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September 25, 2024
Warming waves cost life insurance companies more compensation burden
The World Health Organization estimates that climate change could cause an additional 250,000 deaths annually between 2030 and 2050 from malnutrition, malaria, diarrhea and heat stress, while more worryingly, developing markets are least prepared to manage these challenges. Source: almalnews
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Bilal Jarjour
September 24, 2024
Algeria: Conditions allowing improvement in insurance environment need to be established
Insurance in Algeria is far from inclusive, particularly against climatic risks, natural disasters and other agricultural calamities, in the view of Mr Mokhtar Naouri, former CEO of Cash Assurances. Source: Middle East Insurance Review
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Bilal Jarjour
September 24, 2024
Saudi Arabia: Insurance companies launch “Life Insurance” program to provide financial protection to beneficiaries
Some insurance companies in the Kingdom have announced the launch of the “Life Insurance” program, which aims to provide financial protection throughout the validity period of the policy. The program covers deaths or other covered events, where the full amount of protection is paid to the beneficiaries specified in the policy, providing them with financial…
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Bilal Jarjour
September 24, 2024
UAE: Car insurance policy prices have become balanced
The Emirates Insurance Federation reported that the prices of car insurance policies have become balanced compared to the size of claims, after companies raised prices within the limits set by the regulatory authorities. Source: الإمارات اليوم
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Bilal Jarjour
September 24, 2024
Central Europe floods expected to drive billions of EUR in total losses
The recent severe flooding that impacted Central Europe as a result of continuous rain from September 12-16 is expected to become one of the costliest events on record for the region, with billions of EUR in total losses, according to global re/insurance broking group Aon Source: Reinsurance News
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Bilal Jarjour
September 21, 2024
Egypt: Head of FRA reviews the Authority’s efforts in issuing the first unified insurance law
In Egypt, Dr Mohamed Farid, Head of the Financial Regulatory Authority, reviewed the Authority’s efforts in issuing the first unified insurance law and its impact on enhancing the competitive capabilities of the Egyptian insurance sector. Source: رجال الأعمال
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Bilal Jarjour
September 21, 2024
Kuwait: The Council of Ministers approves a draft to suspend the provisions of the Health Insurance Law
The Kuwaiti Council of Ministers approved in its weekly meeting chaired by Sheikh Ahmed Abdullah Al-Ahmad Al-Sabah – Prime Minister a draft decree-law suspending the provisions of Law No. 114 of 2014 regarding health insurance for retired citizens, as amended by Law No. 71 of 2023, “temporarily for a period of one year” starting from…
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Bilal Jarjour
September 21, 2024
Algeria: Change needed to enable local insurance brokers to compete with foreign rivals
Algerian insurance brokers are struggling to compete with their international counterparts, and their strength needs to be increased, according to insurance expert. Source: Middle East Insurance Review
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Bilal Jarjour
September 21, 2024
Saudi Arabia: Short-term property rental insurance business grows
Residential property rental insurance business is growing with increased demand for daily or short-term rental of residential units during the tourist season in Saudi Arabia. Source Middle East Insurance Review
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Bilal Jarjour
September 19, 2024
Morocco: Insurance industry chalks up record 1H revenue
The insurance market in Morocco posted a record first-half turnover of MAD32.4bn ($3.3bn), growing by 4.4% over the first six months of 2023, according to data from the Insurance and Social Welfare Supervisory Authority (ACAPS). Source Middle East Insurance Review
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