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February 12, 2025
Munich Re’s economic outlook for 2025:
Global growth in 2025 to match 2024 level; Outlook marred by political uncertainty. In 2025, the global economy is expected to grow at roughly the same pace as in 2024. Source: Munich Re
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Bilal Jarjour
February 12, 2025
Saudi Arabia: Approval on the addition of the Insurance Authority in the membership of the Permanent Committee for Combating Money Laundering
In the Kingdom of Saudi Arabia, the Council of Ministers approved the addition of the Insurance Authority to the membership of the Permanent Committee for Combating Money Laundering, and the transfer of the authority to issue licenses for several professions in accounting and auditing to the Board of Auditors. Source: الإخبارية
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Bilal Jarjour
February 12, 2025
UAE: Insurer uses AI to eliminate medical exams in life insurance underwriting
Many insurance companies operating in the country have started using artificial intelligence techniques to improve customer service, increase efficiency, raise productivity and combat fraud, as well as in risk assessments and underwriting, according to Mohammed Abanda, Chairman of the Financial Committee and Chairman of the Technical Committee on Combating Financial Crimes at the Emirates Insurance…
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Bilal Jarjour
February 12, 2025
MEA: Middle East insurance poised for phenomenal growth
In a recent report by Gulf Business, Zurich International Life Middle East CEO discussed the rapid evolution of the Middle East insurance sector and its promising future, highlighting on the crucial role of customer centricity, digital transformation and regulatory advancements in shaping the trajectory of the industry. Source: Middle East Insurance Review
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Bilal Jarjour
February 8, 2025
UAE: New insurance rules “Direct payments, claim payouts start February 15”
From February 15, 2025, insurance customers in the UAE will have to make direct payments to insurers instead of going through brokers as new industry regulations come into effect. Source: Khaleej times
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Bilal Jarjour
February 8, 2025
Egypt: FRA allows establishment of more than one ins fund
The Financial Regulatory Authority has decided to allow the establishment of more than one private insurance fund in the same entity to which the fund members belong. Source: أموال الغد
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Bilal Jarjour
February 8, 2025
Egypt: Financial Supervision Authority issues new regulations to regulate the investment of insurance companies’ funds
The Board of Directors of the Financial Regulatory Authority (FRA) issued Resolution No. 2 of 2025, which defines the rules and controls governing the investment of insurance and reinsurance companies’ funds, with the aim of enhancing the efficiency of investment management and ensuring the best returns within a framework of financial control and governance. Source:…
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Bilal Jarjour
February 8, 2025
Political violence rates expected to increase in 2025
According to Gallagher’s Middle East and Africa Insurance Market Update 2025 Outlook, published, rates for political violence (PV) coverage are expected to moderately increase this year, as geopolitical tensions and economic uncertainties persist. Source: Middle East Insurance Review
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Bilal Jarjour
February 6, 2025
Lebanon: Syndicate of Hospitals discusses hospitalization fees with ins cos
In Lebanon, a meeting was held at the Syndicate of Hospitals between the Syndicate, headed by Engineer Suleiman Haroun, and the President of ACAL, Mr. Asaad Mirza, and representatives of insurance companies and TPAs. They discussed: “the percentage of increase demanded by the Syndicate on hospitalization fees paid by companies, after the increase in actual…
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Bilal Jarjour
February 6, 2025
Egypt: The Impact of the Decision to Increase the Minimum Capital of Insurance Companies
The President of the Egyptian Insurance Federation sees that any increase in the capital of companies shall strengthen their financial position and contribute to attracting investments in the insurance sector. Source: Al Morakeb
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