October 3, 2024
Billions in losses due to Hurricane Boris and AON admits to the high cost.
Cyclone Boris, which hit Central and Eastern Europe, recorded several losses for insurance and repatriation companies, estimated at $3.3 billion. “This hurricane was the most costly and especially as it caused the deaths of 24 people, 10 of them in Bologna, 7 in Romania, 4 in Prague and 3 in Austria, as well as missing…
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Bilal Jarjour
October 3, 2024
Egypt: The Egyptian Insurance Federation discusses compensation file for loss of profits resulting from business interruption
The Egyptian Insurance Federation organized a comprehensive workshop on compensation for loss of profits resulting from business interruption. Source: اموال الغد
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Bilal Jarjour
October 3, 2024
Saudi Arabia and the UAE lead the Arab written premiums sector with $ 32 billion
A report by the Arab Monetary Fund revealed that insurance companies in Saudi Arabia and the United Arab Emirates came in the first ranks in terms of total written insurance premiums, after exceeding $ 32 billion, reaching about $ 17.45 billion in Saudi Arabia, and $ 14.71 billion in the UAE by the end of…
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Bilal Jarjour
October 1, 2024
UAE: Insurance sector well-capitalized with healthy earnings ratio in 1H
The UAE insurance sector reported that written premiums increased by 31.2% year on year (y-o-y) in the first half of 2024 to AED35.7bn ($9.75bn), according to the latest Quarterly Economic Review issued last week by the Central Bank of the UAE. Source: Middle East insurance Review
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Bilal Jarjour
October 1, 2024
Egypt: Financial Control EGP 9.2 billion insurance premiums and EGP 3.7 billion compensation paid during July 2024
The Financial Supervisory Authority revealed that the total premiums of the Egyptian insurance activity recorded EGP 9.2 billion during July 2024.The authority said in a statement issued on Sunday that these premiums were distributed between 5.6 billion pounds achieved by property and liability insurance companies in the market, and 3.6 billion pounds in companies insuring…
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Bilal Jarjour
October 1, 2024
Strong annuity growth continues as reinsurers shift business offshore to Bermuda:
US life/annuity (L/A) insurers have doubled their ceded reserves to $1.74 trillion between 2016 and 2023 driven by strong annuity growth on higher interest rates with an increasingly larger portion headed offshore, an AM Best report has disclosed. Source: Reinsurance news
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Bilal Jarjour
October 1, 2024
Survey reveals banks missed bancassurance opportunity, with home insurance leading
Sollers, a consulting firm specializing in digital transformation, and Ipsos, a market research company, have recently conducted a survey that highlights how banks are not fully leveraging the potential of bancassurance. Source: Reinsurance news
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Bilal Jarjour
September 30, 2024
UAE: New insurance brokerage regulation takes effect on 15 Feb 2025
The Central Bank of the UAE (CBUAE) has issued the new “Insurance Brokerage Regulation 2024” that will come into force on 15 February 2025. Source: Middle East Insurance Review
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Bilal Jarjour
September 30, 2024
Saudi Arabia: Managing high revenues is a challenge for Saudi insurance companies
Saudi insurance companies face a new challenge during the next stage, which is how to manage and invest the high revenues they are expected to reap, amid the growth of the economy, the booming business environment, changing legislation, and the increase in the demand for insurance services, which will push the sector’s shares to continue…
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Bilal Jarjour
September 30, 2024
Egypt: Insurance companies pay EGP 23.7 bln in compensation to customers
The monthly report issued by the Financial Regulatory Authority revealed that the volume of compensation paid by insurance companies to their customers during the first 7 months of 2024 increased to EGP 23.739 billion, compared to about EGP 17.931 billion during the corresponding period of 2023, with a growth rate of 32.4%. Source: اموال الغد
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