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July 24, 2024
Egypt: With a minimum capital of 3 million pounds. The Unified Insurance Law codifies the launch of actuarial expertise companies
The Unified Insurance Law allowed, for the first time in the Egyptian market, the Financial Regulatory Authority (FRA) to license actuarial expertise through companies established for this purpose and registered in the register prepared for this purpose at the Authority, and in accordance with the rules and procedures issued by the Authority’s Board of Directors.…
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Bilal Jarjour
July 24, 2024
CrowdStrike outage an opportunity for re/insurance market to react and improve
The July 19 global IT outage is an opportunity for the re/insurance market “to react by improving granularity on codifying policy information important for understanding portfolio accumulation risks stemming from certain coverage grants. Source Reinsurance News
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Bilal Jarjour
July 22, 2024
Kuwait: The Kuwait Authority issues a decision regarding the exception of companies subject to the “Insurance Unit”
The Kuwait Capital Markets Authority (CMA) issued Resolution No. 90 of 2024 regarding the exemption of listed companies subject to the supervision of the Insurance Regulatory Unit from the provisions of Module Fifteen (Corporate Governance) of the Executive Bylaws of Law No. 7 of 2010. The exception will be by adding some amendments to the…
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Bilal Jarjour
July 22, 2024
Fraud in Tunisian insurance business to be in the hands of a new entity to launch in 2025
The Tunisian Federation of Insurance Companies (FTUSA) has officially launched an anti-fraud and anti-fraud insurance sector (ALFA) entity involving local and foreign insurance and reinsurance companies operating in Tunisia and subject to insurance law. Source: تأمين ومصارف
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Bilal Jarjour
July 22, 2024
Financial regulator directs NBFIs to step up cybersecurity, starting off with insurers
The Financial Regulatory Authority (FRA) has ordered non-banking financial institutions (NBFIs) to acquire cyber insurance policies among several moves to adopt measures to enhance their cybersecurity system and protect sensitive IT systems and data. Source: Middle East Insurance Review
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Bilal Jarjour
July 22, 2024
Saudi Arabia: Insurance Authority says sector unaffected by 19 July global IT outage
The Insurance Authority (IA) says that it and the country’s insurance sector was unaffected by the 19 July massive global tech outage. Source: Middle East Insurance Review
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Bilal Jarjour
July 19, 2024
Egypt: Cybersecurity and data security control the insurance sector
Mr. Mostafa Abu Al-Azm, Managing Director of the Egyptian Association for Cooperative Insurance, confirmed that the Egypt is on the verge of a historic transformation, after the House of Representatives approved the unified insurance law, which was issued by the Financial Supervisory Authority, and pending the ratification of President Sisi. Source: بوابة الاهرام
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Bilal Jarjour
July 19, 2024
Brokerage M&As mergers and acquisitions are slowing
Mergers and acquisitions between insurance agents and brokers fell in the second quarter as some previously active buyers reduced the number of purchases they completed, according to a report by Optis Partners LLC. The Chicago-based investment banking and financial advisory firm said in the report that 146 deals were announced during the second quarter, down…
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Bilal Jarjour
July 19, 2024
Turkiye surpasses Saudi Arabia in premium volume in 2023
Turkiye overtook Saudi Arabia as the biggest market among 13 markets in the Middle East and North Africa Source: Middle East Insurance Review
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Bilal Jarjour
July 19, 2024
Egypt: The Financial Regulatory Authority approves EGP 18.4 billion new investments for private insurance funds
The Financial Regulatory Authority (FRA) approved new investments for private insurance funds worth EGP 18.4 billion during the first 4 months of 2024, compared to EGP 7.5 billion during the same period in 2023, according to the monthly report issued by the authority. Source: اموال الغد
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