September 24, 2024
UAE: Car insurance policy prices have become balanced
The Emirates Insurance Federation reported that the prices of car insurance policies have become balanced compared to the size of claims, after companies raised prices within the limits set by the regulatory authorities. Source: الإمارات اليوم
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Bilal Jarjour
September 24, 2024
Central Europe floods expected to drive billions of EUR in total losses
The recent severe flooding that impacted Central Europe as a result of continuous rain from September 12-16 is expected to become one of the costliest events on record for the region, with billions of EUR in total losses, according to global re/insurance broking group Aon Source: Reinsurance News
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Bilal Jarjour
September 21, 2024
Egypt: Head of FRA reviews the Authority’s efforts in issuing the first unified insurance law
In Egypt, Dr Mohamed Farid, Head of the Financial Regulatory Authority, reviewed the Authority’s efforts in issuing the first unified insurance law and its impact on enhancing the competitive capabilities of the Egyptian insurance sector. Source: رجال الأعمال
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Bilal Jarjour
September 21, 2024
Kuwait: The Council of Ministers approves a draft to suspend the provisions of the Health Insurance Law
The Kuwaiti Council of Ministers approved in its weekly meeting chaired by Sheikh Ahmed Abdullah Al-Ahmad Al-Sabah – Prime Minister a draft decree-law suspending the provisions of Law No. 114 of 2014 regarding health insurance for retired citizens, as amended by Law No. 71 of 2023, “temporarily for a period of one year” starting from…
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Bilal Jarjour
September 21, 2024
Algeria: Change needed to enable local insurance brokers to compete with foreign rivals
Algerian insurance brokers are struggling to compete with their international counterparts, and their strength needs to be increased, according to insurance expert. Source: Middle East Insurance Review
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Bilal Jarjour
September 21, 2024
Saudi Arabia: Short-term property rental insurance business grows
Residential property rental insurance business is growing with increased demand for daily or short-term rental of residential units during the tourist season in Saudi Arabia. Source Middle East Insurance Review
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Bilal Jarjour
September 19, 2024
Morocco: Insurance industry chalks up record 1H revenue
The insurance market in Morocco posted a record first-half turnover of MAD32.4bn ($3.3bn), growing by 4.4% over the first six months of 2023, according to data from the Insurance and Social Welfare Supervisory Authority (ACAPS). Source Middle East Insurance Review
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Bilal Jarjour
September 19, 2024
Egypt: Head of the Financial Regulatory Authority: We are working to issue the necessary decisions and executive regulations to activate the unified insurance law
Farid pointed out that the Authority is currently working on issuing all decisions and executive regulations necessary to activate the law, in coordination with the various parties of the insurance industry, stressing the issuance of a package of decisions to develop the provisions of the Egyptian accounting standards in support of economic activity, and keep…
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Bilal Jarjour
September 19, 2024
Algeria: Insurance industry grows by 7% in 1H2024
The revenue of the Algerian insurance sector increased to DZD89.8bn ($680m) in the first half of 2024, 7% higher compared to the first half of 2023, according to data released by the Algerian Union of Insurance and Reinsurance Companies (UAR). Source: Middle East Insurance Review
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Bilal Jarjour
September 19, 2024
The future of insurance in the Gulf is likely to be good growth in the insurance sector, but conditional on the implementation of several measures
According to a report issued by Alpen Capital, “the size of the insurance market in the Kingdom of Bahrain may reach US$ 800 million in 2028, recording a compound annual growth rate of 2.6% during the period from 2023 to 2028.” “The life insurance sector is also expected to grow at a CAGR of 4.5%…
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