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October 15, 2024
Middle East: MGAs grow at pace
In the Middle East, there is a highly active MGA market in Dubai in the UAE, through the Dubai International Financial Centre (DIFC), where MGAs are playing a key role in the growth of the wider insurance market in the region, according to Global Insurance Law Connect (GILC), a network of specialist insurance law firms.…
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Bilal Jarjour
October 10, 2024
Saudi Arabia: Govt implements safety net for private-sector expat workers
The Insurance Authority and the Ministry of Human Resources and Social Development (MHRSD) have launched a new insurance service to protect the rights of expatriate workers in the private sector. Source: Middle East Insurance Review
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Bilal Jarjour
October 10, 2024
Algeria: Conventional insurers could open takaful windows to tap Islamic insurance growth
Takaful insurance is experiencing fast growth in Algeria, backed by an enabling legislative and regulatory framework. As the sector grows, it is likely that new players will enter the market, driving competition and innovation. Source: Middle East Insurance Review
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Bilal Jarjour
October 10, 2024
Helene private market insured losses to be up to $14bn, NFIP losses could surpass $2bn: Moody’s RMS
The impacts of hurricane Helene across Florida, Georgia, the Carolinas, and parts of the Mid-Atlantic are expected to drive insurance industry losses of between $8 billion and $14 billion, while losses to the National Flood Insurance Program (NFIP) could exceed $2 billion, according to Moody’s RMS Event Response. Source: Reinsurance News
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Bilal Jarjour
October 10, 2024
Egypt: The Financial Regulatory Authority discusses mechanisms to expand the base of beneficiaries of non-banking services.
Dr. Mohamed Abdel Aziz, Assistant Chairman of the Financial Regulatory Authority (FRA), held an extensive meeting with representatives of a large number of non-banking financial institutions licensed by the Authority to engage in non-banking financial activities, including companies operating in the field of securities, insurance companies, as well as non-banking finance companies, the meeting was…
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Bilal Jarjour
October 9, 2024
Jordan: The Executive Committee of the Legal Committee is studying draft instructions for the principles and procedures for settlement
The Executive Committee of the Legal Committee operating under the framework of the Jordan Federation of Insurance Companies held its meeting at the General Administration building of the Union on Monday 7-10-2024, where the committee devoted its meeting to discuss the draft instructions for the principles and procedures for settling and paying claims resulting from…
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Bilal Jarjour
October 9, 2024
Egypt: 22.6% growth in the Takaful insurance activity premium portfolio during the first half of year 2024
The monthly report issued by the Financial Supervisory Authority revealed that Takaful insurance premiums in the Egyptian market increased at an annual rate of 22.6% during the first half of year 2024 compared to same of last year. Source: أموال الغد
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Bilal Jarjour
October 9, 2024
Oman: Authority issues regulation on co-health insurance
Financial Services Authority (FSA) Chairman Dr Saeed Mohammed Ahmed Al Saqri has approved a regulation on co-insurance in the health insurance branch pursuant to the Insurance Companies Law. Source: Middle East Insurance Review
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Bilal Jarjour
October 9, 2024
Türkiye: Reinsurance capacity in abundance
Reinsurance capital is at its peak now with sufficient capital to cover the 2025 and beyond; yet, addressing the protection gap could be via the use of non-traditional reinsurance tools, said Guy Carpenter president, global accounts Charles Whitmore. Source: Middle East Insurance Review
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Bilal Jarjour
October 8, 2024
Egypt: The Financial Supervisory Authority issues a periodic letter on the publication of any information and data on the activities of government insurance funds
The Financial Regulatory Authority (FRA), headed by Dr. Mohamed Farid, issued Circular No. (5) of 2024, regarding the publication of any statistical data, reports or studies on the activity of government insurance funds, as part of the Authority’s endeavors to protect customers, ensure the stability of transactions, and enhance the confidence of the public in…
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