May 16, 2024
Top reinsurers disclose losses arising from Kahramanmaras earthquake
With the publication of annual reports in recent weeks, the world’s three biggest reinsurers have indicated the quantum of claims incurred due to the massive February 2023 earthquake that hit Türkiye and Syria Source: Middle East Insurance Review
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Bilal Jarjour
May 16, 2024
Comprehensive insurance viewed as a lifeline by owners of flood-hit vehicles
The UAE insurance industry sees rising demand for comprehensive motor insurance in the wake of severe floods in recent weeks that submerged or swept away vehicles Source: Middle East Insurance Review
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Bilal Jarjour
May 14, 2024
Middle East outlook: diversification to drive economic and insurance market growth
We forecast 2.1% GDP growth in real terms in the Middle East and Pakistan region this year, up from 1.2% in 2023. Source: Swiss Re
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Bilal Jarjour
May 14, 2024
Turkiye: Premiums in insurance market double in 1Q2024
Total premium production of insurance companies in the January-March period of 2024 increased by 91.8%to TRY199.3bn ($6.15bn) in nominal terms compared to the corresponding quarter of last year, according to data compiled by the Insurance Association of Turkiye (TSB) from member companies. Source: Middle East Insurance Review
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Bilal Jarjour
May 14, 2024
Saudi Arabia: Al-Issa: Owners of a sound insurance record get a discount of up to 60%
The spokesman for insurance companies, Adel Al-Issa, said that «the coming period there will be competition between vehicle insurance companies in adjusting prices and services», pointing out that it is supposed to be much better during the coming period regarding insurance companies, and increasing the number of insured. He added that if the insurance record…
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Bilal Jarjour
May 14, 2024
Kuwait: KD 429.6 mn insurance compensation paid in 2023
Official documents showed that 40 Kuwaiti and foreign insurance companies operating in the local market paid during 2023 about 429.6 million dinars in insurance compensation for 9 types of insurance policies, as the country witnessed during the year the issuance of more than 1.88 million insurance policies, with written premiums worth 667.9 million dinars. In…
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Bilal Jarjour
May 10, 2024
Broker Insights launches AI-enabled tool for insurers to help win new business
Data analytics and market insight platform, Broker Insights, has launched Propensity Lens, which aims to improve efficiency for insurers by helping them to predict the possibility of winning business. Source: Reinsurance News
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Bilal Jarjour
May 10, 2024
Insurance industry shows higher profitability in 2023 despite slowest revenue growth in recent years
The Moroccan insurance sector improved its profitability in 2023, achieving a net profit of MAD4.5bn ($448.4m), an increase of 5.8% over 2022, according to the Insurance and Social Welfare Supervisory Authority (ACAPS). Source: Middle East Insurance review
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Bilal Jarjour
May 10, 2024
Insurance companies in the UAE raise insurance by 30% after heavy rains
Insurance companies in the UAE raised their prices by 30% as a result of the heavy rainfall. Source: أخبارنا
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Bilal Jarjour
May 10, 2024
Jordan: issuance of a new by-laws for JIF as at first of May
New by-laws for Jordan Insurance Federation no 26 of year 2024 was issued in the Official Gazette, which will come into effect as of 05/01/2024, which came in line with the requirements for the enforcement of the law regulating the insurance sector no 12 of year 2021. Source: Jordan News Agency
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