Robust economic development and lines of compulsory insurance have been the main drivers of industry expansion in the region in recent years, says Swiss Re Institute (SRI).
Insurance rates in the first quarter of 2024 declined 2% in the IMEA region, where rates for large and complex organizations are often driven or influenced by the reinsurance market, according to the "Global Insurance Market Index" published by the world's biggest insurance broking group Marsh.
Severe weather has affected large portions of Southwestern Asia in recent days with the impacts reported in Afghanistan, Pakistan, Oman, the UAE, and elsewhere across the region, says Aon in its "Weekly Cat Report" for the week ended 19 April 2024.
The Israel-Hamas war is expected to continue over 2024, and Gaza will remain the epicentre, with continued pressure on Israel (AA-/Negative/A-1+) from Iran (unrated) and its proxies, according to S&P Global Ratings (S&P).
Global insurance broking group Howden has launched a new cargo war risk facility to protect vessels from drone and missile strikes by Yemeni-based militia groups in the Red Sea.
Iran's unprecedented military action against Israel raises the risk of a sharp escalation in the conflict between Israel and Hamas, indicates S&P Global Ratings (S&P).
International InsurTech bolttech yesterday announced its expansion into the Middle East with the launch of its partnership with Riyadh-headquartered stc Group, a leading telecommunications company that drives digital transformation in the region.
NASCO Insurance Group (Nasco), a leading direct and reinsurance broker in the MENA region and DIOT-SIACI, the European leader in corporate insurance brokerage, have announced a global strategic alliance.
At its annual winter meeting in London, the International Union of Marine Insurance (IUMI), confirmed that the global marine insurance market is continuing to support trade in the Red Sea and the Ukraine/Black Sea area.
Composite insurance rates in the fourth quarter of 2023 increased 4% in the IMEA region (India, Middle East, and Africa), where rates for large and complex organisations are often driven or influenced by the reinsurance market, says the world's biggest insurance broker Marsh.