Arab Reinsurance Company: a new dimension
Home   |   Sitemap   |   Contact us
Follow us on
Turkiye: Several reinsurers announce 6 Feb quake losses - Jordanian insurance market in 2022: premiums per class of business - Kuwait: 21.5 KWD “insurance” profits for the Q1, a growth of 24.5% - A fine of up to 2 million riyals for practicing insurance business without license in Saudi Arabia - Wide variation in impact of IFRS17 on re/insurers: AM Best - Egypt: Insurers face several challenges in implementing IFRS17 - SAMA: Insurance sector grew by 26.9% in 2022 - Morocco: Insurance industry posted combined profits of US$430m in 2022 - Regarding "insurance policies"... important news by the Minister of Economy - SAMA seeks public consultation on draft marine insurance coverage instructions - Insurance companies achieved 11.4 bn pounds as premiums in two months - Saudi Arabia: 26.9% growth in the insurance sector in Saudi Arabia during one year - CMA in the KSA extends the deadline for insurers to disclose the results of Q1 2023 - The cost of insuring against the risk of default on Egyptian debt is rising - Munich Re launches ‘innovative’ coverage for AI solutions - MENA: Oil & Energy Insurance Syndicate posts adequate profitability - UAE: Insurance policies will rise to 8.8 million in 2022 - AM Best Comments on Credit Ratings of Gulf Insurance Group - Reinsurance outlook to improve as investment volatility eases: Aon - Egypt: Financial results of global reinsurance companies for 2022 - Aon estimates global insured catastrophe losses in Q1 2023 at $15 billion - GCC Listed Insurers: Net Combined Ratio contained at 98.9% by record growth - Dubai's Sukoon Insurance gets UAE Central Bank go-ahead to buy Arabian Scandinavian Insurance - A special deal between Kipco and Fairfax - Reinsurance market posts 10-year record for 2022 – report - Saudi Arabia: health insurance to reach $10 billion by 2028 - Marsh publishes the: “Political risk report 2023”. - Lebanon: Al-Abyad announces new projects with insurance companies - An agreement between the Lebanese Order of Physicians - Beirut and TPAs - President of IFE: Raising interest rates is a major step to reduce inflation - Reinsurers maintain discipline at challenging April renewal: Gallagher Re - Gulf Insurance Group to acquire AIG Egypt - Syria: The Ministry of Finance holds a meeting to discuss the role of the insurance sector - Damages of the recent earthquake in Turkey are on the way to reimbursement - Japan finances the health insurance project in Egypt with $335.5m - Insurance companies achieved EGP 14.5 bn as premiums in 3 months - Syria: A new board of directors for the Syrian Federation of Insurance Companies - IFE tracks company losses - Lebanon: A responsibility among physicians and insurance companies... and the citizen suffers! - UAE: 6.5% growth of insurance written premiums by end of 2022 - The Aqaba Conference Committee publishes the names of the participants - UAE: Auto insurance prices remain below floor set by regulator despite price hikes - Global insurance market to remain hard driven by increased demand and inflation - The Saudi General Authority for Competition approves the merger of “Enaya” and “United Ins.” - IFE holds a workshop on the "Insurance market in Egypt" - Interview with the Secretary General of the Syrian Insurance Fed. New articles of association - Turkiye: Financial loss arising from 6 Feb earthquakes estimated at 'shocking' total of over US$103b - Preparations for the Gaif in its 34th version have begun… - Egypt: 18.3% growth in insurance premiums - In Egypt, assets of insurance companies rise to 178.4 bn pounds - UAE: AM Best: Intense price competition reduced the profitability of insurance companies - Lloyd’s to report improved underwriting result but investments drive full year loss - Morocco: Insurance regulator establishes Innovation & Insurtech unit - UAE: DIFC hosts DWIC - Jordan: 8.2% increase in premiums for insurance companies last year - GCC insurers benefit from strong premium growth - In Syria, did the earthquake hit the insurance sector? - In Lebanon, hospitals towards raising tariffs on ins cos - AI must be integrated into underwriting and claims processes: Munich Re’s Greene - Saudi Arabia: "Comprehensive policy"... obligating insurance companies to pay total claims - After Turkey's devastating earthquake... Lebanese are buying home insurance - S&P: Insurance premiums grow by 20% in Kuwait - GAIF announces the establishment of the Arab Actuaries Association - The UAE insurance sector maintains first rank in the Arab world - In Lebanon, compulsory insurance in fresh US$ - World Bank: $34 bn as Turkey earthquake damages - Reinsurance Recap: 2022 Results Mixed as Market Improves - Munich Re downsizes retro program for 2023 - Turkey earthquake economic losses by Moody’s - Lebanon: Crisis and the health sector coverage - Morocco: Life insurance sector poised to grow - Egypt: The insurance sector and the growth during 2023 - The Insurance Federation of Egypt and the intellectual property coverage - Earthquake risks and the role of the insurance industry in facing natural disasters - Merger of "Oman Qatar Insurance" and "Vision Insurance" - Reinsurance business faces restructuring amid hardening market - Fitch Affirms Tunis Re's National IFS at 'AA(tun)'; Outlook Stable - Insurers' body announces measures to ease plight of policyholders and agencies in quake region - Reinsurance: $130 bn expected claims due to natural disasters - SAMA: first branch of a foreign insurance company licensed in the Kingdom - The state is without money; however insurance companies are ready - Turkey earthquakes could result in $1bn+ loss - Munich Re announces cyber risk management program - SAMA: Officially the insurance sector applies IFRS 17 and IFRS 9 - MEA reinsurers: ranking according to 2021 turnover - Syrian insurance companies: 2021 ranking - The list of reinsurers allowed to operate in the Egyptian market has increased to 299 companies - Lebanon: Only 400,000 person have insurance policies - Morocco: Regulator to establish insurance distribution gauge - In Egypt, FRA amends the licensing conditions for Takaful - The Egyptian economy is expected to grow by 5% in 2023 - Reinsurance: Sector introduces Open Exposure Data (OED) Standard for risk modelling - In Jordan, a modern insurance contract law - Al Qahera News presents a report on ins. claims in 2022 - Traffic accidents are diminishing in Saudi Arabia, but insurance rates are rising - In Egypt, FRA approves the registration of a new Chinese reinsurer - Natural disasters caused over $130bn global insured losses in 2022: Aon - Hannover Re Transfers Cyber Risks to Capital Markets via Proportional Reinsurance - Global: Calculation differences hinder comparisons of IFRS 17 results - UAE: 3 listed insurance companies are considering merging - In Egypt, FRA regulates credit insurance - Syria: The Insurance Supervisory Authority monitors the insurance sector - Saudi Arabia: Regulator allows third parties in a motor accident to opt for cash payout - Insurance companies achieved 47 bn pounds as premiums - Reinsurers must seek new opportunities & reprice amid climate pressure: Moody’s - Turkiye: Insurance association proposes changes to insurance rules and operations - Morocco: Takaful companies offer around 60 products in nascent market - Reinsurers’ underwriting margins expected to improve in 2023, says Fitch - In the black sea: some companies stop insurance and prices up by 20% - $270 bn as natural disaster losses - Egypt: The flexibility of the exchange rate contributes to providing liquidity in the market - Saudi insurance sector remains strong, posts 27% growth in Q3 - Egypt: Regulator publishes new rules for supplementary motor insurance branch - Tunisia: Insurance market to see significant momentum in reform - Intermediary Reinsurance Broker Ltd launched in Iraq - Launch of the Risk Management Certificate for insurance and reinsurance professionals in Lebanon - Reinsurers' expectations for the January 1, 2023 renewal - Pricing of reinsurance programs for year 2023 - Global reinsurance market: main indicators 2017-2021 - Lebanon: Payment in fresh $ exclusively... Insurance companies will raise prices - Saudi Arabia: United Cooperative Assurance is considering merging with Saudi Enaya - Egypt: Insurance companies bet on treasury bills to maximize returns - Growth of takaful in Morocco - Kuwait: The insurance regulator licenses 3 brokers - Morocco: Regulator says work to revise insurance law is progressing well - UAE: Central Bank to activate the account requirements for insurance companies’ premiums - ‘Droves’ of Global Re Market Entrants Unlikely; Outlook Stable: AM Best - Egypt: Launching a new Takaful insurance co. - Life - Increasing the spending on digital transformation globally by 700% in insurance - Munich Re estimates 2022 storm losses at $110bn, of which $65bn insured - Substantial changes in war reinsurance programmes possible in 2023: Gallagher - Fitch Ratings confirms the rating of Misr Insurance Co. - 90m EGP as insurance premiums by “Apex Egypt” - 3rd Libya International Insurance Forum - 25 b health insurance sector growth - Lloyd's market: main indicators 2017-2021 - Moody’s affirms the rating of "Kuwait Insurance" - Oman: 33 m OMR as insurance premiums - UAE: DIFC Insurance Association's new CEO assumes office on 1 Dec - 16th RDV de Carthage Insurance and Reinsurance - GCC: Insurance performance as at 30/9/2022 - Reinsurance market: 2023 renewal - MENA: rating of main regional reinsurers - United Insurance Company raises its paid-up capital - Saudi Arabia: SAMA launches a training program for finance in the insurance sector - Egypt: The Egyptian Insurance Federation reveals the contribution of the insurance sector - S&P’s downgrades SCOR rating - Kuwait: The right to buy or sell the shares of Kuwaiti Re - Asia Pacific: Life insurance business in advanced markets expected to fall - UAE: Insurance association maintains it upholds regulatory agenda amidst talk of motor insurance - Oman: Regulator revamps 13 online services in insurance sector - Lebanon: a meeting around impacts on insurance companies - Saudi Arabia: SAMA issues comprehensive motor insurance rules - FRA renews the registration of Sky Insurance Brokers - The Insurance Federation of Egypt addresses to approve insurance of electric cars - JOIF hosted an Arab symposium to discuss topics related to compliance - Jordanian insurance market: increase in net profit as at September 30, 2022 - 3 workshops in cooperation with reinsurance companies and Gaif issued an electronic bulletin - Tunisian insurance groups: ranking according to turnover in year 2021 - 2021 ranking of the best reinsurers in the world - Top 100 - Top 20 insurance and reinsurance brokers - Bahrain insurance market in 2021 - Saudi Arabia: Listed insurers' combined GWP surges but net profit stays flat for first 9 months - New car insurance regulation in Saudi Arabia - Saudi Arabia: Mr Mohammed Bin Abdullah Al-Sudairy assigned as CEO of "Gulf General" - Egypt: Comprehensive medical coverage - GCC: Economies in the region set to get extra boost from FIFA 2022 World Cup - Syrian insurance market: results for the first half year 2022 - Misr Insurance Co.: capital increase - AM Best confirms the rating of SNIC Insurance - Libya: Parliament approves amendment to the health insurance law - Rise of rainfall and flooding in 2022 - Saudi Arabia: Central Bank issues Comprehensive Motor Insurance Rules - Jordan: 19 insurers post combined net profits of over US$26m in first 3 quarters of this year - Bahrain: Central Bank plans to issue ESG disclosure guidelines in 1H2023 - Lebanon: The “customs dollar” - Syrian Insurance Sector Report (First Half Year 2022) - Kuwait: proposal to cancel the insurance unit - Top 5 reinsurers in the world: equity 2021 - Podium of Algerian insurers in 2021 - Conclusion of merger: Walaa and SABB Takaful - Morocco: e-status in Motor insurance - Insurance companies pay EGP 17.47 bn - Liquidation of four Jordanian insurance companies - Insurers to expect low premium income growth in 2023 - Oman: The no of nationals insured in the private sector increased by 8.1% - Jordan: Meeting of the International Federation of Takaful and Islamic Insurance Companies - FRA: renewal for Trust Reinsurance Brokerage - SAMA: Saudi Re expects more than 5% increase in business from new reinsurance cession requirements - UAE: Employers can opt for insurance to cover their liabilities to workers - Taxes on life insurance contracts in Morocco - Top 10 non-life insurance markets in 2021 - The Egyptian insurance market - Lebanon: Actuarial challenges - Morocco: Increase of premiums by 6.2% - Bahrain: Asiri: Life insurance premiums amounted to 52 million dinars - Egypt: rising interest rates positively affects the economy - A seminar on “Lebanon’s management of the healthcare sector in light of the economic crisis” - Assurances Maghrebia Vie: IPO - FRA in Egypt discusses with reinsurers mechanisms for developing the sector's products - Insurance Federation urges companies to use technology - Bahrain: stable results in the insurance sector - Preparing for the 9th Aqaba Conference - Egypt: Insurers look forward to more business on introduction of new car import scheme - Egypt: FRA signs a memorandum of understanding with the Moroccan Authority - Saudi Arabia: Govt outlines scope of coverage of compulsory Umrah insurance policy - Exports to Sub-Saharan Africa: the Tunisian State covers 50% of insurance premiums - Asian reinsurers looking to expand in the Egyptian market - Saudi Arabia: Merger of SABB Takaful with Walaa Insurance - Kuwait: Authorization to 11 brokers - High inflation and Nat CATs call for disciplined risk management, says Munich Re - CMA approves Bupa Arabia capital increase - Egypt: Compulsory Motor insurance pool pays $3 m as claims - Moody's downgrades SCOR's outlook - MENA: Reinsurance capacity in the region continues to be highly changeable - AM Best confirms the rating of CCR Algeria - MENA: need for a regional natural catastrophe insurance pool - Reinsurers ranking in 2021 - Africa non-life insurance market in 2021 - UAE: Aman to pull out of insurance operations to become holding co - Turkiye: Surety insurance starts to grow shoots - Tunis insurance market in 2021 - AM Best confirms the rating of GIG Egypt - CIMA zone: insurance density and rates by country in 2020 - AM Best confirms GIG Jordan's rating - Oman Insurance Company becomes Sukoon - Oman: Insurance market expands by 10% in 1H2022 - Egypt: 3 companies competing to insure Telecom Egypt - $120 bn economic losses insured globally last year - Decline in demand and rise in interest rates: challenges for the insurance sector - Global average annual insured losses from extreme events in excess of $120bn: Verisk - Qatar: Mandatory health insurance premium for visitors announced - Turkiye: More farmers are buying agricultural insurance - Egypt: cabinet proposes cooperation with the insurance sector - Insurance: highest CEO or GM salaries, year 2020 - An insurance expert: for the establishment of a brokers’ federation - Egyptian insurers urged to raise rates - AM Best: negative outlook for the SCOR group - Merger between SALAMA and Takaful Emarat - Saudi Arabia: Motor insurance coverage does not exceed 50% - Bahrain: BIBF launches a professional certificate in insurance - Egypt: Russia-Ukraine war and Corona affected the insurance sector - Qatar: Top insurer and leading investment bank form joint venture - Saudi Arabia: “SAMA”: Consumers pay 27.22 million riyals per day to insure their vehicles - Emirates: An upcoming merger of three insurance companies - Tunisian insurance companies: 2021 ranking - Egyptian insurance market in 2021: turnover by branch - Partnership between SCR and AIG - Saudi Arabia: Minister of finance: a new regulator for the insurance sector soon - Kuwait: “Insurance Regulation”: 24 companies licensed to provide compulsory car insurance in Kuwait - Financial Sector Development Program: Saudi Arabia aims to increase the per capita insurance share - Partnership between Sanlam and NAPS - Middle East: NLGIC Group announces C-suite leadership team - Outstanding growth in life in Egypt - Saudi Arabia: insurance market to be difficult if the companies do not merge - Proposed merger between Al Sagr and Gulf Union Al Ahlia - UAE: Financial regulators host cyber risk supervisory college - Turkiye: Vehicle insurance premiums more than double - Egypt: The Insurance Federation restructures the general committees for a period of 4 years - Preparations for launching a reinsurance company in the UAE - Turkiye: Demand for supplementary health insurance soars - Egypt: Insurers renew calls for customers to reassess insured asset sums amidst rising inflation - Union Financière Holding increases its stake in Assurances Maghrebia - The Central Bank achieves the target number of appointments - Global marine insurance premiums rose by 6.4% between 2020 and 2021 - Non-life insurance market in the Middle East: 2021 premiums by country - 2021 Algeria insurance market: Turnover by branch - AM Best downgrades credit ratings of Milli Re - Turkey: 3rd FAIR Reinsurance Forum - Jordan: Joint meeting between JOIF and the Central Bank of Jordan - Wafa Assurance: Badreddine Belghiti at the head of the Assurance des entreprises pole - Insurance partnership between KSA and UAE - Algeria: SAA obtains ISO 9001 version 2015 certification - UAE: Emirati insurance market large enough to have its own major reinsurer - Oman: Govt to roll out compulsory private health insurance in phases in 2023 - Oman: OMR 723.2m, total investments of insurance companies - Jordan - Takaful tackled in the Arab Thought Forum - Underwriting margins to improve in 2022 and retrocession use remains steady: S&P - French re/insurers face unprecedented nat cat losses: Fitch - Lebanon - AM Best affirms rating of Arab Reinsurance Co. - M&A’s in insurance: main mega-deals concluded in 2021 and early 2022 - UAE listed insurance companies’ performance - Saudi Arabia - Bringing health insurance into the future - Tunis - Departure of Mr Abderrahmen Fatmi, former Director of Insurance at the Ministry of Finance - Jordan statistics - Growth in life in Egypt - Insurance: M&As witness the strongest growth since 10 years - Jordan - For the first time in the history of JOIF… Aqaba Conference to be held for the 2nd year - Jordan – Election of the Executive Committee (Fire, General Accident and Engineering) - UAE: Written premiums rise by 8% during the first half of 2022 - Egypt - Bulletin of the Insurance Federation of Egypt no 253 - Lebanon: Latest report of the Insurance Commission - Egypt: 2021 ranking of insurance companies in Egypt - Change in the top 10 reinsurers in 2021 - Bahrain: CBB directs all insurance companies - Egypt: "Suez Canal Insurance" records EGP1.3bn - Jordan: IFRS 17 - Fitch: Reinsurance rates to increase - Kuwait: Insurance Regulatory Unit suspends 3 companies - Lebanon: New CEO of Allianz - Ajman: Sheikh Ahmed Al Nuaimi issues a decision to amend the health insurance system - Qatar: Merger of Doha Ins. and Kuwait Ins. - Egypt: Restructuring the BOD of the Egyptian FRA - Egypt: Libano-Suisse Takaful targets EGP450m of premiums - Saudi Arabia: Saudi Enaya's shareholders vote against winding up - Algeria: Insurers call for changes/Nat CAT insurance - The dollar increase amplifies the insurance claims’ invoice.. - Kuwait: Insurance market shows modest growth in 2021 - Moroccan insurance market: 5.3% increase in 2022 half-yearly premiums - Predictive analytics: changing the business rules in the insurance market - UAE: Conglomerate mulls setting up a reinsurance company - UAE insurance companies ranked first in terms of premiums - A regional reinsurance hub in the making - Kuwait: 16% profit increase in insurance - FAIR: Increase in Pools’ premiums to $82.8m - SCR: Fitch Ratings confirms AAA rating with stable outlook - UAE: Conventional insurance business outpaces takaful in premium and profit growth in 1H - Best’s Market Segment Report: Reinsurers See More Stable and Improved Results - Intense competition will continue to weight on Islamic insurers’ earnings: S&P - Insurance premiums jump to $7 trillion and inflation reduces results - UAE: 5 most profitable insurers capture 86% of combined profits of listed insurers - Saudi Arabia: Kingdom's sole reinsurer shows improved technical results for 1H - MENA: GAIF outlines scenarios for the development of the Arab insurance market - GCC: Takaful sector's net earnings expected to remain modest in 2022-2023 - Reinsurance: Canada Life Re is the 1st life reinsurer to be among world's top 4 reinsurers - Turkiye: Over 9m residential properties lack quake insurance - Munich Re Keeps No. 1 Spot in Ranking of 50 Global Reinsurers, With Swiss Re at No. 2 - London Workers Could Save Money by Returning to Offices as Bills Soar: Research - Australia’s Extreme Climate Risks Threaten to Make Home Insurance Unaffordable - Global reinsurance maintains “prudent approach” to claims reserving: AM Best - Insurance industry hit by rising digital fraud in H1 2022 - UAE: Insurance market to expand by 5% this year in terms of GPW - Turkiye: Insurance sector's GWP soar by 93% in 1H in nominal terms - Egypt: Regulator studies requiring insurers to maintain minimum level of investments - Dutch Insurer NN Group’s H1 Profit Slips on Impact of Storm Claims - Weakening UK Regulators Would Undermine Financial Services, Bank of England Warns - Inflationary recession to impact insurance demand, drive claims costs higher: Swiss Re Institute - Kuwait: Reinsurer posts US$13m in 1H net profits - Zurich Insurance Reports 25% Increase in H1 Operating Profit, Beating Expectations - Cowbell Cyber links up with Swiss Re - UK Insurer Aviva Posts 14% Rise in H1 Operating Profit - Morocco: Govt to recommend tax surcharge on oligopolistic sectors - Wildfires Rage in France, Destroying Homes, Forcing Evacuation of Residents - UK Financial Services Firms Suffer From Record Skills Shortage - Malaysia’s non-life insurance segment outlook remains stable: AM Best - Saudi Arabia: Insurance market forecast to grow by 5-10% this year - 6th Saudi Insurance Symposium to spotlight compulsory insurance, innovation & growth - Lebanon: Insurance regulatory reform in limbo because of political deadlock - Reinsurance: Munich Re posts profit of US$1.4bn for 1H2022 - Insurers Get Safety Assurances for Ships Exporting Ukraine Grain Through Black Sea - More Grain Ships Safely Depart From Ukrainian Black Sea Ports - Arthur J. Gallagher & Co. Acquires UK Risk Management Consultant, Another Day - Central Bank of Ireland launches climate change risk guidance for insurance sector - Egypt: Life insurers to start using first set of local actuarial life tables in Oct - Malaysia to Offer Crop Insurance to Strengthen Food Security - Berkshire Hathaway reports strong Q2 2022 P&C reinsurance result - Lebanon: Non-life & life insurance sectors face several constraints - Saudi Arabia: Health insurer posts 16% fall in pre-zakat net profit to US$114m in 1H2022 - Global insurance premium volumes to reach new high in 2022 - Aon’s Reinsurance Solutions names WTW’s Becky Allison as COO of STG - South Africa: Central bank says insurers need to strengthen risk management - India: Regulator consolidates and updates anti-money laundering guidelines for insurers - Global Insurtech Investment Down 50% in Q2: Gallagher Re - London Insurance Sector Readies $50M Ukraine Grain Cargo Cover - Swiss Re launches catastrophe bond focused investment adviser - Egypt: Motor insurers eyeing 10% increase in premium income - Lloyd’s Insurer Hiscox to Provide Insurance for Ukraine Grain Shipments - $170bn of global insurance premiums at risk by 2027, research suggests - Lebanon: 2 years after Beirut Blast, operating environment remains tough for (re)insurers - Morocco: Insurers' counterparty risk remains under control - French Insurer AXA Posts 3% Rise in H1 Net Profit - Floods, Storms Drive Global Insured Catastrophe Losses of US$38B in H1 2022: Swiss Re - Société Centrale de Réassurance’s expansion cited as rating affirmed - Saudi Arabia: Central Bank approves merger between SABB Takaful and Walaa Insurance - Lloyd’s and Aon report reveals the highly interrelated risks of Ukraine conflict - Global Commercial Insurance Rates Rise 9%, Continuing Moderating Trend: Marsh - Global Claims Review 2022 - AXA tops list of largest EU insurers ranked by GPW - Global Natural Disasters Cost Insurers $34 Billion in H1 2022: Munich Re - Swiss Re returns to profit but H1 net income falls on investment result & Ukraine reserves - Motor insurance premiums lag claims inflation - Asia Pacific: Region faces Nat CAT economic losses of US$22bn in 1H - SCOR posts H1 2022 net loss as nat cats, war in Ukraine & COVID-19 hit profitability - Turkey: Insurers acknowledge the influence of Gen Z - Global: Lloyd’s-Aon report indicates how businesses can mitigate risks arising - India: Regulator considers several changes to insurance operations - Lloyd’s Insurers Preparing to Cover Ukraine Grain - Natural Disasters Cost Insurers $39B During H1 2022, 18% More Than Average: Aon - GCC: Insurance markets in the region sees P&C rates mostly hardening - UAE: National health insurer offers medical plans to investors and talents - One-Quarter of Firms Operating at Lloyd’s Reach 35% Target for Women Leaders - RenRe’s underwriting performance remains strong, but investments drive Q2 loss - Turkey: Regulator warns insurers against avoiding underwriting compulsory motor - Saudi Arabia: Insurers required to pay small motor third-party liability claims - IAG reports rise in net profits - Reinsurers need to rebuild confidence: Ariel Re CEO - Morocco: Insurance sector returns to pre-COVID levels - Egypt: Russia-Ukraine war affects tourism-related insurance business - Ukraine, Russia Sign Deal to Reopen Grain Export Ports While War Continues to Rage - Allianz Notes Rising Business Interruption Costs in Global Claims Report - Beazley’s H1 profit falls on investment losses as underwriting performance improves - Egypt: Insurers eager to invest more in digital technology - OS Climate Launches Tools to Help Firms, Investors Make Climate-Friendly Decisions - Guy Carpenter sees 9% revenue growth in Q2 as Marsh McLennan reports ‘another strong quarter’ - AM Best highlights Lloyd’s improved combined ratio in recent assessment - Africa: Several markets show robust real growth in premium income in 2021 - Insurers Want Safety Assurances Before Covering Ships Sailing in Ukraine Grain Corridor - Global insured losses from catastrophes above average at $39bn in H1 2022: Aon - Egypt: Insurance federation and regulator to develop sustainable insurance strategy - Saudi Arabia: SAMA data show net loss of over US$40m for insurers in 1Q - Saudi Arabia: SAMA issues model professional liability insurance policy for auditors - Oman: Regulator aims to improve health insurance claims handling - Swiss Re names Verisk’s Latarche as Chief Commercial Officer, Reinsurance Solutions - UK Regulator Pushes Insurers to Cut Premiums for Fire-Risk Apartments - GAIF 12th Webinar - UK Regulator May Lack Bandwidth to Push Post-Brexit Competitiveness: Policymaker - Top US P&C underwriters saw robust premium growth in 2021 - Saudi Arabia: Insurance Symposium to take place next September - China’s Tough COVID Policy Still Drags on Economy - ANZ Agrees to Buy Australian Insurer Suncorp’s Bank Operations for $3.3 Billion - AXA to sell a closed life & pensions insurance portfolio to Athora Germany - Turkiye: Call for support for insurance agencies - Allianz Aims to Grow Global Program Business with New Multinational Team - Munich Re’s COVID claims persisting beyond expectations: Jefferies - Integration of loss history, Archipelago’s latest product update - Algeria: National reinsurer's net profit jumps by 20% in 2021 - Natural Disasters Cost Global Economy $32B in Q1, With Only $14B Insured: Aon - SCOR Warns of Ukraine Conflict Impact on Q1 2022 Results - AM Best turns negative on French life and non-life sectors - Lockton launches Insights & Innovation Lab - Howden Acquires 2 Italian Brokers Nord Est Insurance Broker and ASI - UK Brokerage Group Jensten Simplifies Corporate Structure, Brands - AUB Group confirms Tysers discussions ongoing - New capital requirements in Japan are credit positive: Moody’s - AM Best assigns positive credit ratings to Fortitude Re - P&C reinsurers see profit & premium improvement: RAA - MAPFRE outlines new strategy, targets 6% premium growth - Insured losses from Australia floods now above $2bn, says ICA - India’s State-Run Insurer LIC Set to Launch Record $8 Billion IPO on March 11: Sources - QBE returns to profitability in 2021, helped by premium growth - Mosaic activates more capacity to meet transactional liability risks - Bahrain: Insurance market expected to grow at faster pace in 2021-2026 compared to 2015-2020 - Tokio Marine triples international profits through Q3 - Marsh McLennan appoints new director - Sompo International Opens German Headquarters in Cologne - Qatar: Several favourable factors fuel insurance market growth - AXA Completes Sale of Singapore Business to HSBC - UK Insurer Beazley Sees Opportunity (and Risk) in Cyber Market - GCC: Insurance industry predicted to grow at CAGR of 3.2% in next 5 years - GAIF: Insurance players discuss 3 major challenges at Rendez-Vous de Carthage - Aon’s Reinsurance Solutions contributes to robust revenue growth in 2021 - Beazley’s Digital Division Launches, Aiming to Transform Brokers’ Access - LMA Announces ‘At-the-Box’ or ‘In-the-Office’ Availability for Lloyd’s Underwriters - Natural Disasters Cost Insurers $116B in 2021, or 63% Higher Than Average: Gallagher Re - QBE Launches Sustainable Energies Unit to Support Clients’ Transition to Lower Carbon - Insurtech MIC Global Receives ‘In-Principle’ Approval to Launch Lloyd’s Syndicate - FERMA Launches Risk Management Tool for Remote Working - Allianz and UniCredit Expand Longstanding Multi-Country Bancassurance Agreement - UK Insurer First Central Weighs Sale That Could Value Business at £600M: Sources - UK Business Closures Jump 14% as Pandemic Takes Brutal Toll on Small Firms - Everest Re Group Signs UN Principles for Sustainable Insurance - Climate Risk Is Top London Market Challenge, IUA Survey Shows - In Both Hard and Soft Markets, Zurich Aims to Maintain Focus on Underwriting Discipline - UK Insurtech Zego Expands in Europe, Targeting £20B Fleet Insurance Market - Cyber MGA Resilience Becomes Lloyd’s Coverholder - Lloyd’s Weighs Future of Headquarters as Market Embraces Flexible Working - Reinsurers’ 2022 Profit Outlook Better Than Primary Insurers: Fitch - ‘Cybersecurity Failure’ Named a Critical Global Threat in WEF Survey Report - UK Cyber Insurtech KYND Receives £3.25 Million Investment from BGF - Canada’s Insured Catastrophe Losses Exceed C$2 Billion in 2021: CatIQ - Global M&A to Remain Strong in 2022 as Valuations Reach Record Highs: WTW - Fortitude Re Forms Bermuda Multi-Line Reinsurer, Buys U.S. Life Insurer - Canada’s Insurers and Banks Rethink Return-to-Office Plans Amid Omicron Concerns - Allianz completes $35bn reinsurance agreement with Resolution Life - January Renewals ‘Orderly’ but Loss-Affected Programs Saw More Challenges: Carpenter - Tokio Marine Appoints Hirai as CEO for Asia Region - Zurich Insurance to Sell Italian Life and Pensions Back Book to Portugal’s GamaLife - China Approves HSBC Acquisition of 100% of Insurer Joint Venture - Reinsurance leaders see real-time data tools as ‘game-changer’ - Aspen implements e-placing platform Whitespace - Marsh Increases Shareholding in Marsh India from 49% to 92% - Global Shipping Industry Faces Growing Pressure to Cut Greenhouse Gas Emissions - AM Best Upgrades Ratings of Canada’s Co-operators General and Sovereign General - Exor, Again, Agrees to Sell PartnerRe to France’s Covéa for $9 Billion (€7.8 Billion) - Swiss Re Reorganizes Group Operations, Names Ladva Group CTO, as Bronder Exits - Life insurers to see return pressure, manageable losses in 2022: Fitch - Rising Reinsurance Prices and Demand Help to Create Stable Sector Outlook: AM Best - Global: Primary insurers' quest for capital efficiency boosts reinsurance growth - Marsh McLennan Agency acquires InSource - Libya: Insurance regulator vets applications for reinsurance licence - Willis Towers Watson Acquires Sydney-Based Aviation Broker Aerosure - Arthur J. Gallagher Completes Minority Investment in MENA Specialist Broker ACE - UK Broker Aston Lark Acquires Client Book of Choice Benefits - Bahrain: Medical and life insurance business drive growth in insurance market in 1H2021 - Rise in Insurance Demand Likely to Break Premium Records in 2022: Swiss Re - Convex Europe Receives UK Regulatory Approval - Willis Towers Watson Launches Industry Risk Forum for Ports and Terminals - Algeria: Takaful agencies set to open by yearend - Insurtech Startup Kettle Raises $25M to Expand Wildfire Reinsurance Protection - Claims Services Provider McLarens Forms Strategic Alliance With Polish Firm Saltex - Allianz COO Stephanie Smith to depart - Reinsurance pricing expectations high across lines, survey shows - Guy Carpenter and Marsh to Combine South Africa Facultative Reinsurance Businesses - Guyana Weighs Raising Requirements for Insurance Cover for Oil Spills: Official - Apollo’s Syndicate 1971 to Open for Trading in 2022 - Climate models are becoming increasingly critical: Aeolus - Willis Appoints 4 New Directors, Including Former Lloyd’s CEO Beale - China’s Ant Group Reports 39% Rise in Profits on Investment Gains - Finance System Is Getting More Dangerous, Not Safer: Allianz CEO - Update: Zurich Insurance Will No Longer Underwrite New Oil Exploration Projects - Rise in Insurance Demand Likely to Break Premium Records in 2022: Swiss Re - Allianz Becomes First Wholly Foreign-Owned Life Insurer in China - Essent secures $439mn mortgage reinsurance transaction - WhenFresh partners with Ambiental on FloodScore Climate data - People Moves: Allianz Global Corporate & Specialty Appoints 5 to Leadership Team - U.S. Severe Weather Insured Losses Surpassed $20B After Rough October: Aon - Big Europe Reinsurers See Strong 9M Earnings Despite High Natural Disaster Losses - Berkshire Hathaway General Reinsurance Unit Launches Mideast Office in Dubai - Aston Lark Acquires UK-Based Innovation Broking - Reinsurers will find common ground on pricing at renewals: TigerRisk’s Gulbransen - Markel adds three to renewable energy team - Zurich acquires Special Insurance Services in Texas - Ardonagh Group Closes on Acquisition of BGC Partners Insurance Units - Aon Founder Ryan Retired at 71, Then He Built a New $10B Business - AXA Tightens Policy for Insuring, Investing in Oil & Gas Ahead of COP26 Summit - Generali Acquires Italy Insurer Cattolica to Boost Domestic Market Leadership - Guy Carpenter Launches Global Insurtech Center of Excellence - Aon and Cybereason Form Alliance to Help Protect Clients From Cyber Attacks - Bermuda’s Tax Advantage for Re/Insurers to Be Cut With 15% Global Minimum Tax: Fitch - Swiss Re CorSo adds Favorito as exec risk head of North America - Coverys Launches European Casualty MGA, AEC Europe - Re/Insurers Need a Data Strategy to Build Underwriting Transformation Programs - Lockton Launches Silent Cyber Property Solution for Businesses - Munich Re Doubles Q3 Profit Despite Big Storm Losses in Europe, U.S. - Lloyd’s Re/Insurer Apollo Receives $90M Investment From Alchemy Partners - China’s Anti-Graft Watchdog to Inspect Financial Regulators, State Banks, Insurers - Howden Acquires Norwegian Broker Aneco Forsikringsmegling AS - Financial Services Groups Urge G20 Leaders to Set ‘Clear, Credible, Ambitious’ Climate Goals - Chubb to Buy Some of Cigna’s Asia-Pacific Businesses for $5.8 Billion - India Plans to Let Foreign Investors Hold 20% Stake in Life Insurance Corp.’s IPO - Germany’s Getsafe Raises $30M, Led by Swiss Re; Eyes Becoming Full Carrier - Egypt: 3 agencies agree on optional insurance cover for locals working abroad - Broker New Dawn Risk Group Launches Europe Subsidiary in Malta - Hub International Completes Purchase of Canada’s National Home Warranty Group - Singapore Plans to Review Cybersecurity Strategy and Laws - EU reinsurers urge UK regulator to delay Solvency II changes - Climate Reckoning Is Coming for the World’s Government Debt - Gallagher Acquires Grand Cayman’s Briat, UK’s Manchester Underwriting - Boutique Broker McGill and Partners Launches Bermuda Operation - Aston Lark Acquires UK Insurance Broker S. Johnson & Co. - Allianz Transfers Legacy Life Portfolio to Resolution Re, Using Quota Share Reinsurance - Re/Insurance Cyber Rates Could Double Before 2023, as Attacks Skyrocket: S&P - Willis Re Launches Flood Model for MENA Region - UK Financial Services Sector Calls for Eased Visa Requirements to Keep Competitiveness - Australia Insurtech Startup Cover Genius Raises Funds, Boosting Valuation to A$1 Billion - Allianz in Talks to Transfer Block of Life Assets to Free Up Regulatory Capital: Sources - UN Launches Disaster Insurance Program for Developing Countries - Mexican Insurtech Startup Offers Quick Claims Payments for Earthquake Damage - Is Climate Litigation Covered by Insurance? - Social Inflation or Science: What Is Fueling Climate Litigation? - Fortegra Europe Opens Branch in Czech Republic - Vantage launches Construction and Political risk business - UK Insurers Cautiously Willing to Underwrite Fire Safety Risks - Insurtech Foxquilt Raises $8M to Expand Small Business Offering in U.S. and Canada - Speciality Re/Insurer Convex Launches European Subsidiary With A- Rating From S&P - Debt surge in emerging markets may hurt insurance outlook: Swiss Re - Zurich Insurance Weighs Selling Some Australian Non-Core Assets - Reinsurers Face Major Claims Uncertainties, but Reap Benefits of Pricing Tailwinds - Corvus, SiriusPoint announce investment & underwriting capacity partnership - Munich Re backs energy storage systems provider ESS - Climate Change Could Force 200 Million People to Leave Their Homes by 2050 - Work of the scientific community and re/insurers needed to assess climate change: Lloyd’s - Gallagher Re Touts Advanced Integrated Reinsurance Analytics Platform - London Financial Employees Return to Offices Despite Rising Virus Cases - P/C Reinsurers Maintain Underwriting Discipline, Despite Rising Capacity: Guy Carpenter - Britain Looks to Revisit Data Privacy Regulations - WTW, Applied Systems target real-time pricing enhancements - Reinsurance environment “most attractive in a decade”: SCOR’s Launay - Willis Towers Watson’s New CEO Says It Has $5 Billion for Possible Acquisitions - Lloyd’s Reports H1 2021 Profit of £1.4B ($1.9B), with 92.2% Combined Ratio - Global Reinsurers Shoulder ‘Considerable Burden’ of COVID-19 Claims - “Inflation is the enemy of the re/insurance industry,” says Swiss Re CFO Léger - Global Reinsurance Rates, Demand to Continue Rising in 2022: Moody’s - Prudential’s Michael Koller joins MS Amlin as Chief Risk Officer - Rates need to and will harden further: Swiss Re CEO Mumenthaler - Russia’s Renaissance Insurance Plans $1 Billion IPO in Moscow: Reuters
Search Search
Moebius Newsletter & Publications
Enlarge Font Minimize Font

Pirates’ Treasure Hunt

 An eye patch, a parrot on the shoulder, and a distinctive accent personify a character, which has been a source of amusement to us all, however in reality, pirates have and continue to pose a real threat to maritime ventures. Although history marks the inexact years between 1650s and 1730s as a golden era for the pirates, nonetheless, piracy actually goes back to the first century BC were throngs had set up a realm in Turkey (known as Cilicia then) in an attempt to threaten the Roman Empire. Today, it is clear how the repercussions of piracy have influenced the development of insurance.

 The word piracy means “I attempt” in Greek, and  pirates have not limited their attempts to commercial ships (such as tankers, bulk carriers, and general cargo ships). In 2011, the World Shipping Council “WSC”1  reported 484 hijacked piracy attacks with only 45 of these attacks on traveling merchant ships. The coast of Somalia is notoriously famous for having a resilient presence of pirates; however, the WSC’s statistics for 2012 reported more than 51 attacks off Somalia (from 121 worldwide) and over 158 hostages taken off of Somalia.

So, besides Somalia which other major shipping routes raise the red flag?

According to Marine Insight’s publication on July 21, 2016, other designations than Somalia have had their fair share of pirate attacks. Notable destinations would be Malacca Straits, South China Sea, Gulf of Aden, Gulf of Guinea, Benin in Africa, Nigeria, and the Indonesia Indian Ocean. New channels are also on the rise with many cases left unreported. The International Maritime Bureau (IMB), founded in 1981, represents a central body for combating maritime crime. The following summarized statistics figures as per the IMB, sum up all attempted and actual piracy attacks during 2011-2015.

This raises the question: what really happens during the robbing (more commonly referred to as looting) process?

 The ICC2  (International Commercial Crime Cases) narrates the most recent piracy attacks, which clearly identify a trend that pirates follow. On average, 3-6 pirates would approach the cruising ship on board wooden boats, canoes, or fishing vessels to gradually make their way up to the engine room. Once, the pirates are on board, two scenarios prevail: the pirates either take what they can get their hands on and flee away, or try to take over the whole ship. Should the second scenario take place, the pirates’ leader would negotiate the proceeds with the ship’s captain at gunpoint or knife threat; as for the crew, they are simultaneously locked up in the steaming engine room most of the time. Further negotiations for ransom amounts, in exchange for the release of the crew and vessel, take place with other parties such as insurers, state officials, or the owner of the vessel. Sometimes, pirates use creative ways to demand their money. For instance, on November 19, 2008, Al Jazeera TV received an audio tape, from an alleged pirate, indicating terms for the ransoming of MV Sirius Star, which was carrying 2 million barrels of crude oil (worth at least USD 100 million) in the interest of Saudi Aramco Company3. The negotiations between the two parties finally ended on 9 January 2009 for an agreed ransom amount of USD 8 million in exchange for the ship and crew’s safe return at a pre-designated location in Somali waters.

Ultimately, we question how effective are the control measures in force to pre-empt pirate outbreaks?

 Preventive measures to combat piracy are set on several levels. To begin with, the US prides itself with the Naval Assets, spread across high-risk zone areas, patrolling for any piracy strikes or bases4 . Naval vessels sometimes escort commercial vessels or a fleet of vessels throughout their venture. On a smaller scale, the vessels traveling have some measures of protection of their own. For instance, vessels are equipped with built in high-pressure water hoses, spread across the vessel’s hull, to push away pirates. Other measures include alarms, cameras, sound guns, laser systems, foam, foul smelling liquids, sprout razor wire and electric fences fitted transversely across the ship’s hull.

 In the past, captains have been reluctant to hire armed guards on board- especially that the International Maritime Organization had only recently endorsed endorsed commissioning armed guards for maritime ventures in 20115. The presence of armed guards on board is either an extra precaution the captain/vessel owner opts for, or an explicit condition/warranty enforced in an insurance policy in exchange for a discount against the reduced exposure. Hiring an an armed force is costly with fees ranging from USD 30,000 to USD 100,000. At other times, ventures travel by considerably safer routes that do not necessarily need guards.

How can insurance contracts reduce the financial losses attributable to piracy?

 Marine Insurance is the oldest type of insurance with origins from the 14th century6. It branched from merchant law, and some of its core principles are from common law. Today, insurance provides cover for vessels and her cargo under specialist clauses.

  For cargo shipments, the most commonly adopted set of clauses are the Institute Cargo Clauses “A”, “B”, and the least onerous “C”- the “A” clause provides cover on all risk basis with 7 exclusions (common to all 3 clauses). Whereas, the “B” and “C” clauses provide a more restricted cover on named peril basis instead (of 12 and 9 enlisted perils respectively) with section “4.8” as an additional exclusion.

The drafting of each of the “A”, “B” and “C” clauses account for piracy. However, in a very limited way.

 Clause “A”, by virtue of being an all risk cover, covers all maritime perils, which include piracy as defined by the Marine Insurance Act 19097. However, the “B” and “C” clauses exclude piracy. The drafting of the wording in clause “A” does not define how wide the cover for piracy is, instead, the related exclusion (6.2) simply “excepts” piracy from the exclusion- thereby cancelling the effect of the exclusion for piracy only. Exclusion 6.2 is drafted as follows: “ Capture, seizure, arrest, restraint or detriment (piracy excepted in clause A only) and the consequences thereof or any attempt threat ".

 It is important to stress that just waiving an exclusion under a named peril policy (such as the “B” and “C” clauses) does not mean it is covered as cover is limited to the named perils respectively enlisted (In contrast, waiving an exclusion in an all risk policy means it is covered). Just like the “B” and “C” clauses, the Institute Bulk Oil clauses (IBOC), which is on named peril basis for crude, refined, and vegetable oil shipments- also “excepts” piracy just like the ICC “A”. However, because the “IBOC” is on named peril basis, piracy remains excluded. Last but not least, some may question whether the War clauses may cater for piracy? However, the Institute War Cargo Clauses will only cover losses of capture, seizure, etc… attributable to war and civil war (as denoted by section 1.1) with absolutely no account for losses from pirates.

 When covering the actual vessels, the 2 most commonly adopted Institute Time Clauses are known by reference: “Cl 280” (for any loss or damage attributable to maritime perils), and “Cl 284” (for a loss that is only equivalent to the vessel’s value- i.e.: total loss only). Both these clauses are on named peril basis, and piracy is covered under peril 6.1.5. However, the insured should carefully read their policy, as some insurers may delete this peril from cover. Should this be the case, then the insured must make sure that they also have the Institute War and Strikes Clauses Hull in force without removing peril 1.2 (capture, seizure, etc…), which is not solely intended for war as in the Cargo War Clause & includes piracy. Recent trends have shown that some policyholders nowadays choose to delete the piracy peril in the hull clause whilst keeping it under their war policy as an economical way of balancing premium.

 As for Protection and Indemnity insurances, these policies do not define or exclude piracy- the main cover granted is for the injury of the crew, pollution, general average, etc… Effectively, the cover aims at any legal liability falling on the policyholder with no guarantee for piracy.

What is the insurance product that directly caters for Piracy and Ransom Demands?

 Kidnap and Ransom indemnifies the policyholder for any attempt of kidnap and is not limited to piracy only. For piracy, the traditional marine clauses may overlap at times with the K&R policy, however, only K&R can meet the costs to be incurred and provides crisis management services during a piracy outbreak.

 Many markets provide indemnity for piracy ransom demands and the incurred expenses during the ransom process; some policies may sometimes be wide enough to cover expenses such as funeral expenditures, consultant fees, post- trauma psychiatric cases, etc.… (Depending on the wording).

 Some of the lead markets in K&R insurance are AIG, Hiscox, Travelers Syndicate, Tokio Marine Syndicate, etc... In parallel, specialist brokers such as Willis &, AON have also targeted this line of business and have achieved exemplary premium figures by return. The reason behind these skyrocketing figures is the increased demand and the profitability of K&R insurance during recent years. The number of claims is low in comparison with the accumulated premium. The premium charged for each policy serves for only one marine venture/voyage and varies with the speed of the vessel. Commonly the premium charged for high-speed vessels on average varies between $5,000- $10,000 per transit and around $10,000 to $20,000 on average per transit for slower vessels8. Some ships have even tried to take on longer routes than pass through the canals in an attempt to be cost-effective. However, these pro-longed routes proved to be the exact opposite where the cost of fuel was not justified.

With the extensive development of insurance policies covering piracy, the benefits, did not only bring some sense of comfort to policyholders, but, were also felt on a wider scale through insurance tax payments, new job opportunities, and most importantly a safer shipping & maritime industry.

 While the economies of different countries have had their fair share of piracy, how do the laws of different countries divulge?

For illustration, the ship may be under an American flag, carrying containers manufactured in Japan, which hold commodities made in China, with an Indian crew on board capsized in Arabian waters- all these countries have their own set of regulations; how do we move from there?

 The UN convention on the Law of Sea (UNCLOS) and the Convention for the Suppression of Unlawful Acts against the Safety of Maritime Navigation (SUA), and other independent different state local jurisdictions have agreed that prosecuting pirates is an international issue9. Whereby, any state, which might have links to pirates or not, may prosecute pirates in their domestic courts on the condition that their penal code criminalizes piracy. In 2011, the UN had further called on all countries to treat piracy as a criminal act.

 Although most of us have only seen pirates in movies, these men of the sea pose a significant threat to maritime ventures, the crew, and the economy. So, we ask ourselves, how do these pirates make money from confiscated ships? Do they have access to the black market? What about the crew & ships that were never found? Some ships, referred to as “Ghost Ships”, floated back on shores either completely empty or just missing the crew-ie: the cargo was still on board with no signs of struggle. History marked several ships were only the crew had disappeared-, vessel Mary Celeste (1982) is one of them10. Many other vessels disappeared at the Bermuda Triangle, where some link this area and these mysterious disappearances to supernatural and paranormal phenomena. However, despite this evolving belief, scientists do not identify any extraterrestrial beings in areas such as the Bermuda, and solely blame these disappearances on human error.

At the end of the day, we try to work with what we have; K&R insurance may be a solution when pirates strike, however, it does not put an end to piracy.

 7 Reference Book of Marine Insurance Clauses 12th edition

All copyrights reserved, Arab Reinsurance 2016 ©