bilal Jarjour
October 17, 2024
Morocco: Takaful companies generate contributions of US$4.4m in 1H2024
Takaful generated contributions totaling MAD43.5m ($4.4m) in the first half of 2024, 50% higher than the MAD29m reported for the corresponding six months in 2023, according to data released by the Moroccan Insurance Federation. Source: Middle East Insurance Review
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Bilal Jarjour
October 17, 2024
Helene and Milton losses below $200m
Progressive, the property and auto-focused insurance group, has revealed that incurred property losses and allocated loss adjustment expenses (ALAE) related to hurricanes Helene and Milton did not exceed the $200 million retention. Source: Reinsurance News
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