Best’s Market Segment Report: Overall Profits for United Arab Emirates-Listed Insurers Grew in 2021 as Underwriting Earnings Fell

Best’s Market Segment Report: Overall Profits for United Arab Emirates-Listed Insurers Grew in 2021 as Underwriting Earnings Fell

LONDON–(BUSINESS WIRE/AETOSWire)– The United Arab Emirates’ (UAE) insurance market maintained its impressive momentum in 2021, posting another year of strong premium growth, analysis from AM Best shows. A new Best’s Market Segment Report, “Overall Profits for United Arab Emirates-Listed Insurers Grew in 2021 as Underwriting Earnings Fell,” examines the preliminary disclosures of the national insurers listed on the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM). The report reveals that while the market has been resilient to ongoing challenging macroeconomic conditions and intense competition, testing market conditions remain and the marginal…

AM Best Named Rating Agency of the Year at the MENA Insurance Awards 2022

Best’s Market Segment Report: Overall Profits for United Arab Emirates-Listed Insurers Grew in 2021 as Underwriting Earnings Fell

LONDON–(BUSINESS WIRE/AETOSWire)– AM Best has been named Rating Agency of the Year at the MENA Insurance Awards 2022. The event was held at the Dubai International Financial Centre. The awards acknowledge outstanding achievements of insurance professionals across the Middle Eastern and North African markets. Matthew Mosher, president and CEO of AM Best Rating Services, said, “This award is a tribute to the hard work of the many employees in AM Best’s EMEA offices. It is a reflection of their knowledge and understanding of the (re)insurance industry in the Middle East and North…

Best’s Market Segment Report: Evaluating MENA Ratings Using Best’s Credit Rating Methodology

Best’s Market Segment Report: Evaluating MENA Ratings Using Best’s Credit Rating Methodology

LONDON–(BUSINESS WIRE/AETOSWire)– Middle East and North Africa (MENA) insurance markets have seen robust growth over the last decade. However, according to a new AM Best report, the rate of growth has stalled in the last 18 months primarily due to the impact COVID-19 and volatility in energy prices, attributable largely to the global economic slowdown from lockdown measures and lower demand for oil. The Best’s Market Segment Report, “Evaluating MENA Ratings Using Best’s Credit Rating Methodology”, notes MENA markets continue to face significant challenges, including stock and real estate market volatility; changes to…

Best’s Market Segment Report: Jordanian Insurers Show Resilience to COVID-19 Pandemic, but More Challenges Lie Ahead

Best’s Market Segment Report: Jordanian Insurers Show Resilience to COVID-19 Pandemic, but More Challenges Lie Ahead

LONDON–(BUSINESS WIRE/AETOSWire)— The COVID-19 pandemic had a significant impact on Jordanian insurers’ 2020 premium volumes and investment returns, but overall, according to a new AM Best report, technical performance improved, helped by fewer claims in the motor and medical lines. A new Best’s Market Segment Report, titled, “Jordanian insurers show resilience to the COVID-19 pandemic, but more challenges lie ahead”, notes that gross written premium for the Jordanian market fell by approximately 4% in 2020 compared with 2019 — the first decline in several years. The decrease was driven by an estimated 20% to 25%…

Best’s Market Segment Outlook: AM Best Maintains Gulf Cooperation Council Insurance Outlook at Negative

Best’s Market Segment Outlook: AM Best Maintains Gulf Cooperation Council Insurance Outlook at Negative

LONDON–(BUSINESS WIRE/AETOSWire)— AM Best continues to hold a negative market segment outlook on the insurance markets of the Gulf Cooperation Council (GCC). Factors supporting the outlook include COVID-19-driven uncertainty and the risk that further oil price volatility will maintain economic pressure across the region. In addition, there is concern over price adequacy amid intensely competitive conditions. Financial market fluctuations and depressed real estate valuations, as well as the expectation of liquidity pressures and increased delays in cash collection, also weigh on the outlook. A new Best’s Market Segment Outlook, titled, “Market…

AM Best’s Insurance Market Briefing – MENA to Examine Current Trends and Their Future Impact

AM Best’s Insurance Market Briefing – MENA to Examine Current Trends and Their Future Impact

LONDON–(BUSINESS WIRE/AETOSWire) – AM Best’s annual Insurance Market Briefing – MENA will be held as a complimentary webinar on 3 November 2020, at 14:00 hours, Gulf Standard Time (GST), to discuss the (re)insurance markets of the region. The Middle East and North Africa (MENA) region’s markets, particularly for reinsurance companies, have been characterised by competitive pricing pressures, overcapacity and increased incidences of large losses. In 2020, the fallout from COVID-19 and a volatile oil price environment have added to these challenges. In this 90-minute session, senior rating analysts from AM…

Best’s Special Report: COVID-19 Adds to Challenges for Bahrain’s Fragmented Insurance Market

Best’s Special Report: COVID-19 Adds to Challenges for Bahrain’s Fragmented Insurance Market

LONDON–(BUSINESS WIRE/AETOSWire)– COVID-19-driven financial market volatility is expected to negatively impact solvency levels of Bahraini insurers this year, according to a new AM Best special report, adding to the challenges faced by the kingdom’s (re)insurance sector — the smallest among the Gulf Cooperation Council (GCC) countries. The Best’s Special Report, “COVID-19 Adds to Challenges for Bahrain’s Fragmented Insurance Market,” notes the Bahraini (re)insurance market is very competitive, with a large number of companies vying for a limited amount of premium. The report explains Bahraini insurers typically take more asset risk than their peers…

Orient Insurance’s first half 2020 results show strong growth

S&P Global Ratings today said that Dubai-based Orient Insurance P.J.S.C. (A/Stable/–) reported stronger-than-expected gross written premium (GWP) growth and higher net earnings in the first six months of 2020, despite the pandemic and lower oil prices. Orient’s GWP increased 13.6% to about UAE dirham (AED) 2.56 billion (about $700 million) in the first half of 2020 from about AED2.25 billion during the same time in 2019. This resulted from the company’s expansion across all business lines, despite a lockdown for several weeks during this period. At the same time, the…

Berkshire Hathaway Specialty Insurance Names Property Leadership in Middle East & Asia

Kapil Palathinkal and Carlos Beltran Promoted to New Roles BOSTON & DUBAI & SINGAPORE–(BUSINESS WIRE/AETOSWire)– Berkshire Hathaway Specialty Insurance (BHSI) today announced that it has appointed Kapil Palathinkal as Head of First Party Lines, Middle East, and Carlos Beltran as Head of First Party Lines, Asia, overseeing General Property, Energy and Construction. “We are pleased to round out our regional property leadership with the promotions of Kapil and Carlos, two experienced leaders who will further build on their valuable contributions to BHSI and our customers,” said Marc Breuil, Head of…

Best’s Market Segment Report: AM Best Maintains Gulf Cooperation Council Outlook at Stable

LONDON–(BUSINESS WIRE/AETOSWire)-– AM Best continues to hold a stable market segment outlook on the insurance markets of the Gulf Cooperation Council (GCC). Key factors supporting the outlook include potential premium growth following the rollout of mandatory health insurance in Oman and Bahrain, as well as short-term growth opportunities arising from the 2020 World Expo in the United Arab Emirates (UAE). In addition, extensive reinsurance support, advances in risk management and improved regulatory sophistication across the region, are factored into the outlook. A new Best’s Market Segment Report, titled, “Market Segment Outlook: Gulf Cooperation…