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
Read morePOSTED BY
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
Read morePOSTED BY
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…
Read morePOSTED BY
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…
Read morePOSTED BY
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
Read morePOSTED BY
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
Read morePOSTED BY
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
Read morePOSTED BY
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
Read morePOSTED BY
Bilal Jarjour
May 8, 2024
Best’s market segment report: AM BEST maintains stable outlook on insurance markets of Gulf Cooperation Council
AM Best is maintaining its market segment outlook for the insurance markets of the Gulf Cooperation Council (GCC) at stable. Source: AMBest
Read morePOSTED BY
Bilal Jarjour
May 8, 2024
Moody’s: 5 companies control 74% of the insurance market in Saudi Arabia
According to Moody’s, only 5 out of 25 insurance companies in the Saudi insurance market account for about 74% of revenues, while the other 20 companies account for 26%. Source: العربية
Read morePOSTED BY