The magazine provides a comprehensive overview and insights into the dynamic Middle East Insurance Industry & Takaful Developments, and the interplay between the two.

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Egypt: Takaful market sees huge jump in contributions in 1Q2024

Egypt: Takaful market sees huge jump in contributions in 1Q2024

Takaful contributions in Egypt jumped by 56.4% during the first quarter of this year to reach EGP2.8bn ($747m), compared to EGP1.8bn during the corresponding period in 2023, according to a report
Takaful contributions in Egypt jumped by 56.4% during the first quarter of this year to reach EGP2.8bn ($747m), compared to EGP1.8bn during the corresponding period in 2023, according to a report
Article / 12 days ago
Saudi Arabia: Insurance market continues profitable trend in 1Q

Saudi Arabia: Insurance market continues profitable trend in 1Q

The record profitability (after zakat & tax) seen in the insurance industry in 2023 has continued in 2024 with the sector reporting a 48% upsurge in net profits to SAR879m ($234m) in 1Q2024 from SAR594m in 1Q2023...
The record profitability (after zakat & tax) seen in the insurance industry in 2023 has continued in 2024 with the sector reporting a 48% upsurge in net profits to SAR879m ($234m) in 1Q2024 from SAR594m in 1Q2023...
Article / 27 days ago
Saudi Arabia: Combined profit of listed insurance sector jumps multifold to nearly US$900m in 2023

Saudi Arabia: Combined profit of listed insurance sector jumps multifold to nearly US$900m in 2023

Listed insurance companies in the Saudi market saw stellar growth in 2023, as their combined profits soared to SAR3,353m ($894m), compared to profits of less than SAR320m in 2022...
Listed insurance companies in the Saudi market saw stellar growth in 2023, as their combined profits soared to SAR3,353m ($894m), compared to profits of less than SAR320m in 2022...
Article / 2 months ago
UAE: Credit loss provision contributes to SALAMA's red ink in 2023

UAE: Credit loss provision contributes to SALAMA's red ink in 2023

Islamic Arab Insurance Company, listed as SALAMA on the Dubai Financial Market, posted a net loss of AED139.33m ($37.94m) for the 2023 financial year, compared to a net profit after tax of AED35.44m...
Islamic Arab Insurance Company, listed as SALAMA on the Dubai Financial Market, posted a net loss of AED139.33m ($37.94m) for the 2023 financial year, compared to a net profit after tax of AED35.44m...
Article / 2 months ago

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India, Middle East, and Africa rates dip in all major product lines
India, Middle East, and Africa rates dip in all major product lines
Insurance rates in the first quarter of 2024 declined 2% in the IMEA region, where rates for large and co...
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Global takaful market exceeds US$30bn and continues growing
Global takaful market exceeds US$30bn and continues growing
The takaful sector remains a small player within Islamic finance, accounting for less than 2% of the tota...
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Middle East: S&P says insurers currently broadly unaffected by Israel-Hamas conflict
Middle East: S&P says insurers currently broadly unaffected by Israel-Hamas...
The Israel-Hamas war is expected to continue over 2024, and Gaza will remain the epicentre, with continu...
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Turkiye: Agricultural insurance pool pays out US$1.2m promptly for tornado damage
Turkiye: Agricultural insurance pool pays out US$1.2m promptly for tornado ...
TARSIM, the Agricultural Insurance Pool, has paid out TRY39m ($1.2m) to greenhouse producers in the south...
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Turkish insurers cover insured losses estimated at more than $5bn from Kahramanmaras Earthquake
Turkish insurers cover insured losses estimated at more than $5bn from Kahr...
Insurance companies in Turkiye paid out a cumulative TRY50bn ($2.6bn at February 2023 exchange rates) in ...
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Egypt: Gaza conflict pushes demand for political violence insurance up by 25%
Egypt: Gaza conflict pushes demand for political violence insurance up by 2...
The demand for political violence insurance coverage has increased by 25% during the current period due t...
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Middle East: Events in Gaza cast a shadow over Arab insurance markets
Middle East: Events in Gaza cast a shadow over Arab insurance markets
The insurance sector is anticipating an increase in the prices of political violence coverage in the regi...
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Morocco: Earthquake in High Atlas mountains claims more than 2,000 lives
Morocco: Earthquake in High Atlas mountains claims more than 2,000 lives
A powerful earthquake that struck the Ighil region of the High Atlas in central Morocco on 8 September ha...
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Saudi Arabia: Vision 2030 strategy to open up huge opportunities to insurers
Saudi Arabia: Vision 2030 strategy to open up huge opportunities to insurer...
Saudi Arabia's Vision 2030 strategy for diversifying its economy involves multiple projects that will cre...
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African insurers cite drought as top risk in agriculture
African insurers cite drought as top risk in agriculture
The top three risks to agriculture in several African countries are drought, followed by floods and extre...
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