The Qatari non-life insurance sector has modest growth potential and should remain resilient, even if economic growth slows down, says S&P Global Ratings (S&P).
Widespread flood losses in the UAE in recent months have reinforced reinsurers' discipline, according to Gallagher Re, one of the largest global reinsurance brokers.
Jordan Insurance Company (JIC) has a track record of adequate operating performance, despite challenging market conditions in the Jordanian and UAE markets, says AM Best.
Insurers are lobbying for more tax incentives from the government ahead of the delivery of the 2024 Budget, scheduled to be read on 23 July 2024. The insurers want to increase the appeal and affordability of insurance offerings through tax incentives.
There was a much smaller variance in property catastrophe quotations during the mid-year property reinsurance renewals in Australasia, compared to 2023, as reinsurers have been relatively accepting that they have reached levels of long-term price sustainability, according to Gallagher Re, one of the largest global reinsurance brokers.
The net profit of Gulf Union Alahlia Cooperative Insurance Company improved to SAR125m ($33.3m) in 2023, versus a net loss of SAR18m in 2022 (restated on an IFRS17 basis), notes Fitch Ratings.
Natural catastrophes, which are increasing in terms of frequency and the size of economic losses they cause, should prompt Arab insurance markets to exert greater efforts to face this threat, said speakers at a recent seminar addressing Nat CAT threats in the region.
Bank Negara Malaysia (BNM) has issued the Policy Document on Claims Settlement Practices (PD CSP) which sets out the minimum standards on the handling and assessment of general insurance and general takaful claims.
Road traffic accidents cost Zimbabwe losses of over $400m each year, the managing director of the Zimbabwe Traffic Safety Council of Zimbabwe (TSCZ), Mr Munesu Munodawafa, has said.
The insurance industry, including takaful, grew by 4% to DZD48.4bn ($359.6m) in 1Q2024 in terms of overall revenue (direct and reinsurance acceptances), according to provisional data from the National Insurance Council (CNA).