February 9, 2024
Syria: Preliminary indicators for the insurance sector in 2023
Total premiums underwritten by all companies in all branches of insurance amounted to approximately 290 billion SYP, with an increase in policies by 5%, and also in claims paid by 98% compared to the previous year. Source: Syrian Insurance Supervisory Commission
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Bilal Jarjour
February 9, 2024
As War Risk Spikes in Red Sea, IUMI Says Cover Remains Affordable
After reports of surging war risk insurance rates for transits in the Red Sea, the International Union of Marine Insurers (IUMI) is emphasizing that the global marine insurance market still supports trade in the Red Sea, and at an “affordable price.” Source: The Maritime Executive
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Bilal Jarjour
February 9, 2024
Fitch Affirms Saudi Arabia at ‘A+’; Outlook Stable
Fitch Ratings – Hong Kong – 05 Feb 2024: Fitch Ratings has affirmed Saudi Arabia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘A+’ with a Stable Outlook. Source: Fitch Ratings
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Bilal Jarjour
February 9, 2024
Iraq: ins companies linked to the anti-money laundering implementation project
The Iraqi Insurance Diwan announced the linking of all public and private insurance companies to the project of implementation of anti-money laundering, terrorist financing, and electronic reports system. Source: Insurance Diwan
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Bilal Jarjour
February 6, 2024
Egypt: Insurance companies achieve 70 bn EGP as premiums and pay 33.6 bn EGP as claims
In Egypt, the total premiums collected by insurance companies reached around 70 billion EGP, compared to 56.2 billion EGP in 2021/2022, a growth of 24.7%. As well, claims paid amounted to 33.6 billion EGP, compared to 27.3 billion EGP, an increase of 23%, according to Dr Mohamed Farid. Source: Amwalalghad
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Bilal Jarjour
February 6, 2024
Turkiye: Government’s 2023 cash support for Kahramanmaras earthquakes exceeds $3.46bn
Following the massive 4 February earthquakes centred on Kahramanmaras Province in 2023, the amount of cash support provided to earthquake victims reached TRY105.46bn ($3.46bn), according to information from the Ministry of Treasury and Finance. Source: Middle East Insurance Review
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Bilal Jarjour
February 6, 2024
Sigma: World insurance market developments in 5 charts
Global economic growth has been stronger than anticipated so far this year, but a slowdown in the second half remains on the cards. Source: Swiss Re
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Bilal Jarjour
February 6, 2024
Saudi Arabia: IA ins market report (Q3 of year 2023)
The Insurance Authority released its first report on the performance of the insurance market in Saudi Arabia for the third quarter of year 2023. Full report click here. Source: Insurance Authority
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Bilal Jarjour
February 2, 2024
Egypt: ins premium portfolio increased by 29.6%
Insurance companies operating in the Egyptian market achieved premiums amounting to 67.407 billion EGP during the first 11 months of year 2023, compared to 51.992 billion EGP during the same period of year 2022, representing a growth rate of 29.6%Top of Form Source: Amwal Al Ghad
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Bilal Jarjour
February 2, 2024
Egypt: FRA prohibits ins brokers from using their personal accounts for premium collection
The Financial Regulatory Authority in Egypt has granted insurance brokerage firms, operating on technology-driven business models with electronic settlement systems with insurance companies, a three-month grace period to align their operations. During this period, these companies are required to collect insurance premiums from clients electronically or through any other means, with the condition that personal…
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