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February 6, 2025
Iraq: Regulator launches weather-based index insurance policy
The Insurance Bureau (Diwan), the insurance regulatory body in Iraq, announced the implementation of the pilot project for climate risk insurance, which is the first of its kind in Iraq and the region. Source: Al Morakeb
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Bilal Jarjour
February 6, 2025
MEA Reinsurance market set for rising demand and growth in 2025
The MEA region is poised for economic and (re)insurance market growth in 2025, driven by diversification efforts, infrastructure investments and rising demand for insurance and reinsurance solutions. Source: Middle East Insurance Review
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Bilal Jarjour
February 4, 2025
AM Best: Addressing California’s wildfire losses and the urgent need for insurance market reform
While the immediate destruction caused by the wildfires is severe, the experts emphasized that the broader challenges facing California’s insurance market go far beyond the current crisis. Source: Reinsurance News
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Bilal Jarjour
February 4, 2025
UAE: Market premiums register 21% hike in 2024
In 2024, the UAE maintained its regional leadership in the financial sector and vital initiatives were introduced setting the stage for a brighter future ahead, said the Central Bank of the UAE (CBUAE) in a statement last week. Source: Middle East Insurance Review
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Bilal Jarjour
February 4, 2025
Egypt: “Senate” discusses government policy to improve insurance companies’ efficiency
In Egypt, the Senate discussed during its General Session a request to debate the government’s policy to improve the efficiency and competitiveness of the insurance sector. Source: المصري اليوم
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Bilal Jarjour
February 4, 2025
Saudi Arabia: signing a memorandum of cooperation to develop the insurance and financial market sectors
The Capital Market Authority and the Saudi Insurance Authority signed a memorandum of cooperation aimed at enhancing joint efforts in developing the financial market and insurance sector, in order to achieve the strategic objectives of the financial sector. Source: العربية
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Bilal Jarjour
February 1, 2025
2024 climate disasters cause billions in losses highlighting urgent need for action
The year 2024 saw several extreme climate disasters that resulted in billions of dollars in insured losses, underscoring the urgent need to reduce carbon emissions, accelerate the transition to renewable energy, and provide funding for vulnerable populations, according to Christian Aid. Source: Reinsurance News
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Bilal Jarjour
February 1, 2025
Saudi Arabia: Insurance sector records double-digit growth
The Kingdom of Saudi Arabia’s insurance industry expansion is closely tied to its Vision 2030’s initiatives, including mandatory motor insurance and bolstered social welfare systems, which have significantly increased the demand for insurance products, according to a press release on Zawya. Source: Middle East Insurance Review
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Bilal Jarjour
February 1, 2025
Egypt: Insurance sector takes the “green” path to support the voluntary carbon market
The Financial Regulatory Authority has completed work on launching the voluntary carbon market, taking it out of the local and regional sphere to be one of the experiments that can be used by various countries. Source: أموال الغد
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Bilal Jarjour
February 1, 2025
Egypt: 4.8% increase in accident insurance commissions, the total declined to 18.9% in 2022/2023
The Financial Regulatory Authority (FRA) issued its statistical yearbook for the year 2022/2023, which reflects the performance of insurance companies in various insurance branches, and the growth and change rates compared to the previous fiscal year 2021/2022. Source :المال
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