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February 28, 2024
UAE Insurance Industry set to grow with motor profitability improving
Gross written premiums (GWP) in the UAE motor insurance sector are set to increase on the back of increased vehicle sales in 2023 with underwriting profitability improving, as premium rates return to pre-pandemic normalised levels, Fitch Ratings says in a new report. Source: Fitch Ratings
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Bilal Jarjour
February 28, 2024
“Saudi Insurance”: SAR 53.4 bn is the size of the insurance market in the Kingdom in 2022
Mr Fawaz Bin AbdulRahman Al-Hajji, Chairman of the General Committee for Directors of Insurance Companies “Saudi Insurance” and Chairman of the Executive Committee, confirmed that the Saudi insurance market achieved tremendous growth, exceeding SAR 53.4 billion (USD 14.2 billion) in year 2022; being the largest insurance market in the Arab region. Source: Maal
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Bilal Jarjour
February 28, 2024
Egypt: the Parliamentary Economic Committee recommends the necessity of establishing a national reinsurance entity
During a session of the Bureau of the Economic Committee with deputies and representatives from the government, a request by Deputy Ghada Ali was discussed, regarding “the missed opportunities of foreign exchange due to the absence of a national reinsurance entity.” Source: ElwatanNews
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Bilal Jarjour
February 28, 2024
AMBest’s Commentary: Despite Heightened Risks, Casualty Reinsurance Renewals See Modest Price Changes
Reinsurers generally maintained adequate capacity for casualty programs during the January reinsurance renewal season, despite concerns about social inflation and recent reserve strengthening actions, according to a new AM Best commentary. Source: AMBest
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Bilal Jarjour
February 26, 2024
Ins sector in Oman expected to grow by more than 10%
The insurance sector is one of the fastest-growing sectors in the Sultanate of Oman, with its contribution to the gross domestic product reaching about 1.23%. The growth rate of insurance premiums reached around 13% in 2022. Source: Oman News Agency
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Bilal Jarjour
February 26, 2024
Chartered Insurance Institute spotlights insurance industry’s rise in Arab world
In a recent address at the 34th session of the General Arab Insurance Federation (GAIF) conference, Chartered Insurance Institute (CII) regional director Gaenor Jones underscored the upward trajectory of the insurance industry in the Arab region. Source: Insurance Business Mag
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Bilal Jarjour
February 26, 2024
Jordan: Central bank, UNDP launch policy paper on insurance sector development
The Central Bank of Jordan (CBJ), in cooperation with the United Nations Development Program (UNDP), has introduced a policy paper and action plan aimed at advancing the insurance sector in Jordan. Source: Middle East Insurance Review
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Bilal Jarjour
February 26, 2024
Egypt: Government ins funds’ assets rise to EGP1.5 bn & investments to EGP 1.27 bn
The total assets of government insurance funds in the Egyptian market rose to EGP 1.5 billion in year 2023. Source: Amwal Al Ghad
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Bilal Jarjour
February 23, 2024
Algeria: CAAT agrees to help startups with insurance and risk management
State-owned insurance company Compagnie Algérienne des Assurances (CAAT) and the Algerian Startup Fund (ASF) have signed an agreement to provide insurance coverage for all beneficiaries of funding granted by the ASF. Source: Middle East Insurance Review
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Bilal Jarjour
February 23, 2024
UAE: ICP submits health insurance documents electronically for residency applications
In the UAE, the Federal Authority for Identity, Citizenship, Customs, and Port Security (ICP) announced the start of implementation of a project to upload health insurance documents electronically for agents wishing to submit requests to renew residency or issue a new residency, as of February 19, 2024. Source: الإمارات اليوم
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