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December 3, 2024
Saudi Arabia: Insurance market expected to consolidate further
Saudi Arabia is expected to see an increase in mergers and acquisitions (M&A) in its insurance sector as the GCC region enters a significant consolidation phase. Source: Middle East Insurance Review
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Ahmad Zein
December 3, 2024
Egypt: Egypt’s insurance sector keeps pace with global developments through digital transformation and technology
Mohamed Farid, we intend to finalize the drafting of corporate governance rules and develop the legislative environment for the activity. Source: اموال الغد
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Ahmad Zein
December 3, 2024
Lloyd’s: The re/insurance industry has to evolve and innovate faster than ever before
As the insurance and reinsurance industry continues to grow, the extensive risk landscape also continues to widen, with major risks stemming from key areas such as climate change and cyber, which according to John Neal, Chief Executive Officer (CEO) of Lloyd’s, means that the industry has to evolve and innovate at a faster rate than…
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Ahmad Zein
December 2, 2024
Lebanon: Have the prices of war coverage policies decreased as it ends?
During the war, insurance companies in Lebanon resorted to raising the value of war risk insurance policies at the request of international reinsurers, who considered that the risks of war necessitated this step. What is the state of these policies today and did they return and decline with the end of the war? Source: LebanonEconomy…
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Ahmad Zein
December 2, 2024
Kuwait: Kuwait Insurance Regulatory Unit issues two decisions
The Kuwait Insurance Regulatory Unit issued Resolutions No. 22 and 23 regarding granting a license to two companies that have reconciled their status, and amending the provisions of the executive regulations of the Insurance Regulation Law. Source: جريدة النهار الكويتية
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Ahmad Zein
December 2, 2024
Jordan: Federation of Insurance Companies and UNDP sign a memorandum of understanding
The Jordan Federation of Insurance Companies and the United Nations Development Program (UNDP) signed a Memorandum of Understanding (MoU) to enhance insurance inclusion and risk financing This partnership provides the opportunity to enhance technical and applied knowledge through customized training programs that meet the needs of the local market. Source: Al Morakeb group
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Ahmad Zein
December 2, 2024
Cyber threats and climate change highlight risk concerns in the insurance industry
A recent survey conducted by Munich Re America and Triple Eye revealed that cyber threats, climate change and business disruptions are the top risk concerns among key market segments of the insurance industry. Source: بوابة التامين الإقتصادية
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Ahmad Zein
November 29, 2024
Despite the growth in revenues, why are the profits of the insurance sector in the GCC market declining?
Despite the positive growth in the revenues of the insurance sector in the GCC during the first nine months of 2024, where they increased by 13.9%, profits witnessed a remarkable decline. This growth is driven by higher prices, increased mandatory coverage and continued market integrations. Source: بوابة التامين الإقتصادية
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Ahmad Zein
November 29, 2024
Turkey: Insurance association spells out 2025 expectations
The Insurance Association of Turkey (TSB) has outlined its expectations for 2025 for the industry. The highlights are: More CAT (natural disaster) protection will be needed in 2025. An additional $2-3bn of reinsurance protection will be needed in 2025. Source: Middle East Insurance Review
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Ahmad Zein
November 29, 2024
Egypt: FRA gives private insurance funds one year to comply with new model of statute
The Financial Regulatory Authority (FRA) has granted private insurance funds based on the Egyptian market a one-year grace period to amend their articles of association in accordance with the model articles of association recently issued by the authority. The Board of Directors of the Authority, headed by Dr. Mohamed Farid, issued Resolution 236 of 2024…
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