February 24, 2025
Fitch Ratings: European insurers face rising costs and regulatory challenges with AI governance
A global credit rating agency, reports that the European insurance sector will face rising regulatory challenges and associated costs as the European Insurance and Occupational Pensions Authority (EIOPA) embarks on a public consultation to refine AI governance and risk management practices. Source: Reinsurance news
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Bilal Jarjour
February 20, 2025
Insurance prices rise in the Middle East, North Africa and India
A report by Marsh on the most prominent trends in insurance services in the Middle East during the fourth quarter of 2024 revealed that insurance prices in the India, Middle East and Africa region witnessed a slight increase of 1% in the last quarter of 2024, driven primarily by the reinsurance market, especially at the…
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Bilal Jarjour
February 20, 2025
Türkiye: National disaster insurance pool pays over $1bn in 6 Feb quake claims over past 2 years
The Turkish Catastrophe Insurance Pool (TCIP), known also as DASK, has disclosed that it had paid over TRY39.7bn ($1.1bn at the current exchange rate) to date in claims related to damages from the massive 6 February 2023 earthquakes that devastated 11 provinces. Source: Middle East Insurance Review
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Bilal Jarjour
February 20, 2025
2025, the year AI delivers real value to the re/insurance industry:
2025 will be the year when GenAI starts delivering real value in the re/insurance industry, particularly in customer service, but also in other areas, according to Adam Denninger, Global Insurance Industry Leader at Capgemini. Source: Reinsurance News
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Bilal Jarjour
February 20, 2025
Egypt: Chief Financial Officer recommends insurance companies to increase investment in qualifying and developing the capabilities of professionals
Chairman of the Financial Regulatory Authority, stressed the need for insurance companies to invest intensively in qualifying and developing the capabilities of professionals to create cadres capable of raising the efficiency and competitiveness of the activity, especially insurance brokers, explaining that qualifying professional cadres and promoting the use of technological applications are key elements to…
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Bilal Jarjour
February 19, 2025
Egypt: Financial Supervision Authority gives new insurance companies grace to reconcile their positions with the updated rules of incorporation and licensing
The Financial Regulatory Authority (FRA) has granted insurance companies that have not completed the procedures for obtaining a license or starting to practice the activity a period to reconcile their situations in accordance with the provisions of the Authority’s latest decision regarding the rules of incorporation and licensing of companies operating in the insurance and…
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Bilal Jarjour
February 19, 2025
Saudi Arabia: Transparency in insurance companies’ contracts is essential to motivate individuals
The consultant in insurance, Walid Al-Humaid, said that transparency in the contracts of insurance companies with beneficiaries and awareness are necessary to motivate individuals to insure, adding that the link between the insured beneficiaries and insurance companies is the contractual process, pointing to the importance of the role of companies in the awareness process. Source:…
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Bilal Jarjour
February 19, 2025
Syria receives climate risk insurance
The Insurance Development Forum (IDF) has launched a $9.25m macro insurance policy for Syria that will trigger a payout in the event of a drought in strategic food production areas, designed to support the World Food Program’s (WFP) operations in one of the world’s most vulnerable regions. Source: Middle East Insurance Review
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Bilal Jarjour
February 19, 2025
Egypt: The Financial Supervisory Authority issues new rules for the establishment and licensing of insurance and reinsurance companies.
The Board of Directors of the Financial Regulatory Authority (FRA) issued a new resolution No. 15 of 2025, specifying the rules governing the establishment and licensing of companies operating in the insurance and reinsurance activity, within the framework of implementing the provisions of the Unified Insurance Law No. 155 of 2024. Source: المال
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Bilal Jarjour
February 18, 2025
Jordan: “Marine Insurance” in the Federation of Insurance Companies discusses the latest developments in the sector and the repercussions of the ESL ship fire
The Executive Committee of the Marine Insurance Committee held its meeting on Thursday, 13/2/2025, to discuss a number of topics related to marine insurance and the most prominent developments that have occurred recently, especially the claims made by some ships in light of the ESL ship fire. Source: أخبار البلد
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