February 17, 2024
Chairman of the National Organization for Social Insurance: total revenues reached EGP 36.8 bn by the end of June 2023
During its meeting on February 15, 2024, chaired by Dr Mostafa Madbouly, the Cabinet reviewed the annual report and financial statements of the National Organization for Social Insurance for the fiscal year ending June 30, 2023. Source: أموال الغد
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Bilal Jarjour
February 17, 2024
Saudi Arabia general insurance industry to surpass $22 billion in 2028
Saudi Arabia’s general insurance industry is set to grow at a compound annual growth rate (CAGR) of 5.2% from SAR68.3 billion ($18.2 billion) in 2024 to SAR83.7 billion ($22.3 billion) in 2028, in terms of gross written premiums (GWP), forecasts GlobalData. Source: Global Data
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Bilal Jarjour
February 16, 2024
Saudi Arabia: Insurance sector continues to grow amid consolidation
The Saudi insurance market is expected to see further consolidation in 2024 and 2025 on the back of the ‘2030 Saudi Vision’, according to Fitch Ratings in a commentary. Source: Middle East Insurance Review
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Bilal Jarjour
February 16, 2024
Egypt, FRA requires ins companies to activate quality calls with customers
In Egypt, the Financial Regulatory Authority issued a periodic circular no 1 of year 2024, obligating insurance companies to comply with the necessity of activating the quality calls system with all customers, provided that it included a sufficient policy schedule, especially the essential clauses such as settlement.Top of Form Source: اليوم السابع
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Bilal Jarjour
February 16, 2024
Bahrain: Parliament approves a law that eliminates the “maximum period” for unemployment compensation
In Bahrain, the Parliament has approved, during its session, a draft law amending some provisions of decree law no of 2006, regarding unemployment insurance. The amendment cancels the maximum period for compensation entitlement, extends the subscriptions required for compensation entitlement, and addresses repeated claims by the unemployed. Source: الأيام
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Bilal Jarjour
February 16, 2024
Lebanon: draft law to regulate the ins sector
In Lebanon, Member of Parliament, Deputy Bilal Abdullah has submitted a draft law to the Parliament aimed at regulating the Lebanese insurance sector. Source: National News Agency
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Bilal Jarjour
February 14, 2024
Egypt: FRA Chairman: developing actuarial practice standards soon
Dr Mohamed Farid, Chairman of the Board of Directors of the Financial Regulatory Authority, revealed the authority’s intention to work on developing and issuing actuarial practice standards in the insurance sector in the near future. Source: Amwal Al Ghad
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Bilal Jarjour
February 14, 2024
Egypt: IFE aims to issue 100 million policies in the market
Mr Alaa Al-Zuhairi, Chairman of the Board of Directors of the Insurance Federation of Egypt, said that the federation’s strategy was to achieve insurance inclusivity in the Egyptian market, based on several objectives, the most prominent of which was striving to ensure that there was an insurance policy for every Egyptian citizen, which means reaching…
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Bilal Jarjour
February 14, 2024
Online Insurance Market Expected to Reach $330.1 Billion by 2031—Allied Market Research
According to a new report published by Allied Market Research, titled, “Online Insurance Market,” The online insurance market was valued at $53.2 billion in 2021, and is estimated to reach $330.1 billion by 2031, growing at a CAGR of 20.2% from 2022 to 2031. Source: Allied Market Research
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Bilal Jarjour
February 14, 2024
Turkiye: Insurance market grows by 106.8% in nominal terms in 2023, 25.5% in real terms
Turkiye’s insurance industry grew by 106.8% in 2023 in nominal terms compared to 2022 when the market expanded by 123.2% year on year to TRY235bn ($12.5bn). Source: Middle East Insurance Review
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