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November 8, 2024
Saudi Arabia: Insurance spending per capita increased by 30% in 2023
Insurance spending per capita increased by 30% to SAR2,034 ($541.50) in 2023 from SAR1,564 in 2022 in Saudi Arabia, according to the Insurance Authority (IA). Source: Middle East Insurance Review
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Bilal Jarjour
November 5, 2024
Libya: MOU between the Center for Research and Actuarial Studies and the Ins Supervisory Authority
In Libya, a memorandum of understanding was signed at the headquarters of the Insurance Supervisory Authority in Tripoli, among the Libyan Center for Research and Actuarial Studies affiliated with the Social Security Fund, the Insurance Supervisory Authority and the Libyan Insurance Federation. Source: صحيفة الأنباء الليبية
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Bilal Jarjour
November 5, 2024
UAE: Insurance market is forecast to grow by up to 20% this year
The insurance sector in the UAE, both conventional and Islamic, is expected to grow by 15-20% in 2024, according to S&P Global Ratings (S&P). Source: Middle East Insurance Review
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Bilal Jarjour
November 5, 2024
Egypt: Microinsurance premiums reach US$7.7m in 2023
The microinsurance segment in Egypt generated premiums totaling EGP377m ($7.7m) and paid out compensation of EGP193m in 2023, according to data from the Financial Regulatory Authority (FRA). Source: Middle East Insurance Review
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Bilal Jarjour
November 5, 2024
Egypt: Applying the principles of governance in insurance companies enhances their ability to achieve their strategic objectives
An insurance broker and expert in strategic management stressed that the application of governance principles in Egyptian insurance companies enhances their ability to achieve their strategic objectives, and ensures their sustainability and growth in a complex competitive and legal environment. Source: المال
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Bilal Jarjour
November 4, 2024
Fitch: $102 billion in global catastrophe insurance losses so far
Insured losses for the current year have already reached $102 billion due to global disasters, according to the latest Fitch Ratings report. Fitch estimates that Hurricane Helen left insured losses of $5 billion to $10 billion, while Milton left only an estimated $20 to $40 billion. Source: Al Morakeb
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Bilal Jarjour
November 4, 2024
Morocco hedges against disasters with mandatory home insurance
Morocco has considered introducing compulsory housing insurance in a bid to mitigate the economic impact it faces when the country is hit by natural disasters, most recently last year’s earthquake. The Superintendency of Insurance and Social Welfare (ASWW), the government body tasked with monitoring the insurance sector and pension systems, has invited consulting firms to…
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Bilal Jarjour
November 4, 2024
Continuous adjustment of car insurance amounts is a necessity to face inflation
Experts confirmed that insurance companies face many challenges in light of being affected by economic and financial factors, including the change in the exchange rate of the currency, noting that the insurance company calculates the costs and risks of insurance based on expectations of future damages and the value of financial transactions, and when a…
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Bilal Jarjour
November 4, 2024
Reinsurers post 22% ROE in 2023, Helene & Milton to stall softening, says AM Best
Solid underwriting conditions, combined with a turnaround in unrealized losses drove reinsurers to a 22% return on equity (ROE) in 2023, states global ratings agency AM Best. Source: Reinsurance News
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Bilal Jarjour
November 1, 2024
Quantifying business interruption: Risk propagation in complex supply chains
Business interruption including supply chain disruptions have been among the top risks for most companies for over a decade. On average, supply chain disruptions cost organizations USD 184 million annually. Source: Swiss Re Institute
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