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March 6, 2024
Egypt: FRA: increase in the number of private and government insurance funds to 682 by the end of year 2023
In Egypt, Dr Islam Azzam, Chairman of the Financial Regulatory Authority, announced an increase in the number of private and government insurance funds in the Egyptian market to 682 funds with 33 million clients by the end of year 2023. Source: أموال الغد
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Bilal Jarjour
March 6, 2024
Kuwait: Non-life business forecast to drive insurance market between 2023 and 2028
The insurance market in Kuwait is estimated to grow at a CAGR of 6.4% between 2023 and 2028 to reach $2.4bn, according to UAE-based investment banking advisory firm, Alpen Capital. Source: Middle East Insurance Review
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Bilal Jarjour
March 2, 2024
Government insurance funds pay claims exceeding 143 m EGP in 2023
Total claims paid by government funds amounted to 143.6 million EGP in 2023. Meanwhile, the assets reached 1.5 billion EGP in 2023, with investments totaling 1.27 billion EGP during the previous year. Source: المال
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Bilal Jarjour
March 2, 2024
Egypt: Deputy Head of the FRA: committee formation underway to study mechanisms for establishing a national reinsurance company
In Egypt, Dr Islam Azzam, Deputy Head of the Financial Regulatory Authority, stated that the committee responsible for studying the establishment of an Egyptian reinsurance company is currently being formed. Source: أموال الغد
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Bilal Jarjour
March 2, 2024
Bloomberg publishes its forecasts for the Lebanese economy for 2024
Bloomberg’s quarterly survey of economists and analysts on the future outlook of the Lebanese economy estimated a 0.5% tightening in economic activity in 2023 compared to previous expectations of a 0.3% growth rate, based on a survey conducted in September 2023. Source: Leb Economy
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Bilal Jarjour
March 2, 2024
GAIF presidency goes to Oman
The chairman of the Oman Insurance Association, Mr Sayyid Nassir Salim Al Busaidi, has been appointed as the new president of the General Arab Insurance Federation (GAIF). Source: Middle East Insurance Review
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Bilal Jarjour
March 1, 2024
Egypt: Insurance companies pay EGP 27.3 bn as claims in 2023, an increase of 17.2%
In Egypt, Dr Mohammed Farid, Chairman of the FRA, stated that the total premiums during the fiscal year 2023 increased to reach EGP 61.4 bn, compared to EGP 48.9 bn in the previous year, an increase of 25.6%. Source: اليوم السابع
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Bilal Jarjour
March 1, 2024
Egypt: 13 decisions to develop the ins sector, including electronic policies’ marketing
In Egypt, the Financial Regulatory Authority has issued 13 decisions to develop the insurance sector, given its importance in maintaining its stability in order to play a vital role in supporting the Egyptian economy. Source: اليوم السابع
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Bilal Jarjour
March 1, 2024
Morocco: Govt to refine legislation and rules on catastrophic events
The Government Council has passed a draft decree that contains provisions concerning the determination of the maximum duration of a disaster depending on its nature, as well as to consider any event occurring after this period as a new disaster, in line with international standards. Source: Middle East Insurance Review
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Bilal Jarjour
March 1, 2024
Insurance Growth Report 2024 (by Clyde & Co)
Global law firm, Clyde & Co, has issued a report entitled: “Insurance Growth Report 2024“. Please click on the link below to read it in full: Source: Clyde & Co
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