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March 26, 2024
2023 global insured losses exceed $100bn for fourth consecutive year: Swiss Re
The Swiss Re Institute has revealed that global insured losses from natural catastrophes exceeded $100 billion for the fourth consecutive year in 2023, with the earthquake in Turkey and Syria, severe convective storms (SCS) and large-scale urban floods acting as the main drivers. Source: Reinsurance News
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Ahmad Zein
March 26, 2024
Egypt: Finance Minister: the state will not monopolize the delivery of “universal health insurance” services to citizens
The Minister, President of the Universal Health Insurance Authority, expressed his appreciation for the international support for the Egyptian efforts in reforming health insurance in Egypt by supporting the “global health insurance” system, in accordance with the latest international standards. Source: Al Morakeb
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Ahmad Zein
March 26, 2024
Egypt: Insurance federation addresses Nat CAT and climate risks
The Insurance Federation of Egypt (IFE) has said that it is studying ways of managing natural disaster risks and climate change. Source: Middle East Insurance Review
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Ahmad Zein
March 26, 2024
2024 FM Global Resilience Index introduces 6 new risk factors
FM Global, a commercial property insurer, has recently released its 2024 Resilience Index, highlighting the rapidly evolving nature of risks confronting global businesses with the addition of six new resilience factors. Source: Reinsurance news
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Ahmad Zein
March 25, 2024
Egypt: The Prime Minister issues a decision amending the provisions of the Egyptian accounting standards to keep pace with global developments
Prime Minister Dr Mostafa Madbouly issued the resolution no 636 of year 2024, stipulating the development of some provisions of the Egyptian accounting standards, in support to establishments operating in various productive activities and enabling them to properly present their financial statements, and make sound investment or financing decisions. Source: أموال الغد
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Bilal Jarjour
March 25, 2024
Morocco: Non-life insurance business leads industry growth in 2023
The insurance market in Morocco achieved total premiums of MAD56.7bn ($5.6bn) in 2023, an increase of 4% over 2022, according to annual industry data released by the Insurance and Social Security Supervisory Authority (ACAPS). Source: Middle East Insurance Review
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Bilal Jarjour
March 25, 2024
Oman: Listed insurers’ net profits soar by 42% to US$56m in 2023
The recorded after-tax profits of Oman’s eight listed insurance companies saw an increase to OMR21.5m ($56.2m) in 2023 from OMR15.2m in 2022, marking a 42% increase, according to an analysis by Badri Management Consultancy. Source: Middle East Insurance Review
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Bilal Jarjour
March 25, 2024
Global insurance broker’s outlook stable for 2024 on strong organic growth: Moody’s
Moody’s predicts a 2024 stable outlook for the insurance brokerage sector, underpinned by constructive global economic growth, and a favorable commercial property & casualty (P&C) rate environment. Source: Reinsurance news
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Bilal Jarjour
March 23, 2024
Tunisia: Direct insurers see slower market growth of 6.4% in 2023
Net premiums of direct insurers grew at 6.4% in 2023 to TND3,389m ($1,092m), according to the General Insurance Committee (CGA). Source: Middle East Insurance Review
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Bilal Jarjour
March 23, 2024
Egypt: insurance brokers get a ruling to cancel the disclosure of commissions in payment receipts
Insurance brokers have obtained a new ruling from the Administrative Court of the State Council, accepting their suit in form, to cancel the disclosure of their commissions in receipts and notifications of payment of insurance policies in accordance with the decision issued by the Board of Directors of the Financial Regulatory Authority no 181 of…
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