August 17, 2024
Micro reinsurance ensures the sustainability of First Market programs
Micro reinsurance is a risk management tool, used by microinsurance providers to distribute and mitigate the risks they assume, and as in traditional reinsurance, microinsurance involves the transfer of parts of the risk by the underlying insurance company (the primary insurer) to another insurance company (reinsurer) to protect it from large losses. Source El malnews
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Bilal Jarjour
August 17, 2024
Bahrain: Insurance companies record growth in written premiums by 8%
Insurance companies in the Kingdom of Bahrain witnessed a remarkable growth in gross written premiums in the first quarter of 2024, reaching 96.155 million dinars, representing an increase of 8% compared to the same period of the previous year, which recorded 89.002 million dinars. This growth was driven by a strong performance in the health…
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Bilal Jarjour
August 17, 2024
Changing trends driving demand for health reinsurance: AM Best
According to global credit ratings agency AM Best, the recent global rise in healthcare utilization, combined with the prospect of increasing medical inflation has the potential to “expand the role of health reinsurance.” Source Reinsurance News
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Bilal Jarjour
August 17, 2024
Insurance market remains growth-oriented, creating opportunities for buyers: Aon.
Many global insurers reported healthy profits in 2023, and with reinsurance market conditions improving for buyers, the insurance sector was once again growth-oriented in the second quarter of 2024, according to re/insurance broking group Aon. Source Reinsurance News
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Bilal Jarjour
August 15, 2024
Severe thunderstorms drive insured losses to USD 60 billion in first half of 2024, Swiss Re Institute estimates
A high frequency of small to medium events resulted in global insured losses from natural catastrophes of USD 60 billion in the first half of 2024, according to Swiss Re Institute’s preliminary estimates. Source: Swiss Re
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Bilal Jarjour
August 15, 2024
Saudi Arabia: The cultural insurance policy was launched in Saudi Arabia to preserve heritage and works of art and may extend to all countries of the region
In the presence of officials and CEOs in the cultural and insurance fields In cooperation with the Insurance Authority in Riyadh, an agreement was signed at a press conference entitled “Cultural Insurance Conference”, to cover a group of heritage buildings of the Ministry of Culture that apply to whomever he wants from the owners of…
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Bilal Jarjour
August 15, 2024
Egypt: Financial Regulator: Insurance companies collect EGP 6.8 bln in premiums in May
The latest reports issued by the Financial Regulatory Authority for the month of May 2024 showed an increase in the value of insurance premiums collected from insurance companies’ customers during the month of May 2023, with a growth of 20.2% Source: Al Morakeb Group
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Bilal Jarjour
August 15, 2024
Reinsurers see strong profits in 2023 amid market reset & hard pricing: AM Best
According to a new AM Best report, a strategic market reset by global reinsurers in 2023 has led to robust technical profits and a shift in industry dynamics. AM Best’s Market Segment Report, Strong Technical Profits Bolster Momentum for Global Reinsurers Source: Reinsurance News
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Bilal Jarjour
August 14, 2024
UAE: Standard & Poor’s expects the UAE’s Takaful insurance sector to grow by 20% in 2024
S&P Ratings agency S&P today announced that the Takaful sector in U.A.E., the region’s second largest takaful market, will grow by 15% to 20% in 2024. Source: emaratalyoum
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Bilal Jarjour
August 14, 2024
S&P expects the Gulf Islamic insurance sector to grow by 15-20% in 2024
Ratings agency Standard & Poor’s Global expects the Gulf region’s Islamic insurance sector to grow by 15 to 20 percent in 2024, with revenues exceeding $20 billion. The agency added in its report that this comes after a strong growth in the revenues of Islamic insurance companies during the period between 2022-2023, according to the…
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