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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Bilal Jarjour
February 14, 2024
Egypt: FRA Chairman: developing actuarial practice standards soon
Dr Mohamed Farid, Chairman of the Board of Directors of the Financial Regulatory Authority, revealed the authority’s intention to work on developing and issuing actuarial practice standards in the insurance sector in the near future. Source: Amwal Al Ghad
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Bilal Jarjour
February 14, 2024
Egypt: IFE aims to issue 100 million policies in the market
Mr Alaa Al-Zuhairi, Chairman of the Board of Directors of the Insurance Federation of Egypt, said that the federation’s strategy was to achieve insurance inclusivity in the Egyptian market, based on several objectives, the most prominent of which was striving to ensure that there was an insurance policy for every Egyptian citizen, which means reaching…
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Bilal Jarjour
February 14, 2024
Online Insurance Market Expected to Reach $330.1 Billion by 2031—Allied Market Research
According to a new report published by Allied Market Research, titled, “Online Insurance Market,” The online insurance market was valued at $53.2 billion in 2021, and is estimated to reach $330.1 billion by 2031, growing at a CAGR of 20.2% from 2022 to 2031. Source: Allied Market Research
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Bilal Jarjour
February 14, 2024
Turkiye: Insurance market grows by 106.8% in nominal terms in 2023, 25.5% in real terms
Turkiye’s insurance industry grew by 106.8% in 2023 in nominal terms compared to 2022 when the market expanded by 123.2% year on year to TRY235bn ($12.5bn). Source: Middle East Insurance Review
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Bilal Jarjour
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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