October 22, 2024
Jordan: Central bank announced draft rules for insurance broking business
The Central Bank of Jordan has issued draft regulations for the licensing, regulating and supervising of insurance brokers. Source: Middle East Insurance Review
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Bilal Jarjour
October 22, 2024
Egypt: Head of Financial Supervision Enhancing the capabilities of the insurance sector contributes to attracting more investments and will enhance the levels of insurance coverage
Dr. Mohamed Farid, Chairman of the Financial Supervisory Authority, said that enhancing the competitive capabilities of the Egyptian insurance sector will contribute to attracting more local and foreign investments, enhance the levels of insurance coverage and achieve greater rates of stability for entities working in the field of insurance, pointing out that digital transformation contributes…
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Bilal Jarjour
October 22, 2024
Natural disaster insurance is still less than 10% in developing countries and in many cases is zero
Every year, natural disasters around the world destroy hundreds of billions of dollars’ worth of assets, and in many cases, only a fraction of the loss is insured. Source: المال
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Bilal Jarjour
October 21, 2024
AI helps insurers assess their risks and determine their premiums
The use of artificial intelligence is leading to major updates and changes in the insurance industry, as it helps in assessing risk more accurately, in addition to revolutionizing customer service. Source:المال
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Bilal Jarjour
October 21, 2024
The Ninth Annual Gulf Insurance Forum Companies Must Cover the Risks of Climate Change
The nineteenth annual Gulf Insurance Forum for the year 2024 kicked off in Dubai with the participation of officials and 250 experts from 36 Arab and foreign countries. Khalid Al Badi, Chairman of the Board of Directors of the Emirates Insurance Union and Chairman of the Gulf Insurance Union, outlined in his speech what this…
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Bilal Jarjour
October 21, 2024
UAE Insurers want to place a cap on motor commission rates
The Emirates Insurance Federation (EIF) has proposed imposing a ceiling on the commission rate charged by motor insurance brokers. Source: Middle East Insurance Review
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Bilal Jarjour
October 21, 2024
Home insurance has increased for homeowners as loss costs across all perils rise
The US home insurance industry has experienced an upward trend in loss cost across all perils combined over the past seven years, resulting in catastrophic claims which in turn contribute to rising premiums, LexisNexis stated in a recent report. Source: Reinsurance News
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Bilal Jarjour
October 19, 2024
Lloyd’s: Lloyd’s study on the risks ahead Geopolitical conflicts could cause $14 trillion in losses in the next five years
In partnership with the Cambridge Centre for Risk Studies, Lloyd’s is soon launching a study on systemic risk, predicting that geopolitical conflicts could cause $14 trillion in economic losses over the next five years on a global scale. Source:تامين ومصارف
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Bilal Jarjour
October 19, 2024
Egypt: FRA allows 33 insurance companies to launch mobile applications
Dr. Islam Azzam, Vice Chairman of the Financial Regulatory Authority (FRA), said that the Authority is focusing on digital transformation to increase the growth of the Egyptian agricultural sector and support its sustainable growth, to enhance and facilitate the access of financial technology solutions and various insurance products to farmers through mobile applications and through…
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Bilal Jarjour
October 19, 2024
UAE: 4.9m vehicle insurance policies worth US$1.6bn issued in 2023
The total motor insurance premiums generated in 2023 amounted to about AED5.9bn ($1.6bn), of which AED4.3bn was accounted for by locally incorporated companies and AED1.6bn by foreign insurers, according to data released by the Central Bank of the UA. Source: Middle East Insurance Review
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