Challenging market for MENA reinsurance industry continues

Challenging market for MENA reinsurance industry continues

Challenging market for MENA reinsurance industry continues

Continuing pressure on pricing, overcapacity, and a higher-than-expected number of large losses in recent years has meant challenging market conditions for the Middle East and North African (MENA) reinsurance industry, according to a new report by AM Best. This competitive landscape has been particularly hard on regional reinsurers that lack the scale and diversification of their foreign counterparts, together with…

Into Africa: how risk managers can use global programmes as part of their strategy in this fast-changing area

Into Africa: how risk managers can use global programmes as part of their strategy in this fast-changing area

Into Africa: how risk managers can use global programmes as part of their strategy in this fast-changing area

There has been an uptick in protectionism in the insurance markets of many African countries, with regulators imposing measures such as compulsory domestic cessions to state reinsurers, the introduction of minimum net premium retention levels, market capacity sharing and higher capital requirements for reinsurance cessions overseas. Erich Bentz, network partner relationship manager for EMEA and regional director of global programmes…

‘Fiercely competitive’ MENA insurance markets to outgrow GDP

‘Fiercely competitive’ MENA insurance markets to outgrow GDP

‘Fiercely competitive’ MENA insurance markets to outgrow GDP

The Middle East and Northern African (MENA) insurance markets are expected to continue outgrowing the region’s GDP during the next 12 months, according to the MENA Insurance Pulse 2018, published by Dr Schanz, Alms & Company. About 69% of executives polled expect regional premiums to outgrow GDP in the next year. In terms of current strengths for the region, the…

Significant opportunities for MENA takaful operators, but currently unrealised, says Best

Significant opportunities for MENA takaful operators, but currently unrealised, says Best

Significant opportunities for MENA takaful operators, but currently unrealised, says Best

There are significant opportunities for takaful operators in most Middle East and north Africa (MENA) markets but these opportunities continue to remain disappointingly unrealised, with takaful companies struggling to establish strong business profiles, according to AM Best. The ratings agency said the opportunities arise from providing sound financial protection that is in line with consumers’ religious sensibilities, taking into account…

Morocco heads list for African investment

Morocco heads list for African investment

Morocco heads list for African investment

Morocco tops a new list as the most attractive economy for investments flowing into the African continent. The latest Africa Investment Index 2018 (AII) by Quantum Global’s research arm, Quantum Global Research Lab, reports that Morocco ranks first on the index – based on its increasingly solid economic growth, strategic geographic positioning, increased foreign direct investment, external debt levels, social…

Moroccan insurers taking next step towards risk-based solvency

Moroccan insurers taking next step towards risk-based solvency

Moroccan insurers taking next step towards risk-based solvency

Moroccan insurers are likely to gradually reduce their equity exposure and hold more government bonds in their investment portfolios when the country’s new risk-based solvency regime comes into effect. In a new report, Fitch Ratings states: “The new regime should be credit positive for insurers as we expect it will require better analysis and management of risk and stronger capitalisation…

Good service pays dividends as GIC Re South Africa continues growth trajectory

Good service pays dividends as GIC Re South Africa continues growth trajectory

Good service pays dividends as GIC Re South Africa continues growth trajectory

Good service, expertise and capacity have proved a winning formula for GIC Re South Africa, which has seen another year of growth despite challenging times in the South African insurance sector. Deepak Prasad, managing director and CEO of GIC Re South Africa, said: “Internationally, it has been very different from one market to another this year because of the global…

Challenging times for MENA market insurers

Challenging times for MENA market insurers

Challenging times for MENA market insurers

The political, financial and economic risks for (re)insurers operating in the Middle East and North Africa (MENA) region remain elevated because of continuing geopolitical tensions, according to a report from AM Best. The situation is exacerbated by the disagreement between Qatar and a number of other Middle East countries (which severed their diplomatic ties in June 2017), the war in…

Tunisian banking sector poses real risk

Tunisian banking sector poses real risk

Tunisian banking sector poses real risk

S&P Global Ratings regards Tunisia’s banking sector as a weakness for its economy and a significant source of contingent liabilities for the government, according to a new report. The study – Ambitious Reform Is Key To The Revival Of The Tunisian Banking Sector – found that difficult operating conditions for banks, their past use by the government in developing strategic…

Parametric insurance proposed for Morocco to protect against drought

Parametric insurance proposed for Morocco to protect against drought

Parametric insurance proposed for Morocco to protect against drought

The Moroccan government is a step nearer a parametric insurance solution to protect against drought – one of the largest risks facing Moroccan farmers. Following an international call for tenders, French consultant Finactu has been selected to support the Ministry of Agriculture, Maritime Fisheries, Rural Development and Water & Forests in setting up and monitoring parametric insurance against the consequences…

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