Arab Reinsurance Company: a new dimension
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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. 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Saudi Arabia: Insurers required to pay small motor third-party liability claims

Wednesday, 07 27 2022, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Saudi Central Bank (SAMA) has instructed insurance companies to settle claims by individuals for motor third-party liability within five working days if the value of the claim does not exceed SAR2,000 ($532).

Source: Middle East Insurance Review
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