Qatar-headquartered Doha Insurance Group is preparing to set up a branch in the Saudi Arabia insurance market to engage in reinsurance business, in an expansion of reinsurance operations overseas.
While Australia's Cyclone Reinsurance Pool (CRP) has contributed to reducing pressure on insurance premiums in Northern Australia, a greater focus on climate resilience and mitigation is still required to put sustainable downward pressure on insurance costs according to the Insurance Council of Australia (ICA).
Diversification will continue to drive reinsurer strategies in 2026 and beyond, according to Francis Savari, CEO of UIB Asia Reinsurance Brokers.
Newly-established reinsurer Riyadh Reinsurance Co (Riyadh Re) is predicted to generate net profits of about SAR30m ($8m) to SAR60m per year in 2026-2028, assumes S&P Global Ratings (S&P) in its base-case scenario.
Lockton Re has appointed Mr Mozum Khan as Global Head of Property Innovation and Solutions. He will be based in Dubai.
Newly launched Riyadh Reinsurance Company (Riyadh Re) has appointed Mr Belhassen Tonat as CUO, effective November. He will be based in the company's headquarters in Riyadh.
Egypt's insurance regulator, the Financial Regulatory Authority (FRA), has issued new regulations concerning the registration of reinsurance companies and their branches to carry out business with Egyptian insurers.
The Australian Government has passed the Criminal Code Amendment (State Sponsors of Terrorism) Bill 2025, which amends the Terrorism and Cyclone Insurance Act 2003 (TCI Act). The amendment aligns the definition of a terrorist act with the Crimes Act 1914, ensuring that coverage under the TCI Act extends to state-sponsored terrorism.
The Saudi insurance market recorded growth of more than 17% in 2024, with the insurance penetration rate standing at 2.6% of non-oil GDP. The growth rate outpaced the G20 average, pointed out the Chairman of the Insurance Authority Abdulaziz Alboug.