MIDDLE EAST IN FOCUS – Page 4
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NewsGulf floods update from Guy Carpenter Cat Resource Center
Severe weather hit the Arabian Gulf, starting April 14, 2024, most severely affecting Oman and the UAE. Extreme amounts of rain brought by the storms have led to a preliminary insured property loss estimate expected to exceed $650m, which could reach $850m for the UAE.
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NewsHannover ReTakaful: ‘We are fully committed to the MENA region’
Olaf Brock, managing director and CEO of Hannover Re’s Bahrain branch and Hannover ReTakaful, provided GR with a pre-DWIC Q&A.
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NewsThe new PV reinsurance market hub in Dubai
There are at least ten active carriers or MGAs of political violence re/insurance operating from the Dubai International Financial Centre, one senior Dubai-based underwriter says.
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NewsDubai floods add to claims, reinsurance costs for local insurers – Moody’s
April storms mean claims and increased reinsurance costs for GCC insurers, according to a rating agency report.
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NewsChedid Capital buys remaining 20% stake in Groupe Ascoma
The Middle Eastern re/insurance broker moves to further cement its position in Africa’s insurance market.
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NewsGabriel using AI to prevent and respond to mass shootings
Artificial intelligence (AI) can be used for many things, but is responding to and preventing mass shootings its next frontier?
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NewsHowden launches Red Sea cargo war risk facility
First of its kind insurance facility within an active conflict zone to protect ships and strengthen global supply chains.
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NewsCanopius appoints CEO for APAC and MENA
Specialty re/insurer Canopius has announced the appointment of Soon Keen Lee as CEO of Asia-Pacific and Middle East & North Africa, subject to regulatory approval.
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NewsSaudi the ‘main driver’ for Dubai business – IGI’s Labat
IGI’s Dubai hub prioritises facultative business, because treaty reinsurance competition is fierce in the Middle East and sees a construction boom in Saudi Arabia as its biggest pipeline for growth.
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NewsMiddle East retention levels rising – Chedid Re’s Abi Rached
Local insurers have “more skin in the game” due to the hard market for reinsurance.
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NewsOman Re gains Retakaful licence
Oman’s Capital Market Authority grants a licence for Oman Re to underwrite Retakaful, providing Islamic compliant reinsurance solutions for Takaful business.
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NewsTrust Re seeks return to rating as rebuild continues – Albaharna GAIF34 interview
Chief executive of Trust Re explains the reinsurer plans to restore it’s former rated A-rated status, putting an end to temporary fronting arrangements while its shareholding issue is resolved.
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NewsDriving behaviours to increase climate risk resilience – SCOR at GAIF34
Reinsurance rates are being driven by increased claims and exposures, but the insurance industry has the data in its power to incentivise construction practices that will in turn reduce insureds’ exposure to climate change, and the prices paid for protection.
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NewsTemperatures are rising and MENA’s protection gap leads the world – Swiss Re at GAIF34
2023 saw major earthquakes in Turkey and Morocco, severe thunderstorms and flooding in Saudi Arabia and the UAE, hailstorms in Jordan, a tropical cyclone in Oman, and a major flood in Libya.
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NewsConstruction boom to lead expected growth for Gallagher’s Dubai practice
Onshore and offshore construction, M&A and financial lines are the top priorities for the reinsurance broker’s Middle East hub, Nadim Semaan told GR at GAIF34.
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NewsESG: business sense, culture and innovation focus – GAIF34 panel
Saudi Re is using technology to drive ESG, while speakers agreed on the need for top-down ESG strategy to align with overall strategy and to emphasise the business case of ESG.
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NewsAbouzaid welcomes delegates to GAIF34 in Muscat
Secretary general of the General Arab Insurance Federation, kicked off the GAIF34 conference, which is back in Oman for the first time since 2002.
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NewsGetting ready for GAIF in Oman and developing regional insurance talent
This year, the GAIF conference returns to Oman for the first time in more than two decades. Two of the country’s leading insurance figures sat down to talk with Global Reinsurance before the event begins in Muscat.
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NewsInterview with GAIF’s Chakib Abouzaid: Is the Gulf region an awakening insurance giant?
It’s one thing to lead an insurance federation during a period of small, incremental change. But the role is different when the regional industry is undergoing a broad and deepening transformation.
