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February 23, 2024
KSA: Insurance spokesperson: fraud in motor raises policy rates
Fraudulent acts by agents in motor insurance and in the insurance sector in Saudi Arabia in general have led to companies’ unwillingness to offer new innovative products and services. Source: الاقتصادية
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Bilal Jarjour
February 23, 2024
Shipping insurance rates soar on Red Sea missile attacks
Attacks on commercial ships in the Red Sea have sent insurance premiums surging, exacerbating costs already stretched by soaring freight rates and longer alternative trade routes. Source: Al-Monitor
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Bilal Jarjour
February 17, 2024
Middle East and Africa Property insurance market size expands at steady CAGR of 3.58% to touch USD 16.34 billion by 2030
Middle East and Africa Property Insurance Market is expanding due to rapid urbanization, an increasing number of building and construction projects, growing awareness about risk management, and the need for obtaining risk coverage against natural disasters. Source: Blue Wave Consulting
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Bilal Jarjour
February 17, 2024
2023: the year AI started to be taken seriously in (re) insurance
After the recent release of Gallagher Re’s Global InsurTech Report for Q4 23, Freddie Scarratt, Deputy Global Head of InsurTech at Gallagher Re, looks back at the biggest tech story of last year. Source: Gallagher Re.
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Bilal Jarjour
February 17, 2024
Chairman of the National Organization for Social Insurance: total revenues reached EGP 36.8 bn by the end of June 2023
During its meeting on February 15, 2024, chaired by Dr Mostafa Madbouly, the Cabinet reviewed the annual report and financial statements of the National Organization for Social Insurance for the fiscal year ending June 30, 2023. Source: أموال الغد
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Bilal Jarjour
February 17, 2024
Saudi Arabia general insurance industry to surpass $22 billion in 2028
Saudi Arabia’s general insurance industry is set to grow at a compound annual growth rate (CAGR) of 5.2% from SAR68.3 billion ($18.2 billion) in 2024 to SAR83.7 billion ($22.3 billion) in 2028, in terms of gross written premiums (GWP), forecasts GlobalData. Source: Global Data
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Bilal Jarjour
February 16, 2024
Saudi Arabia: Insurance sector continues to grow amid consolidation
The Saudi insurance market is expected to see further consolidation in 2024 and 2025 on the back of the ‘2030 Saudi Vision’, according to Fitch Ratings in a commentary. Source: Middle East Insurance Review
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Bilal Jarjour
February 16, 2024
Egypt, FRA requires ins companies to activate quality calls with customers
In Egypt, the Financial Regulatory Authority issued a periodic circular no 1 of year 2024, obligating insurance companies to comply with the necessity of activating the quality calls system with all customers, provided that it included a sufficient policy schedule, especially the essential clauses such as settlement.Top of Form Source: اليوم السابع
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Bilal Jarjour
February 16, 2024
Bahrain: Parliament approves a law that eliminates the “maximum period” for unemployment compensation
In Bahrain, the Parliament has approved, during its session, a draft law amending some provisions of decree law no of 2006, regarding unemployment insurance. The amendment cancels the maximum period for compensation entitlement, extends the subscriptions required for compensation entitlement, and addresses repeated claims by the unemployed. Source: الأيام
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Bilal Jarjour
February 16, 2024
Lebanon: draft law to regulate the ins sector
In Lebanon, Member of Parliament, Deputy Bilal Abdullah has submitted a draft law to the Parliament aimed at regulating the Lebanese insurance sector. Source: National News Agency
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