April 4, 2024
Egypt: FRA: 10.4 bn EGP as claims paid within 3 months
In Egypt, insurance companies paid total claims of 10.4 bn EGP during the fourth quarter of year 2023, compared to 6.971 bn EGP during the same period of year 2022, being a growth of 49.21%. Source: Amwal Al Ghad
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Bilal Jarjour
April 4, 2024
Egypt: Insurance companies start increasing their capital due to the depreciation of the EGP
Companies in the insurance sector are seeking to increase their paid-up capital during the coming period, to absorb the impact of the decline in the value of the EGP against the USD, due to pressure from credit rating agencies and reinsurers. Source: المال
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Bilal Jarjour
April 4, 2024
Saudi Arabia: Mr. Nader Hamad Al-Harbi, Director of Customer Protection Department at the Insurance Authority
Mr. Nader Hamad Al-Harbi was appointed as Director of the Customer Protection Department at the Insurance Authority. The appointment, promotion, or extension of assignment comes from the competent authority, for the person with skill and long work experience. Source: Al Morakeb Group
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Bilal Jarjour
April 2, 2024
UAE: 53.2 billion dirhams in insurance premiums written in the UAE during 2023
The Central Bank of the Emirates announced that the insurance sector in the country continued its growth over the past year, which was reflected in the increase in total written insurance premiums, which rose by 12.7% on an annual basis to 53.2 billion dirhams at the end of 2023 compared to about 47.2 billion dirhams…
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Bilal Jarjour
April 2, 2024
2024 global insurance outlook: Insurers evolving to address changing operating environment and precipitate even greater societal impact
The increasing frequency and severity of global risks is drawing eyes toward the insurance industry’s capacity and capability to serve as the “financial safety net” of society. (study by Deloitte) Source: Deloitte
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Bilal Jarjour
April 2, 2024
Türkiye: As technical losses mount in mandatory auto insurance business, insurers look to liberalised pricing
Compulsory motor third-party liability (CMTPL) insurance business, also referred to as traffic insurance in Türkiye, chalked up a technical loss of TRY13.7bn ($424m), after offsetting investment income, in 2023. Source: Middle East Insurance Review
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Bilal Jarjour
April 2, 2024
Egypt: Insurance premiums collected in the Egyptian market during the fourth quarter of year 2023 exceed 19 bn EGP
The quarterly report issued by the Financial Regulatory Authority revealed that the total premiums collected in the insurance sector increased to 19.142 billion EGP pounds during the fourth quarter of year 2023, compared to 14.56 billion EGP during the same period of year 2022, with a growth of 31.48%. Source: أموال الغد
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Bilal Jarjour
March 29, 2024
Insurance experts: financial losses from the Moscow attack may reach $108 million
Insurance experts expected that the financial losses resulting from the recent attack on the Russian Crocus City Hall would exceed more than 10 billion rubles ($108 million), with investigations and settlements likely to extend over two years, according to information obtained by the TASS Russian news agency. Source: الجزيرة
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Bilal Jarjour
March 29, 2024
Lloyd’s of London Swings to $13.5 Billion Profit in 2023
Lloyd’s of London swung to a pre-tax profit of 10.7 billion pounds ($13.51 billion) in 2023, the commercial insurance market said on Thursday, boosted by strong underwriting and investment performance. Source: Insurance Journal
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Bilal Jarjour
March 29, 2024
April 1 reinsurance renewals more favourable to buyers: Aon
The April 1st, 2024, reinsurance renewals were “more predictable and generally favorable to reinsurance buyers,” with pricing broadly flat for property catastrophe reinsurance, according to insurance and reinsurance broker Aon. Source: Reinsurance News
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