December 2, 2024
Cyber threats and climate change highlight risk concerns in the insurance industry
A recent survey conducted by Munich Re America and Triple Eye revealed that cyber threats, climate change and business disruptions are the top risk concerns among key market segments of the insurance industry. Source: بوابة التامين الإقتصادية
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Ahmad Zein
November 29, 2024
Despite the growth in revenues, why are the profits of the insurance sector in the GCC market declining?
Despite the positive growth in the revenues of the insurance sector in the GCC during the first nine months of 2024, where they increased by 13.9%, profits witnessed a remarkable decline. This growth is driven by higher prices, increased mandatory coverage and continued market integrations. Source: بوابة التامين الإقتصادية
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Ahmad Zein
November 29, 2024
Turkey: Insurance association spells out 2025 expectations
The Insurance Association of Turkey (TSB) has outlined its expectations for 2025 for the industry. The highlights are: More CAT (natural disaster) protection will be needed in 2025. An additional $2-3bn of reinsurance protection will be needed in 2025. Source: Middle East Insurance Review
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Ahmad Zein
November 29, 2024
Egypt: FRA gives private insurance funds one year to comply with new model of statute
The Financial Regulatory Authority (FRA) has granted private insurance funds based on the Egyptian market a one-year grace period to amend their articles of association in accordance with the model articles of association recently issued by the authority. The Board of Directors of the Authority, headed by Dr. Mohamed Farid, issued Resolution 236 of 2024…
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Ahmad Zein
November 29, 2024
Egypt: The Financial Supervisory Authority approves granting Standard Chartered Bank a license to work as a custodian
The Financial Regulatory Authority (FRA), headed by Dr. Mohamed Farid, has approved the granting of a license to Standard Chartered Bank to practice the activity of custodians. Source: رجال الاعمال
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Ahmad Zein
November 28, 2024
Lebanon: are reinsurance companies stopping business in Lebanon?
In light of the Israeli aggression on Lebanon and the security situation, Lebanese insurance companies are experiencing difficulties, with the possibility that reinsurance companies could stop working with them. Source: Lebanon Economy
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Ahmad Zein
November 28, 2024
Morocco: Insurance industry embraces digitalization
The Moroccan insurance sector is reinventing itself by accelerating digital transformation and increasing use of artificial intelligence. Source: Middle East Insurance Review
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Ahmad Zein
November 28, 2024
UAE: Insurance market expected to expand by up to 8% this year
Total written premiums in the UAE are expected to grow by up to 8% in 2024 to more than AED57.7bn, compared to AED53.4bn in 2023. Source: Middle East Insurance Review
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Ahmad Zein
November 28, 2024
Egypt: Chairman of the Financial Regulatory Authority stresses the importance of data in improving insurance services
The Chairman of the Financial Regulatory Authority stressed the importance of providing and controlling statistical data to support the insurance sector and achieve its objectives, pointing out that the lack of such data is a major challenge that affects the accuracy of risk assessment and determining the prices of insurance coverages. Source: المال
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Ahmad Zein
November 21, 2024
Global Takaful insurance market forecast for 2032
A report published by research firm Market Research Future suggests that the Takaful insurance sector will generate a turnover of 85.38 billion USD in 2032, against 38.02 billion USD in 2023. The average annual growth rate over the period is estimated at 9.41%. Source: Atlas Magazine
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