AM Best views few MENA insurance companies as fully prepared for the transition to IFRS 17, according to a report. The Middle East and Africa (MENA) region is set to be heavily impacted by the impending deadline for IFRS 17, the new accounting standard for insurance contracts. Indeed, many insurers will by affected when it comes...
While optimistic towards business, the growing sentiment in the region towards risk is likely to increase significantly in the form of supply chain bottlenecks, economic turbulence and geopolitical stresses in addition to emerging corruption and bribery risk as a result of cyber threats and data breaches, according to a recent survey...
Prolonged high inflation from rising energy prices and supply chain woes from the Ukraine conflict would hurt profit and bring adverse second order effects, states a report by Moody’s /investor Service. Post-pandemic supply chain bottlenecks and soaring energy prices as a result of the Ukraine conflict have fueled inflationary pressure...
AM Best is revising its market segment outlook for the insurance markets of the Gulf Cooperation Council (GCC) to stable from negative. The Gulf Cooperation Council – Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE) – has been exhibiting key factors that have contributed to a...
Demand for Islamic funds and takaful will remain resilient but high competition may lead to consolidation in the latter, notes Moody’s Investor Service. Strong investor demand for Shari’ah compliant products will continue to support flows into Islamic funds, according to Moody’s latest analysis on Islamic finance. Adhering to global trends,...
Low awareness regarding the importance of insurance products and relatively underdeveloped life insurance market continues to pose as a challenge for the sector, states Alpen Capital’s latest GCC Insurance Industry report. Alpen Capital recently addressed a webinar on the GCC insurance industry, listing out drivers of growth, the current status...
Risks are becoming more complex and interconnected, and emerging and intangible risks are growing, according to AM Best’s latest report. Environmental, technological and social trends have contributed to the evolution of the global risk landscape. Meanwhile, changing climate trends and higher concentrations of assets and lives in vulnerable areas are...
Premium reports on the World Economic Forum’s latest Global Risks Report which identifies critical short-term risks for the year. While the third year of the pandemic ensues in 2022, its economic and societal consequences continue to pose a critical threat to the world. Vaccine inequality and a resultant uneven economic...
The listed insurance companies in Oman saw an increase in topline of four percent in FY 2021, according to an analysis by Badri Consultancy. The listed insurance companies in Oman saw an increase in top line of four percent in FY 2021, with premium volumes increasing from OMR387 million in...
Global outlook for the insurance sector will depend on certain headwinds that have persisted since the onset of a pandemic, states Swiss Re’s new analysis. A Premium report. While the global economy seems to be making a recovery from the pandemic, the outlook feels positive. Supply-side shocks, including global supply...
