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🚀 New Insights on Qatar's Insurance Market 🚀 We are excited to announce that our team member, Hamza Saud, has released an insightful video analyzing the key trends in #Qatar's #insurance market over the past year. This comprehensive report is based on #financial data from the seven publicly listed insurance companies on the Qatar Stock Exchange (QSE). 📊 Key Trends Analyzed: Market Growth: Observing year-over-year changes in market dynamics. Financial Performance: Comparing #profitability, revenue streams, and other #financial indicators. Regulatory Impact: Assessing the influence of new regulations and policies on the insurance sector. #ConsumerBehavior: Understanding shifts in consumer preferences and demand for various insurance products. #TechnologicalAdvancements: Highlighting the role of digital transformation and innovation in the industry. The report leverages data from the financial reports of listed companies, providing a reliable and accurate overview of the market landscape. 🎥 Watch the video to get a detailed analysis and stay informed about the latest developments in Qatar's insurance sector. Upcoming webinar, Register now to avail webinar : https://lnkd.in/dRJ6FUvV #InsuranceMarket #Qatar #FinancialAnalysis #QSE #InsuranceTrends #MarketInsights #DigitalTransformation #QatarStockExchange #InsuranceIndustry #FinancialReports #MarketResearch #RegulatoryImpact #ConsumerBehavior #TechnologicalAdvancements #InsuranceGrowth #InsuranceInnovation #QatarBusiness #QatarEconomy

At Bromed Egypt, we believe that our true value to clients goes beyond just providing insurance offers. Our commitment to loyalty, credibility, and sustainability is what truly sets us apart. 🔹 Loyalty: We stand by our clients through thick and thin, ensuring they feel supported and valued at every step. 🔹 Credibility: Our transparent and honest approach means our clients can trust us to deliver on our promises, every time. 🔹 Sustainability: Our goal is to build long-term relationships. We see our clients' continuous trust and satisfaction as our greatest strength. 💬 Customer Trust is Our Profit Margin: It's not just about numbers for us; it's about the relationships we build and the trust we earn. 💪 Client Continuity is Our Power Source: The ongoing loyalty of our clients fuels our growth and inspires us to keep striving for excellence. Thank you to all our clients for your unwavering trust and partnership. Together, we are stronger! #CustomerValue #Loyalty #Credibility #Sustainability #ClientTrust #LongTermRelationships #Insurance #ClientSatisfaction

🌍 We recently caught up with Sean Paradine, Treaty Underwriter at ASR, who discussed how supply chain issues are impacting business in Africa and the insurance market. ⚡️Supply chain challenges in Africa have been a longstanding issue, but the continent’s vastness and diversity offer tremendous opportunities for growth and innovation. While there have been historical limitations in accessing skilled labour and technology, ongoing developments are helping to address these gaps. Improvement in infrastructure, regulatory frameworks and energy production are gradually, though slowly, strengthening supply chains across the region. Although these challenges can sometimes lead to higher costs, delivery delays, and unnecessary downtimes – especially during global disruptions like pandemics and geopolitical events – the continent is making significant strides toward building more resilient and efficient supply chains. 💡 Insurance and reinsurance do not escape the impacts of supply chain issues either. As a consequence of disruptions, the insurance industry often experiences increased claims, leading to higher business interruption loss totals, causing higher premiums that can strain client balance sheets. Reinsurance costs also rise as losses grow larger, and improvements to risk management are required, with training needed to develop strategies and become more sophisticated in addressing the supply chain issues. 🤝 Whilst the insurance industry is impacted by supply chain issues in Africa, it can also play a huge role in supporting affected companies and limiting the loss of business. Construction insurance can help encourage investment in infrastructure and transportation networks, business interruption insurance can help limit the cost of losses to individual companies.     👥 Treaty reinsurance allows insurers to spread the risk associated with supply chain issues across multiple reinsurers, increasing capacity to cover these risks. It provides financial stability, enabling insurers to adequately price and offer coverage in the markets where they participate. In some cases, such as in a construction treaty, longer-term agreements can be reached, offering more beneficial coverages for all parties involved. Additionally, treaty reinsurance can drive increased investment into Africa, as these agreements expand coverage and profitability over the long term, boosting confidence among investors. By enhancing the financial resilience of insurance companies, treaty reinsurance indirectly supports businesses in managing and mitigating supply chain risks. #ASR #Treaty #supplychain #Africa #reinsurance

So before writing on the Monte Carlo Rendezvous 2024 debrief, happened a trip to Kuwait prior to Monaco. Kuwait:A Pearl in the Gulf The capital city, Kuwait City, is a fascinating blend of ancient and modern architecture. The Grand Mosque, a stunning architectural masterpiece, stands tall against the city skyline, while the bustling souks offer a glimpse into Kuwait's traditional way of life. Kuwait's insurance market has been steadily growing in recent years, driven by economic development and increasing awareness of risk management. According to the Kuwait Insurance Federation (KIF), the total insurance penetration rate in Kuwait reached 3.2% in 2023, up from 3.0% in 2022. This indicates a growing acceptance of insurance products among the Kuwaiti population. The Kuwaiti insurance sector has witnessed considerable growth, with a notable increase in both gross written premiums and market share. The total gross written premiums of the Kuwaiti insurance market reached KWD 1.3 billion (approximately USD 4.3 billion) in 2023, registering a growth of 10% compared to the previous year. This growth can be attributed to factors such as rising disposable income, government initiatives to promote insurance, and the entry of foreign insurers. The Kuwaiti insurance market is poised for continued growth. The increasing adoption of digital technologies, regulatory reforms, and a growing emphasis on risk-based supervision are expected to further drive the industry's development. J.B.BODA Group’s commitment to the Arab market remains intact and growing across conversations. Have you ever visited Kuwait? What were your favorite experiences? I'd love to hear about your adventures! J.B.BODA Group Divya Kurup Hanadi Moussa #insurance #reinsurance #brokers #broking #markets #retrocession #arab #kuwait #levant #capitalmarkets #investing #investor #privateequity #ILS #brokerpreneur #trend #future #generalinsurance #lifeinsurance #risk #riskmanagement #management #growth #africa #middleeast #asia #emirati #treaty #facultative

The Middle Eastern insurance sector is witnessing growth by adopting strategies to overcome current challenges as a vital element in regional economic growth. With the increasing importance of Localisation the reinsurance industry, the sector in the Middle East and North Africa (MENA) is expected to experience significant growth. The future will focus on enhancing financial independence, improving efficiency, and developing innovations that meet the growing market needs. By adopting innovative strategies and overcoming current challenges, the sector can achieve sustainable success and strengthen its role as a vital component in regional economic growth. There are challenges facing the localization of the reinsurance industry, such as political disruptions like regional crises and conflicts that affect market stability and limit the ability of local companies to expand their operations. Additionally, economic fluctuations impact local markets, limiting the ability of reinsurance companies to manage risks effectively. The importance of forming partnerships with international and local reinsurance companies can enhance technical and technological capabilities and promote the exchange of knowledge and expertise. Furthermore, collaboration with government bodies and regulatory authorities is essential to developing regulatory frameworks that support the localization of the industry and facilitate operations. It is crucial to invest in modern technologies such as artificial intelligence and big data analytics to improve operational efficiency and provide innovative insurance solutions. Supporting research projects that focus on developing new products and services tailored to the needs of the local market is also necessary #reinsurance #menaregion #sustainability 👇👇👇👇👇 https://lnkd.in/dXtuGjNu

The MAY issue of Middle East Insurance Review is out now. Access exclusive market insights to enhance cooperation and propel business growth like never before. Subscribe today: https://lnkd.in/g54ddimD 1️⃣ Market profile: Lebanon To say that Lebanon has had a tough couple of decades would be an understatement. The life insurance market this 2024 doesn’t look like it is going to offer much respite. But despite the situation, the non-life insurance industry remains active amid the tough environment, demonstrating resilience in adapting to conditions of instability. 2️⃣ Takaful Takaful performance in the GCC has been affected by rising claims and costs. Could fraudulent activities be prevented with more emphasis on preventative due diligence than reactive due diligence in claims investigation? 3️⃣ Insurance Claims are expected to stream in as the UAE was hit by its heaviest rainfall in more than 75 years. Flooding in the region has brought to light a lack of preparation and mitigation for such weather events. 4️⃣ Reinsurance Morocco was rattled by a 7-magnitude earthquake in September 2023, leading to the formation of a parametric insurance pool facilitated by Gallagher Re MENA. Although the financial impact of the Morocco earthquake was said to be manageable, it triggered a maximum payout of $275m from the parametric cover. ✅ Unlock all articles with your subscription. Delve into the latest and most pertinent topics. Subscribe today for full access! #MiddleEastInsurance #InsuranceInnovation #InsuranceInsights #MENAInsurance #ReinsuranceMarket #LifeInsuranceTrends #UAEInsurance #CorporateGovernance #InsuranceIndustry #Lebanon

This Forum is organized by the Joint Stock Company "Insurance Payments Guarantee Fund" (BIN: 030840002921), the sole organization in the Republic of Kazakhstan responsible for guaranteeing insurance payments to policyholders (insured beneficiaries) in the event of the compulsory liquidation of an insurance company. The Forum stands as a premier platform for exploring the latest advancements in the insurance sector, facilitating the exchange of expertise, and fostering new professional connections. The event will feature participants from the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market, the National Bank of the Republic of Kazakhstan, the Government of the Republic of Kazakhstan, various insurance companies, financial market experts, and specialists from both domestic and international backgrounds. Date: October 2, 2024 Venue: InterContinental Almaty Hotel (181 Zheltoksan St.) Format: Single-day event with 4 panel sessions and networking opportunities Expected Attendance: 120+ participants Agenda: · Future of insurance: analyzing market forecasts, trends, and regulatory challenges, along with opportunities for Kazakhstan's insurance sector in the context of technological advancements. · Economic and population risks: addressing catastrophic risks and life insurance. · Digitalization: examining the continued digital transformation within the insurance industry. For additional information, please visit the registration link: https://lnkd.in/ew-7mqen #MOIBRokerBusinesS #insurancebroker #broker #reinsurance #insuranceadvisor #riskmanagement #Kazakhstan #CentralAsia

❗ Egypt: Talent management seen as key to growth of insurance companies ❗ 💬 "The Insurance Federation of Egypt (IFE) says that for #insurance companies to adapt successfully to rapidly changing risks, there is a need to find new ways of working supported by a more flexible workforce with diverse capabilities. The Federation, in its weekly bulletin issued on 29 June, says that the insurance companies that will succeed in the coming years are those that believe that developing a strategy to attract qualified people is as important as the basic business strategy, adding that the strength of the company is largely determined by the competencies it possesses. Insurers’ #talentstrategy requires the same attention and focus as their business strategy, especially since the insurance industry is witnessing rapid change; therefore, the industry must move towards developing a workforce that is compatible with the markets it serves..." Read the rest of the article here: https://lnkd.in/g2yApuGa Middle East Insurance Review #Egypt

Congratulations to Africa Specialty Risks (ASR), our Strategic Partner, for reaching a major achievement with the introduction of ASR Syndicate 2454. This syndicate is specifically designed for underwriting business across Africa, making it the inaugural African-focused syndicate operating at Lloyd's, managed by Apollo. ASR provides custom risk solutions to clients in Africa and globally, fostering sustainable business growth. Since February 2021, ASR has worked to close Africa's insurance gap and attract international investments, de-risking over $20 billion across 49 African countries. ASR has expanded to the Middle East and received "in principle" approval from the Dubai Financial Services Authority for an office in Dubai. The primary focus of the Syndicate will be underwriting ASR’s current lines of business, encompassing Political Risk & Trade Credit, Political Violence and Terrorism, Parametric, Energy, Property, Construction, Liability, and Treaty. Additionally, plans are underway to introduce new lines of business in 2024, pending the required approvals. ASR and Lloyd’s will capitalise on ASR’s Africa network to bring high-quality African business to London. Syndicate 2454 aims to increase Lloyd’s consortia and fill the corporate capacity gap in Africa, where only 2% of Lloyd’s business originates. Mikir Shah, CEO of ASR commented: "We are delighted that Syndicate 2454 is now up and running at Lloyd’s. Across ASR, we are building a business whose prime mission is to increase insurance penetration across Africa, and Syndicate 2454 is another positive step in helping us achieve our objective." Read more here: https://lnkd.in/gjZgN5NR #CWEIC #CommonwealthAdvantage #StrategicPartner

Strengthening Bonds Across Borders: Africa’s Insurance Future This month, our CEO Ms. Cikay Richards had the immense pleasure of visiting vibrant Lagos, Nigeria! What made it even more special was the opportunity to meet with Mr. Emeka Akwiwu Group Executive Director of Continental Reinsurance. What an insightful conversation was had that delved into transformative topics shaping the future of insurance across Africa: The role of digitization in enhancing efficiency and accessibility. Key trends driving innovation and resilience in the insurance sector. The game-changing potential of parametric insurance for managing climate risks. Continental Reinsurance has been a steadfast supporter of the College over the years, empowering us to build capacity and drive meaningful change across the continent. It was an honor to present Mr Emeka Akwiwu with a token of appreciation in recognition of their unwavering commitment to advancing insurance education and practice. The Takeaway: Africa’s insurance sector stands at the cusp of a digital and strategic revolution. Partnerships like these are the bedrock of transforming challenges into opportunities and ensuring a more secure, inclusive future for all. To our colleagues and partners across the continent: Let’s continue this journey together. Collaboration is key to unlocking the immense potential of Africa’s insurance markets. What are your thoughts on digitization or innovations like parametric insurance in shaping the industry? Share below—we’d love to hear your insights! #AfricaInsurance #ContinentalRe #Digitization #ParametricInsurance #Collaboration #CapacityBuilding #Leadership #RiskManagement #SustainableInsurance #FutureOfWork #InsuranceInnovation #AfricaLeadership #InclusiveGrowth #ESG #ClimateAction #ProfessionalDevelopment