Middle East and North Africa
Egypt | Jordan | Morocco | Oman | Tunisia | United Arab Emirates
Covid-19 has caused an economic slowdown in MENA countries. Many are vulnerable, with an average of 65% employed in the informal sector in a typical MENA country, thereby lacking social benefits such as health insurance. Local markets have limited capacity for large insurance programs and usually depend on reinsurers, who are increasing rates and becoming more selective, including apply exclusions to pandemic-related claims. However, one effect seen from the pandemic is an increased uptake of private health insurance across the region, boosting the healthcare sector.
Middle East and North Africa news and reports
Resources
International Organisation of Pension Supervisors (IOPS) member responses - click here
- Information from IOPS members and other relevant supervisory authorities in response to the current situation, to help financial institutions and consumers from the private pension sector to face the consequences of this major crisis
OECD - COVID-19 crisis response in MENA countries
Papers
2021 FAO issues paper 'The state of social insurance for agricultural workers in the Near East and North Africa and challenges for expansion'
Marsh report - Middle East and North Africa Insurance Market - February 2021
Lockton Insurance Broker - COVID-19 impact in MENA
News
15 Jan 2021 - Private health insurance uptake boosted by COVID-19 in MENA region, says latest Fitch report
1 Nov 2020 - MENA: COVID-19 pandemic accelerates change in the reinsurance market
2 Apr 2020 - Middle East: COVID-19 and low oil prices threaten GCC insurers' earnings
30 Mar 2020 - MENA: Most of the region's financial centres slip in global rankings
By Country
24 Mar 2020 - The Financial Regulatory Authority (FRA) is allowing insurance companies in the Egyptian market an opportunity to extend to policyholders a grace period in which to pay insurance premiums on policies in certain classes of business.
2 Apr 2020 - Insurers likely to suffer major losses if COVID-19 crisis drags on
22 Mar 2020 - Insurance federation supports government's efforts to combat COVID-19
Ongoing – ACAPS takes measures to mitigate COVID-19: https://www.linkedin.com/company/acaps-officiel/
23 Mar 2020 - The Moroccan Federation of Insurance and Reinsurance Companies (FMSAR), has given assurances to policyholders and intermediaries as the Moroccan government announced a state of emergency which took effect on 20 March in a bid to curb the spread of COVID-19.
The FMSAR said that its members will continue to provide, through the distribution network, the services necessary to maintain services during the current pandemic.
The approach to use digital channels of the supervisor adopted in ACAPS Morocco (link)
2 Apr 2020 - The Capital Market Authority (CMA) has instructed Omani insurers to provide insurance coverage for vehicle owners whose driving licenses have expired after the Royal Oman Police suspended renewal services in line with the measures taken by the supreme committee to curb the COVID-19 outbreak.
24 Mar 2020 - Insurance federation donates $681k to COVID-19 fund
21 Apr 2020 - Zurich International Life Limited in the Middle East has offered relief to any customers experiencing financial difficulty, offering a three-month grace period from the date premium payments are due, subject to policy terms and conditions.
In addition to the grace period, a number of products entitle the customer to a premium holiday subject to its terms and conditions
