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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Bilal Jarjour
October 29, 2024
Egypt: the life ins sector expected to grow annually by 10% in the coming period
The life insurance sector in Egypt is undergoing a radical transformation, which is becoming increasingly important in light of economic and social changes. Hence, there are expectations for the growth of the insurance market in Egypt, as the life insurance market in Egypt is witnessing increasing growth and the penetration rate of insurance among Egyptians…
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Bilal Jarjour
October 28, 2024
The motor insurance revolution
With a turnover of 1920 billion USD posted in 2023, motor insurance accounts for 27% of global life and non-life premiums. This global contribution surpasses 40% in some countries, such as Turkey (42%) and the United States (41%). Source: Atlas Magazine
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Bilal Jarjour
October 28, 2024
The reinsurance market is constructed to handle events like Helene & Milton, Aon’s Andersen
The reinsurance market is constructed to handle major events like hurricane’s Helene and Milton, according to Eric Andersen, President of global insurance and reinsurance brokerage, Aon. Source: Reinsurance News
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Bilal Jarjour
October 28, 2024
Head of FRA in Egypt: We aim to integrate climate goals within the priorities of non-banking financial institutions
Dr Mohamed Farid, Chairman of the Financial Regulatory Authority in Egypt, participated in the discussion session entitled “Developing carbon markets in Africa: challenges and opportunities”, within the annual meetings of the World Bank Group held in Washington from October 21 to 26, 2024. Source: أموال الغد
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Bilal Jarjour
October 28, 2024
Lebanon: The repercussions of the war knocking on the door of insurance… Why have foreign reinsurers abandoned the Lebanese market?
In Lebanon, a new crisis is looming over the country, threatening its insurance sector after some major European reinsurers have informed Lebanese insurers that they have stopped business with Lebanon. Source: Leb Economy
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Bilal Jarjour
October 25, 2024
KSA: 12M people insured in Saudi Arabia, market size hits SAR 40B
Saudi Health Minister Fahad Al-Jalajel said the private health insurance sector experienced significant growth, with its size reaching SAR 40 billion by the end of 2023. The number of insured people rose by the end of last year to about 12 million from 3 million in 2011, Al-Jalajel added during his speech at the Global Health Exhibition. Source: argaam
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