Arab Reinsurance Company: a new dimension
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Kuwait – Capital Markets Authority refuses ins. Supervision - Kuwait – Ministry of commerce renews 39 ins. Licenses - Egypt – Absence of e-marketing in ins. Sector - UAE - Cash Collection Remains Problematic - Dubai – Neuron to provide health ins. to citizens - Egypt – Credit rating a condition for ins. Growth - Egypt – 4 Axes for the new insurance law - Egypt – Insurers to invest EGP 150 billion in 4 years - Industry cat losses at $71.5bn for 2018 - Limited room for reinsurance rates to decline further - Catastrophes leads buyers to rethink reinsurance - Ongoing Brexit uncertainty for London ins. Market - Rates diverge between loss-affected accounts at 1/1 - P&C reserve development risk to increase - Retro re-pricing to drive higher costs later in 2019 - UAE – New regulations for electronic insurance - Reinsurance rates increase by 1.1% at Jan renewals - Global reinsurance capital resilient - Reinsurance demand to boost brokers’ revenues - European reinsurers to maintain stable pricing - UAE - New life ins. starting at AED 3 per day - UAE – 3 phases to implement IFRS 17 by 2020 - UAE – Tough conditions to insure “bad” drivers - Chinese insurers' assets at USD 2.65 trillion - Reinsurance rates to improve through mid-year 2019 - Interesting 1/1 dynamics to continue into April - ACORD eyes more robust digital standards - Florida - Insured Michael losses at $4.9bn - Egypt – Compulsory life ins. for microfinance customers - Stable outlook for Asia Pacific ins. industry: Moody’s - Government drive to boost takaful in Malaysia - Impact of Indonesian tsunami on insurers to be minor - 5th Saudi Insurance Symposium 2019 - Dubai - Woman uses friend's ins. for child's therapy - UAE leads Mena startups - UAE - Etisalat to adopt Artificial Intelligence and blockchain - Bahrain FinTech Bay to host InsurByte conference - Dubai Intl Financial Centre plans expansion - Tunisia – Investigation results of the “Ulysse” ship collision - Kuwait - Credit Information Exchange Bill - UAE - Emergency Travel Assistance Ins. Contract - Egypt – 21 licenses for the electronic ins. Issuance - Jordan – Training on anti-money laundering in ins. - Pricing gap emerges in 2019 reinsurance renewals - AIG and Democrance Partner for digital insurance - UAE – Insurers warned against delayed approvals - UAE – Motor ins. according to Kilometers soon - Online insurance platforms could hurt competition - UAE – Motor ins. prices decrease by 18% in 2018 - UAE – The technology and skills needed in the future - Price optimisation to face closer scrutiny - The renewal wasn’t flat (or down) for everyone - Kuwait – Weakness of life market - Bermuda - ILS listings exceed $30bn for first time - The struggle continues for hedge fund reinsurers - Bahrain - Major VAT issues probed - Reinsurance rates flat to down at renewal - Global reinsurance capital hits $348bn - ILS market ends 2018 at new record size - Egypt – Ins. Federation examines actuarial future - UAE – AED 50 billion of ins. premiums expected in 2018 - Saudi Arabia – New Merger & Acquisition insurance operation - Saudi Arabia - 18,739 complaints about health insurance - Saudi Arabia - Tawuniya inaugurates first ins. sales academy - Kuwait - Insurance firm must pay complete compensation - UAE - Cardless cash withdrawal via mobile banking app - Egypt - 20 e-government services to be provided in 2019 - $878,000 reward to uncover cryptocurrency’s vulnerabilities - Oman – Ins. investments exceed 621 million Rials - UK: Ins. fraud - 3 men guilty of murdering 5 persons - Does the Saudi market attract foreign insurers? - Reduction in opportunistic ILS capital is positive - Arab Reinsurance Company maintains its B+ rating by A.M. Best - UAE - Daman to stop printing health ins. Cards - Saudi Arabia to host Internet of Things conference - Bahrain - Market price monitoring in preparation for VAT - UK – Worst drivers use German cars - Kuwait – The Project of an Insurance Authority revived - Egypt – “Medical malpractice liability” draft law amended - Arab Reinsurance Company maintains its B+ rating by A.M. Best - Hardening rates expected as losses exceed 20-yr average - Bermuda dominates 58% of alternative capital market - Oman – Implementation of compulsory health insurance - Arab Reinsurance Company maintains its B+ rating by A.M. Best - Arab Reinsurance Company maintains its B+ rating by A.M. Best - Oman - Regulations for mandatory health ins. and Takaful - Oman - Bank Nizwa Partners With Takaful Oman - Jordan - Technology deal to improve health insurance - Cyber risk biggest threat to European business - Arab Reinsurance Company maintains its B+ rating by A.M. Best - Optimism & panic at renewals - ILS market dominated by U.S. property cat - UAE - Etihad Credit Ins. signs MoU with Dhaman - KSA - Najm opens a branch at Princess Nourah University - Egypt to start Ins. Act draft discussion next week - Morocco – Technology threatens insurance agents - Dubai - Free health ins. with ‘Zayed Cards’ - UAE - Health ins. rates could increase by 8% - Europe - China Re acquires Chaucer - UAE and Saudi Arabia trial cross-border payments on blockchain - Saudi warns of penalties for firms not offering health ins. - Oman – Regulator discusses health ins. with oil & gas firms - UAE - Etihad Credit Ins. gets Tinubu Square software - CIB sets up Egypt’s 1st venture capital FinTech firm - Nippon Life to invest in Japanese 'unicorns' - China – Ins. sector shows stronger capacity to withstand risks - Saudi Arabia - SAMA issues rules for foreign insurers - Egypt – Insurers raise capitals to EGP 9.4 B - Bahrain – Ins. premiums at BD 204.5 m in Q3 - Egypt – 2nd version of “better future for insurance” - Insurance industry's future is in Asia-Pacific - Nigeria – Ins. industry grows premium by 22% in Q3’18 - Bahrain – Draft regulations for bitcoins and crypto-assets - European regulator announces the 2018 Ins. stress test - UAE – Union insurance expands motor ins. Distribution - Alternative capital growth to restrict pricing cycles - Chinese man kills wife for life ins. Money - Lebanon – Conference on ins. in the Mediterranean region - Negative outlook for Brazil reinsurance market - Ins. claims for California wildfires top $9 billion - UAE - Etisalat to provide Home Ins. Solution - A $200bn cat loss year that took 18 m to accumulate - India scraps first preference rule for domestic reinsurers - Threat of disruption driving tech investment - Jordan Ins. Federation launches the 2019 training plan - Saudi Arabia – 12 Million persons have health ins. - UAE - Draft law on health ins. for citizens - Demand for non-life reinsurance to increase in 2019 - Kuwait - Compulsory health insurance for expatriates - UAE - Etihad Credit Ins. joins AMAN Union - UAE - Union Ins. co. embraced digital innovation - Oman – Regulator issues a warning to an ins. Agent - Ins. as leader in the Abu Dhabi Securities Exchange - Dubai - Goldilocks raises stake in Salama - Egypt – Property claims increased by EGP 1.4 B in 2018 - Egypt – Compulsory ins. on micro-finance customers - Calls for further IFRS 17 delays - Stable rates but 1/1 renewals to be highly competitive - Healthy ILS trends for 2019 - 2018 insured typhoon losses at $9.5bn - A.M. Best: Reinsurance outlook revised to stable - Jordan – Guidelines on political violence ins. - Egypt – Ins. premiums EGP 36 B until October - Forum of Tunisian Ins. Law Association on Nat Cat - Dubai and Malaysia cooperate on ins. Regulation - UAE - Etihad Credit Ins. partners with Natixis - UAE Gov. Drives USD 35 B Internet of Things Market - Abu Dhabi Global Market Concludes 1st of Blockchain system - Cession growth in Bermuda led by quota shares - Reinsurance renewals may hold surprise to the upside - 2018 is the real test for ILS investors - Traditional reinsurers targeting retro opportunities - Oman - CMA discusses the health ins. Project - Jordan Ins. Fed: Year 2018 an exceptional training year - Egypt – Ins. sector envisions a natural risks pool - Bermudian insurers using reins. for cat exposures - Saudi Arabia- SAMA launches an advanced ins. Diploma - UAE - Institute for financials studies to train 47 nationals - Lebanon - Highest number of insurers in the region - Kuwait – Insurers to challenge car agencies - Cyber risk biggest threat to European business - Reinsurance sector struggling to meet the cost of capital - Marriott hotel data breach to cause ins. Losses - $70bn cat ins. losses in 2018 - UAE – Ins. websites to be controlled - Property catastrophe rates to rise at 1/1 - Jurisdictional competition for Ins.-linked securities - US environmental losses rise to $46bn for P&C industry - California wildfires insured losses at up to $15bn - London's Islamic ins. body issues underwriter guidelines - KSA - Fitch: Significant M&A in Ins. Sector - Bahrain - BIBF wins the “Educational & Training” award - Jordan – Ins. premiums at JOD 475 million in 9m - 1-in-100 year global ins. loss modeled at $271 B - Premiums, profits up for U.S P&C reinsurers - Egypt – Insurers write EGP 12 B in 3m - Marsh granted first captive management licence in Abu Dhabi - Ins. Federation of Egypt joins Intl. ins federation - Egypt's EFG Hermes considers move into insurance - Swiss voters back spying by insurance companies - Allianz to become first fully foreign-owned insurer in China - Oman - Insurance policy via WhatsApp - Omar Gouda elected chairman of Intl. Takaful federation - UAE – Ins. mergers will end price wars - KSA – Comprehensive motor covers rain damage - Internet of Things could unleash ins. Innovation - Artificial Intelligence system to identify fake claims - Property cat still key area for ILS market growth - Kuwait – Number of claimants increases 30 times - Kuwait – Better service at health ins. Centers - UAE – Marine Ins. premiums at AED 1.1 B in 2017 - Saudi Arabia – Traffic authority enforces motor ins. - Jordan – Workshop on “cybersecurity” - Dubai Marine Ins. conf. discusses growth and challenges - Iraq – Need to reform ins. Regulation - Asia to drive ins. market growth - KSA - CMA establishes risk control authority - Agreement between Dubai Chamber and Etihad Credit Ins. - $13bn insured loss from Californian fires - Only 1.7% of Indonesians covered by insurance - China - Allowing foreigners to control ins. Ventures - Jordan – 24% tax on insurers approved - Dubai - Marine Ins. Conference to discuss industry trends - Bahrain -HRH Premier greets GCC Health Ins. conf. - UAE – The Ins. Authority to preapprove controlling shares - Lebanese – Ins. control commission meets brokers - UAE – Motor & health ins. high GWP and low profits - Stagnant pricing unlikely to shift in 2019 - Cost of doing business is unsustainable at Lloyd’s - Saudi Arabia - Shura to prevent monopolies in insurance - Tunisia – Ins. premiums up by 7.4% in H1 2018 - Global Regulators rethink ‘Too-Big-to-Fail’ Designation - Retro losses could drive price increases in 2019 - IFRS17 delayed by one year amid industry criticisms - Jordan – Workshop on war and terrorism insurance - Egypt – Finalizing ins. and consumer finance laws in 2019 - UAE – 1st digital platform to include insurers & policyholders - UAE - AED 1.1 billion profits of 20 insurers - Oman – Agreement between Capital Market Authority and IAIS - Saudi Arabia - SMS notifications update health ins. Status - Jordan – Health premiums reached JOD 168.9m in 207 - Saudi Arabia - Health ins. to all citizens in 5 years - Saudi Arabia - Civil Defense and "Najm" cooperate on Nat Cat damage - The Egyptian Health Care Company started its activities - Mr. Bachir Baddou in the executive committee of GFIA - Saudi Arabia – Najm wins digital transformation award - Dubai Health prevents duplication of government ins. Cards - Dubai - Insurance most active sector in the market - 2018 could yet be worst year in a decade - Reinsurance CFOs confident about growth - Regulatory regimes to boost reinsurers’ shares in Asia - Insurtech patents jumped 40% in 2017 - Wildfire engulfs thousands of California homes - UAE – Profits of 11 insurers at AED 805m - Hurricane Michael insured loss above $8bn - Asian markets to drive insurance growth - Alternative capital keeps property rates stable - UAE - Health insurance 'misuse' rates drop - UAE - 62% of insured population is overweight - UAE - Markel forms strategic alliance with Etihad Credit - Jordan – Profits of 22 insurers increase sixfold - Kuwait - Health ins. hospitals to serve 2m expatriates - UAE – Workshop on anti-money laundering - 5 reinsurers will dominate the global market - Q3 cat bond issuance highest ever at $1.6bn - Insurtech-related patents soar globally - KSA – Rejected ins. health claims at SAR 2.25 B annually - Kuwait – 3 insurers control 44% of motor TPL - UAE – Generating 660 employments in retail sector - UAE – Ins. distributors cannot issue contracts - UAE – Hosting the Union of Arab Ins. Regulators - Egypt – Government tackles agricultural insurance - Algeria – Ins. customers entered digital age - Egypt – Comprehensive motor ins. should be compulsory - New high for global ins. M&A - China – Premiums rise despite economic slowdown - Rising P&C rates put pressure on Caribbean cedents - Marsh: ‘We’re in a massive blockchain revolution’ - Ping An plans $2B IPO of Health Tech Unit - ‘New realities’ tech presents ins. Opportunities - Rates must improve to meet cost of capital - Reinsurers to benefit from digital transformation - Life reinsurers must adapt to cedents’ needs - Lloyd’s Asia seeks innovation - African Development Bank launches disaster risk facility - UAE - Oman Ins. Company signs up with Al Etihad Credit Bureau - Egypt – Protocol to establish the first actuarial life table - Governmental support for Asian reinsurers varies - Pakistan - New insurtech-based life insurance product - Egypt - EGP 86bn investments of insurers in 2017 - UAE 4th global Islamic fintech hub - Saudi Arabia - MetLife opens account in mutual funds - Singapore launches cyber risk pool - Oman – Meeting on health insurance implementation - Bahrain – Automated “self-service” motor ins. Renewals - Lebanon – Storm damage not covered - Jordan – Publication of private health ins. Guide - Silent cyber to cause ILS fund losses - Reinsurers of the future will embrace ILS - Mauritania – Insurance Association announced - Egypt – Insurers should spread Nat Cat awareness - Saudi Arabia – Unified compulsory motor ins. Contract - Abu Dhabi – Seminar on cyber security - Hurricane Michael to keep a floor under pricing - Marsh launches social unrest insurance solution - Arab ins. market less than 1% of world premiums - Kuwait – Call for a draft insurance code of ethics - Jordan – Motor insurance training completed - Marsh confirms partnership with insurtech - Asian insurance gap reaches US$134 billion - 2018 cost of global cyber-crime $600 billion - Calls for better safety of autonomous cars - Egypt – Ins. Federation seeks to increase GWP retention - Jordan – Ins. Federation issues “motor ins. guide” - Takaful Oman launches innovative App for safer roads - Oman - Workshop on health insurance - Egypt – Loss ratio reaches 40% in August 2018 - UAE - 4% contribution of ins. to GDP in 2022 - UAE – Banks represent 70% of life ins. Brokerage - Jordan – 13.1% life ins. premiums increase in 2017 - Egypt – Capital of ins. companies to be related to risk - Sh. Khaldoun Barakat - Chairman - We maintained a B+ rating and our market position - Arab Re supports the FAIR Reinsurance Forum - 20% of old-aged Saudis self-finance treatment - Malaysia to ease insurance foreign investment - Google ‘Definitely’ interested in Insurtech investments - UAE – Smart insurance uncovers fraud - Insurer stores damaged art for restoration - Jordan – Pharmacists to take action against some insurers - Egypt – Regulations on the electronic issuance of insurance - Satellites hastening Florence and Michael claims payments - ILS market to near $100 billion in 2018 - Lebanon – USD 4 billion insurance investments - Respiratory system diseases costliest in Dubai - Kuwait – 65 actions to combat money laundering in Sept - Insurers call for delay in adopting IFRS 17 - Michael will not impact reinsurance pricing - U.S - Underwriting losses for Medical liability - Autonomous cars will shake insurance market - Competition from insurtech to increase - Sharjah Health Authority goes digital - UAE – Insurers pay auto repair garages in installments - Insured Hurricane Michael losses at $10bn - Low-cost ins. for UAE workers starts today - UAE – Decreasing prices to boost GWP before year-end - Jordan – Draft insurance law published - Egypt – Code of insurance ethics - Top UK, US insurtech firms revealed - Cryptocurrency theft reaches $927 Million in 9m - Michael insured losses estimated at $8bn - Dubai to transform healthcare billing - Natural disaster losses leap 251% in past 20 years - Michael will not be a capital event for reinsurers - New vehicle technologies to disrupt ins. Sector - London insurers’ profits under pressure - Saudi Arabia to offer national health ins. Soon - UAE - employee ins. system to start on October 15 - UAE – 3% contribution of ins. to GDP in 2018 - Travelers announces major Amazon partnership - Insurance M&A deals to double in 2018 - Egypt - Insurance for the repatriation of remains - UAE – 69% don’t renew car licenses due to high ins. Prices - Saudi Arabia – Health insurers raise their prices - KSA – Premiums reach SAR 7.5 B in Q2 - Modest cat losses to pressure rates at 1/1 renewals - Driverless ships could offer growth - Brexit uncertainty to hit businesses - Jordan – Claims reached JOD 234.5 million in 6m - Egypt – Premiums reach EGP 9.5 B in 3m - Driving pattern determines premium - Egypt - Feedback on Takaful regulations expected - Storm Xavier to cost insurers €324m - Abundant capital driving nat cat resilience - Maritime industry unprepared to deal with global issues - Silent cyber perceived as a greater risk - Reinsurance M&A to continue - Reinsurers able to absorb H2 2018 losses - IFRS 17 to have mixed results for reinsurers - Indonesia looks to cat bonds after string of catastrophes - UAE – Housemaid ins. will replace bank guarantee - Husband helped wife’s suicide to benefit from ins. - Insurance Europe calls for IFRS 17 to be reopened and delayed - Reinsurance pricing to decline at 1/1 renewals - USD 248 Billion global reinsurance premiums - Egypt – Creation of reinsurer with a capital EGP 10 m considered - Saudi Arabia – Saudization of ins. sector jobs ongoing - Kuwait – 15 employees of ins. dept. empowered legally - Dubai to host GCC Insurance Forum - UAE – 20% decrease in motor ins. Prices - Oman – Insurers to get ready for IFRS17 - Egypt - Regulator deliberates the incorporation of microinsurers - UAE – Acceleration of Emiratization in retail sector - Oman – Ins. and health sectors contribute to GDP - Ins. Federation of Egypt studies market regularly - Egypt – New motor compulsory ins. System - Marsh expands blockchain partnership with IBM - Saudi Arabia – 150 firms suspended for not insuring employees - Jordan – Training on business continuity completed - UAE – Fund for victims of uninsured cars - UAE – Requests to add obesity surgery to insurance - Egypt – 41.2% increase in ins. assets in 2016-2017 - Jordan – Training on comprehensive and compulsory motor ins. - Deloitte to help Ins. blockchain alliance in Canada - Saudi Arabia – Health ins. complaints increase by 900% - Kuwait to witness shift in health insurance sector - Oman to bring in mandatory health ins. in 2019 - UAE - Etihad Credit ins. aims to boost exports - Bermuda leading a ReinsurTech revolution - Blockchain not understood by enough insurers - InsurTech innovations are assisting processes - ILS may be in unsustainable territory - The reinsurance cycle has disappeared - Excess capital remains dominant price driver - ILS can help cover cyber risk - M&A uptick to boost reinsurance demand - Cyber ins. market to double by 2020 to $8 billion - Reinsurance consolidation will continue: Fitch - Myanmar to open ins. to foreign companies - Lloyd’s will close syndicates that can’t make profits - India's ins. industry to be worth $280bn by 2020 - Africa – Ins. sector to cope with tech - Nigeria Ins. sector grows By 6.07% in Q2 -