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November 1, 2024
Germany: E+S Rück anticipates further price increases and improved T&Cs at Jan 1
E+S Rückversicherung AG, the Hannover Re subsidiary responsible for German business, has indicated that further price increases and improved terms and conditions are likely at the January 1, 2025, property and casualty reinsurance renewals, following losses caused by severe weather events in the country. Source: Reinsurance News
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Bilal Jarjour
November 1, 2024
Egypt: IFE / The sector’s transition to confident claims management requires investment in AI
The Insurance Federation of Egypt stressed on the importance of insurance companies moving to confident claims management, and continuing to meet the evolving needs of their customers. Source: المال
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Bilal Jarjour
November 1, 2024
Saudi Red Sea Authority and Insurance Authority cooperate to launch Saudi Arabia’s first coastal tourism insurance product
The Saudi Red Sea Authority (SRSA) and the Insurance Authority have signed a cooperation agreement to launch insurance products covering risks associated with all coastal tourism activities through local insurance companies. Source: Maaal
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Bilal Jarjour
October 31, 2024
Algeria: Opening the activity of brokers in stock exchange operations to insurance companies in Algeria
The Commission for the Regulation and Control of Stock Exchange Operations (COSOP) has proposed to the public authorities to open the way for insurance companies to practice the activity of brokers in stock exchange operations, as part of the preparation of a preliminary draft on the financial market. Source:الشروق
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Bilal Jarjour
October 31, 2024
Jordan: Insurance premiums grow by nearly 5% to over US$850m in Jan-Sep 2024
Total insurance premiums in Jordan in the past nine months of this year amounted to JOD603m ($851m), an increase of about 4.9% compared to the corresponding period in 2023, according to statistics released by the Central Bank of Jordan. Source: Middle East Insurance Review
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Bilal Jarjour
October 31, 2024
Egypt: Insurance and brokerage companies are obliged to adopt the amendment of their articles of association in accordance with the unified law within a month
The Financial Regulatory Authority (FRA) has obligated insurance companies and sector-related activities to hold their Extraordinary General Assembly to amend their articles of association and basic purpose in accordance with the Unified Insurance Law issued last July, no later than early December. Source: اموال الغد
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Bilal Jarjour
October 31, 2024
Saudi Arabia: Per capita spending on insurance in the Kingdom rises to 2034 riyals annually
The annual report of the insurance market in the Kingdom issued by the Insurance Authority showed an increase in the rate of per capita spending on insurance in Saudi Arabia by 30% to 2034 riyals in 2023 compared to 1564 riyals during a year. Source: Economic Insurance Portal
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Bilal Jarjour
October 29, 2024
Global commercial insurance rates fall 1% in Q3, the first quarterly decline in seven years
According to the Global Insurance Market Index released by Marsh, global commercial insurance rates fell 1% in the third quarter of 2024, the first time the index has recorded a quarterly decline since the third quarter of 2017. Source: Marsh
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Bilal Jarjour
October 29, 2024
Algeria: Algerian insurance market achieves 8.8% growth during the first semester of 2024
The National Insurance Market, in all its branches, achieved a turnover of 90.2 billion during the first semester of 2024, an increase of 8.8 percent compared to the same period in 2023, according to the latest quarterly results of the National Insurance Council. Source: Algerian press service
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Bilal Jarjour
October 29, 2024
9M’24 insured natural catastrophe losses above average at $102bn: Aon
Global broking group Aon estimates insurance industry losses from natural catastrophe events in the first nine months of 2024 of at least $102 billion, with the impacts of hurricane Milton and additional events expected in the rest of the year poised to push annual insured losses above the $125 billion seen in 2023. Source: Reinsurance…
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