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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Bilal Jarjour
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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