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May 10, 2024
Insurance companies in the UAE raise insurance by 30% after heavy rains
Insurance companies in the UAE raised their prices by 30% as a result of the heavy rainfall. Source: أخبارنا
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Bilal Jarjour
May 10, 2024
Jordan: issuance of a new by-laws for JIF as at first of May
New by-laws for Jordan Insurance Federation no 26 of year 2024 was issued in the Official Gazette, which will come into effect as of 05/01/2024, which came in line with the requirements for the enforcement of the law regulating the insurance sector no 12 of year 2021. Source: Jordan News Agency
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Bilal Jarjour
May 8, 2024
Best’s market segment report: AM BEST maintains stable outlook on insurance markets of Gulf Cooperation Council
AM Best is maintaining its market segment outlook for the insurance markets of the Gulf Cooperation Council (GCC) at stable. Source: AMBest
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Bilal Jarjour
May 8, 2024
Moody’s: 5 companies control 74% of the insurance market in Saudi Arabia
According to Moody’s, only 5 out of 25 insurance companies in the Saudi insurance market account for about 74% of revenues, while the other 20 companies account for 26%. Source: العربية
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Bilal Jarjour
May 8, 2024
Egypt: the insurance sector is preparing to implement the “risk-based control” standard
Mr Alaa Al-Zuhairi, President of the Insurance Federation of Egypt, expected that the implementation of Solvency II standards – which is based on risk – based supervision – will begin during the next fiscal year 2024/2025 after the mandatory implementation of the International Accounting Standard 17 (Egyptian no 50) into force. Source: المال
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Bilal Jarjour
May 8, 2024
Türkiye: Insurers suffer underwriting losses in traffic branch in 2023
Motor insurers posted a combined underwriting loss of TRY33bn ($1bn) in 2023 in the traffic (compulsory motor third-party liability) insurance branch, according to Insurance Association of Türkiye president Ugur Gulen. Source: Middle East Insurance Review
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Bilal Jarjour
May 2, 2024
Asia: Composite insurance pricing dips by 2% in 1Q2024
Insurance rates in the first quarter of 2024 in Asia declined 2% after being flat for the three prior quarters, according to the “Global Insurance Market Index” Source: Asia Insurance Review
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Bilal Jarjour
May 2, 2024
Insurers must build resilience, consistency amid volatile risk landscape
The Dubai World Insurance Congress began just two weeks after unprecedented levels of rain in the UAE. The risk landscape in the MENA region is volatile with significant developments in political violence, Nat CAT and economic uncertainties Source: Middle East Insurance Review
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Bilal Jarjour
May 2, 2024
Egypt: Financial Regulatory Authority obliges insurance companies to disclose their products marketed through «Etisalat» every 3 months
The Financial Regulatory Authority (FRA) obligated insurance companies to provide it with a quarterly report on insurance products marketed through branches and offices of telecommunications companies, in accordance with Article VI of the FRA’s decision on the controls for marketing insurance products through branches of telecommunications companies Source: Amwal Al Ghad
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Bilal Jarjour
May 2, 2024
Egypt: Vice President of the Financial Supervisory Authority: We are preparing technical and operational studies for the establishment of the reinsurance company
Dr. Islam Azzam, Vice Chairman of the Financial Regulatory Authority (FRA), said that the authority is preparing the technical and operational studies necessary to establish a national reinsurance company. Source: اموال الغد
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