March 11, 2024
Egypt: Insurers expect benefits from liberalisation of the pound
The insurance industry is expecting gains from the Central Bank of Egypt’s (CBE) move on 6 March to liberalize the Egyptian pound and raise major interest rates by 600 basis points. The goal is to combat high inflation and attract foreign investments. Source: Middle East Insurance review
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Bilal Jarjour
March 9, 2024
Property cat reinsurance pricing power to fall 5-10% at mid-year renewals
As per a report from analysts at BMO Capital Markets, a prominent reinsurance broking executive from Howden Tiger has suggested property-catastrophe reinsurance pricing power will fall 5-10% at mid-year contract renewals. The comments from the Howden Tiger executive were reportedly made at the Association of Insurance and Financial Analysts (AIFA) conference Source: Reinsurance news
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Bilal Jarjour
March 9, 2024
Reinsurance demand to remain strong but prices to peak in 2024, says Moody’s
Trading conditions at the January 1st, 2024, reinsurance renewals were much more stable than a year earlier, and with discipline maintained and a greater willingness from existing carriers to deploy, the outlook for 2024 is one of more stability and healthy levels of profitability, Source: Reinsurance news
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Bilal Jarjour
March 9, 2024
UAE: “Sanadak” launched as the first unit for settling banking and insurance disputes
In the UAE, Sanadak has begun its operative operations to develop the government services system and in compliance with the provisions of the legislation in force from the Central Bank of the United Arab Emirates. Source: almorakebgroup.com
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Bilal Jarjour
March 9, 2024
Egypt: Experts: An expected recovery in insurance premiums
The insurance sector is betting on unifying the exchange rate to increase premiums, along with expectations of increased returns from the sector’s investment portfolio. Source: almorakebgroup.com
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Bilal Jarjour
March 8, 2024
Reinsurance demand to remain strong but prices to peak in 2024, says Moody’s
Analysts at Moody’s Investors Service expect demand for reinsurance protection to remain strong in 2024 but warns that while reinsurers have scope to push through further price increases, as competition intensifies in the sector, prices will likely peak this year. Source: Reinsurance News
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Bilal Jarjour
March 8, 2024
Oman: More listed insurers see higher profits in 2023
The insurance service results for listed insurance companies in Oman jumped by 28% year on year to OMR25m ($65m) in 2023, according to an analysis by Badri Management Consultancy. Source: Middle East Insurance Review
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Bilal Jarjour
March 8, 2024
Egypt: insurance experts monitor the repercussions of the Central Bank’s decisions on the sector
Amwal Al-Ghad monitored the opinions of Egyptian insurance industry experts on the decisions of the Central Bank of Egypt issued on Wednesday regarding raising interest by 6% and setting the exchange rate according to market mechanisms, and the impact of this on the insurance sector. Source: أموال الغد
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Bilal Jarjour
March 8, 2024
Egypt: the cost of insuring Egyptian debt falls to its lowest level in 22 months
Data from Standard & Poor’s Global Market Intelligence showed on that the cost of insuring Egyptian debt in hard currency fell to its lowest levels since April 2022. Source: Leb Economy
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Bilal Jarjour
March 6, 2024
UAE: Central Bank obliges insurance companies to settle motor claims within 15 days
The Central Bank of the UAE obliged local insurance companies to settle motor claims due to rain and weather fluctuations that are not officially classified as natural disasters, within 15 days of receiving the due claims. Source: مباشر
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