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July 17, 2024
UAE: Most insurers to see profit plunge in 2Q2024 due to April floods
UAE insurance companies’ profits could plunge by up to one-fourth in the second quarter due to unprecedented rains in April, which caused severe property and vehicle damages. Source: Middle East Insurance Review
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Bilal Jarjour
July 17, 2024
Egypt: FRA signs a cooperation agreement with NTRA
The Financial Regulatory Authority (FRA) signed the first cooperation with the National Telecom Regulatory Authority (NTRA) as part of efforts to support digital transformation and financial inclusion efforts by signing an agreement on customer data verification service in Egypt. Source:أموال الغد
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Bilal Jarjour
July 17, 2024
Kuwait: Insurance Unit the first line of protection for customers and companies
The Head of the Insurance Regulatory Unit, Mohammad Al Otaibi, listed the most prominent risks facing the insurance sector, and the plans developed by the unit to combat negative practices, and to protect customers and companies. Source: Al Jarida
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Bilal Jarjour
July 17, 2024
Egypt: President El Sisi signs the “unified insurance law”
In Egypt, President Abdel Fattah El Sisi signed the law no 155 of year 2024 issuing the “unified insurance law”. The provisions of this law and annex apply to insurance and reinsurance activities and related insurance services, professions and activities. Source: اليوم السابع
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Bilal Jarjour
July 11, 2024
Egypt: 60% of insurance companies need EGP 3.2bn to comply with the new law
In Egypt, the new insurance law that was officially approved raised the minimum capital requirement for Egyptian insurance companies to EGP 250 million in both life and property branches, and added an additional EGP 50 million if property insurer covers aviation and oil. Source:Al Morakeb Group
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Ahmad Zein
July 11, 2024
Egypt: Insurance players raise industry issues to add to new Cabinet’s agenda
Insurance experts have listed several issues and recommendations that should be placed on the agenda of Egypt’s reshuffled government’s to advance the insurance industry. Source:Middle East Insurance Review
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Ahmad Zein
July 11, 2024
Qatar: P&C insurance market has modest growth potential and is resilient
The Qatari non-life insurance sector has modest growth potential and should remain resilient, even if economic growth slows down, says S&P Global Ratings (S&P). Source:Middle East Insurance Review
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Ahmad Zein
July 11, 2024
Tunisia: FTUSA officially launches an insurance entity to combat fraud (ALFA)
In Tunisia, the “Fédération Tunisienne des Sociétés d’Assurances” (FTUSA) has officially launched an insurance sector anti-fraud entity (ALFA) involving local and foreign insurers and reinsurers operating in Tunisia and subject to the insurance law. Source:taminwamasaref
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Ahmad Zein
July 6, 2024
Jordan: Central Bank: draft law to regulate the relationship between insurers and insureds
The Governor of the Central Bank of Jordan, Adel Cherkes, confirmed that the bank is working on a draft insurance law to regulate the contractual relationship between insurance companies and their insureds, and to provide a legal basis for the stability of the contractual relationship between them. Source: jfranews.com.jo
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Bilal Jarjour
July 6, 2024
Algeria: Insurance industry grows by 4% in 1Q2024
The insurance industry, including takaful, grew by 4% to DZD48.4bn ($359.6m) in 1Q2024 in terms of overall revenue (direct and reinsurance acceptances), according to provisional data from the National Insurance Council (CNA). Source: Middle East Insurance Review
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