Ejaro | إيجارو’s Post

Big Changes in Saudi Arabia’s Insurance Sector Saudi Arabia has recently established the Insurance Authority (IA) as the sole regulator for the insurance industry, bringing together the responsibilities previously held by the Saudi Central Bank (SAMA) and the Council of Health Insurance (CHI). This centralisation aims to foster a transparent, efficient and resilient insurance market. The IA is empowered to issue regulations, license companies, supervise activities, and manage disputes through the Committees for Resolution of Insurance Disputes and Violations. Early indicators are promising, with the sector showing a 14.6% growth in Q3 2023. With this momentum, the IA is poised to drive the sector forward through 2024 and beyond, setting a strong foundation for long-term development. Exciting times ahead for Saudi Arabia’s insurance industry! 🌟 https://hubs.ly/Q02Y1SnF0

Insurance Programs for Multinationals in Selected Global Markets 2024 Insurance programs for multinational companies have become more common and more complex as companies continue to expand their presence outside their home country and require specialised solutions to cover their insurance needs across multiple jurisdictions.   Finaccord has produced this report to give insurers a comprehensive view of the dynamic multinational insurance landscape. The report is divided into four sections:   •             Market Size and Opportunity Finaccord established the number of companies based in ten countries (Australia, Belgium, Canada, France, Germany, Italy, the Netherlands, Spain, the UK and the US) with a turnover in excess of USD 50 million and operations in at least two countries. The opportunity for insurers is given in estimated coordinated premium across these markets.   •             Survey of Multinational Insurance Decision-Makers Finaccord conducted a survey of 100 insurance decision-makers working at in-scope multinational companies across each of the ten markets.   •            Competitive Landscape The multinational insurance program space is increasingly competitive. Finaccord used the results of its survey and interviews with industry practitioners to identify 15 major insurers operating in this space and created a comparative overview of each insurer’s proposition and capabilities.   •             Critical Success Factors Nine critical success factors for insurers operating in the multinational space are discussed, including deductible recovery programs, servicing timelines and claims offerings.   This research helps insurers understand the dynamic and competitive nature of the multinational program landscape and what it takes to compete with incumbent market leaders. https://lnkd.in/exnAkzYW #insurance #international #multinational

"In the fast-paced world of logistics and transportation, safeguarding your assets and ensuring smooth operations is crucial. At Fraikindayim, a premier truck rental and leasing company in Saudi Arabia, we prioritize the security and peace of mind of our clients through comprehensive insurance coverage. Understanding the benefits of insurance is essential for any business relying on fleet operations. Here’s why insurance matters and how Fraikindayim can support your business needs. Why Insurance Matters? Insurance is a critical component of responsible business operations, offering several key benefits: Financial Protection: Insurance shields your business from significant financial losses caused by accidents and other unforeseen events. Without insurance, businesses might face substantial out-of-pocket expenses, potentially threatening their financial stability. Legal Compliance: In many regions, insurance is not just recommended but mandated by law. Ensuring your vehicles are properly insured helps your business comply with legal requirements and avoid penalties. Operational Continuity: Comprehensive insurance allows businesses to maintain operations even after an incident. By covering repair costs and other expenses, insurance ensures that your vehicles are back on the road swiftly, minimizing downtime. Peace of Mind: With insurance, you can focus on running your business effectively, knowing that you are protected against various risks. This peace of mind is invaluable in maintaining a productive and stress-free work environment. The Benefits of Fraikindayim's Comprehensive Insurance At Fraikindayim, we offer robust insurance packages designed to cover the unique needs of our clients. Our comprehensive insurance includes: 1. Civil Liability Civil liability insurance protects you from legal claims resulting from accidents involving third parties. Whether it’s property damage or personal injury, our coverage ensures you are safeguarded from the financial and legal implications of such incidents. This protection is vital for maintaining your business’s reputation and financial health. 2. Damage to the Vehicle Accidents can lead to significant repair costs. Our damage coverage takes care of any necessary repairs, ensuring your vehicles are road-ready as quickly as possible. This minimizes downtime and keeps your operations running smoothly, ensuring your business doesn’t suffer from prolonged vehicle unavailability. Insurance is an indispensable element of managing a successful trucking operation. At Fraikindayim, we are committed to offering comprehensive insurance solutions that protect your business, assets, and peace of mind. From civil liability to damage coverage, our insurance offerings ensure that you can focus on what you do best – running your business efficiently. #Fraikindayim #SuccessJourney #PrecisionAndReliability "

🦄 Today, let's continue building our knowledge with the article "Insurance Documents Part 2" together with Team Unicorn Global Vietnam! 🦄 🌟 Why Insurance Policies are Crucial in Sea Transport 🚢 🛡️ Insurance Policy: This document is issued by the insurance company to the insured. It serves several key purposes: – 📦 Proof of Insurance: Confirms that a shipment is insured, helping manage risks in international transport. – 🌊 Risk Mitigation: Helps cover losses in sea transport by spreading risk across the community. – ⚖️ Claims Support: Essential for filing claims and receiving compensation from the insurer in case of disputes or losses. 🛡️ Key Elements of an Insurance Policy in Sea Transport 🚢 - 🏢 Insurance Company Details: The name and address of the insurance company are at the top of the insurance policy. - 📝 Title: The policy title "INSURANCE POLICY" is printed in large font to distinguish it from other documents. - 📅 Date of Issuance: Found at the bottom right corner, after "Issued in…on" or before "Date of issue". It must not be later than the shipment date unless the policy states it is effective from a date no later than the shipment date. - 🔢 Policy Number: Located directly below the title on the insurance policy. - 👤 Insured Party: The name and address of the insured, usually the exporter, unless specified otherwise in the Letter of Credit (L/C). - 🚢 Vessel Details: The name and number of the vessel or other transport means, recorded after "Name of Vessel or No. of flight". It must match the details in the L/C and other documents. - 📍 Shipping Route: Specifies the departure location "From:", destination "To:", and any transshipment points if applicable. - 📄 Insurance Conditions: These are the terms agreed upon between the insurer and the insured, matching the L/C requirements if payment is by L/C. Listed after "Condition or special coverage" or "condition of insurance" in the policy. - ✍️ Signature: The policy must be signed by the insurer, an insurance company, agent, or authorized representative. The signature should indicate the authority of the signer, such as "signed on behalf of the insurer".

🌟 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝗠𝗘𝗡𝗔 𝟮𝟬𝟮𝟰 𝗦𝗽𝗲𝗮𝗸𝗲𝗿 𝗔𝗻𝗻𝗼𝘂𝗻𝗰𝗲𝗺𝗲𝗻𝘁 📣 Mr. Jonathan Matchett, Partner, MENA Insurance Leader, EY We are so honored to have Mr. Jonathan Matchett, Partner, MENA Insurance Leader, EY to be our distinguished keynote speaker and moderator at Digital Insurance 𝗠𝗘𝗡𝗔 𝟮𝟬𝟮𝟰 (Dec. 16-17th, Dubai, UAE), which is a top global event for insurers to transform. 𝗦͟𝗽͟𝗲͟𝗮͟𝗸͟𝗲͟𝗿͟ ͟𝗣͟𝗿͟𝗼͟𝗳͟𝗶͟𝗹͟𝗲͟:͟ Jonathan is a Consulting Partner at EY, and also EY’s Insurance Leader for the MENA Region. In this role, he works with insurance companies across MENA on a wide range of subjects, including Strategy, M&A, Business Transformation, Technology, Data and AI and Operational Efficiency. Jonathan has over 20 years experience of working in the insurance sector, as both a consultant and in industry roles. He started his career in the UK, where he spent 5 years in as an IT consultant for European insurance companies. After moving to the Middle East in 2008, he has worked as a consultant and in regional roles for both regional and multi-national insurance companies. During his time with EY Jonathan has worked extensively with local and multi-national insurers across the MENA region on large and complex transformation programs. Jonathan is a regular speaker at insurance conferences and writer of articles and thought leadership on the MENA insurance sector. Mr. Jonathan Matchett 𝗮͟͟͟͟͟͟͟𝘁͟͟͟ ͟͟͟𝗗͟͟͟𝗶͟͟͟𝗴͟͟͟𝗶͟͟͟𝘁͟͟͟𝗮͟͟͟𝗹͟͟͟ ͟͟͟𝗜͟͟͟𝗻͟͟͟𝘀͟͟͟𝘂͟͟͟𝗿͟͟͟𝗮͟͟͟𝗻͟͟͟𝗰͟͟͟𝗲͟͟͟ ͟͟͟𝗠͟𝗘͟𝗡͟𝗔͟ ͟͟͟𝟮͟͟͟𝟬͟͟͟𝟮͟͟͟𝟰͟͟͟ ◾ Moderator: Future of Insurance: What are the Key Trends in Light of New Technologies? ◾ Keynote Speaker: Harnessing the Power of People to Improve Transformation Success Let us eagerly anticipate the most valuable and cutting-edge insights that will be shared. 🎫𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝗠𝗘𝗡𝗔 𝟮𝟬𝟮𝟰 📍 Venue: MILLENNIUM PLAZA DOWNTOWN HOTEL, Dubai, UAE 📅 Time: December 16-17th 📝 𝗥𝗲𝗴𝗶𝘀𝘁𝗲𝗿: https://lnkd.in/g23Gb5Ab 💡 Website: https://lnkd.in/gjVjYVm7 #digitalinsurancemena #digitalinsurane #insurtech #insurer #transformation #topevent #insurance #event #MENA #Dubai #digital #data #AI #analytic #bigdata #Artificial #Intelligence

🚚⚖️ 𝐆𝐥𝐨𝐛𝐚𝐥 𝐂𝐚𝐫𝐠𝐨 𝐓𝐫𝐚𝐧𝐬𝐩𝐨𝐫𝐭𝐚𝐭𝐢𝐨𝐧 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰, 𝐓𝐫𝐞𝐧𝐝𝐬, 𝐅𝐚𝐜𝐭𝐨𝐫𝐬, 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 ⚖️🚚 𝐓𝐡𝐞 𝐆𝐥𝐨𝐛𝐚𝐥 𝐂𝐚𝐫𝐠𝐨 𝐓𝐫𝐚𝐧𝐬𝐩𝐨𝐫𝐭𝐚𝐭𝐢𝐨𝐧 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐬𝐢𝐳𝐞 𝐰𝐚𝐬 𝐯𝐚𝐥𝐮𝐞𝐝 𝐚𝐭 𝐔𝐒𝐃 𝟓𝟖.𝟏𝟐 𝐁𝐢𝐥𝐥𝐢𝐨𝐧 𝐢𝐧 𝟐𝟎𝟐𝟑 𝐭𝐨 𝐔𝐒𝐃 𝟕𝟖.𝟕𝟏 𝐁𝐢𝐥𝐥𝐢𝐨𝐧 𝐢𝐧 𝟐𝟎𝟑𝟑 𝐚𝐧𝐝 𝐠𝐫𝐨𝐰𝐢𝐧𝐠 𝐚𝐭 𝐚 𝐂𝐀𝐆𝐑 𝐨𝐟 𝟑.𝟏% 𝐟𝐫𝐨𝐦 𝟐𝟎𝟐𝟒 𝐭𝐨 𝟐𝟎𝟑𝟑. 𝐆𝐞𝐭 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 @ https://lnkd.in/g-cc7GdZ In the fast-paced world of cargo transportation, mitigating risks is essential for businesses to ensure the safe and secure delivery of goods. 1️⃣ Risk Management: From natural disasters to accidents and theft, the transportation industry faces a myriad of risks that can disrupt supply chains and incur significant financial losses. Transportation insurance provides vital protection against these risks 2️⃣ Comprehensive Coverage: Transportation insurance policies are tailored to meet the unique needs of cargo shippers and carriers, providing coverage for a wide range of risks, including damage, loss, delay, and liability. Whether shipping goods by land, sea, or air, businesses can find insurance solutions that offer comprehensive protection against unforeseen events. 3️⃣ Regulatory Compliance: In an increasingly regulated environment, compliance with transportation insurance requirements is essential for businesses operating in the global marketplace. Transportation insurance not only provides financial protection but also helps ensure compliance with international trade regulations and industry standards. 4️⃣ Industry Innovation: The transportation insurance market is constantly evolving, driven by technological advancements, changing customer expectations, and emerging risks. From blockchain-enabled cargo tracking to parametric insurance solutions, innovative approaches are reshaping the way insurance providers assess and manage risks in the transportation sector. 5️⃣ Global Reach: With a network of insurers and underwriters worldwide, the transportation insurance market offers global coverage for businesses engaged in cross-border trade. Whether shipping goods regionally or internationally, businesses can access insurance solutions that provide seamless protection 𝐁𝐲 𝐂𝐨𝐦𝐩𝐚𝐧𝐲 • Marsh • TIBA • Travelers • SAKARYA HALK SİGORTA • INTEGRO GROUP • Liberty Mutual Insurance • Chubb • AGCS • Aon • Gallagher • Liberty Mutual Insurance • AIG • Marsh • Swiss Re • Zurich Insurance • Atrium • Samsung Fire & Marine Insurance • Mitsui Sumitomo Insurance Group • Munich Re • Peoples Insurance Agency • SOMPO JAPAN NIPPONKOA INSURANCE COMPANY OF EUROPE LIMITED • Thomas Miller • Xl Group Public Limited Company • GARD • Tokio Marine Seguradora 📦🔒💼 #TransportationInsurance #CargoProtection #RiskManagement #SupplyChainSecurity #LogisticsIndustry

AIICO Insurance PLC is a leading insurance company in Nigeria, and here are some reasons why they are considered one of the best: 1. Experience: AIICO has over 50 years of experience in the insurance industry, with a deep understanding of the Nigerian market. 2. Product range: They offer a wide range of insurance products, including life, health, property, and specialty insurance solutions. 3. Financial strength: AIICO has a strong financial base, which ensures prompt claims payment and adequate coverage for policyholders. 4. Customer service: They prioritize customer satisfaction, with a dedicated team providing excellent service and support. 5. Innovation: AIICO adopts innovative approaches to insurance, leveraging technology to enhance customer experience. 6. Awards and recognition: They have received various awards and accolades, acknowledging their commitment to excellence and customer satisfaction. 7. Wide coverage: AIICO has an extensive network of branches and agents, making their services accessible across Nigeria. 8. Professional expertise: Their team consists of experienced professionals with in-depth knowledge of the insurance industry. 9. Customized solutions: AIICO offers tailored insurance solutions to meet the unique needs of individuals and businesses. 10. Regulator compliance: They adhere to regulatory requirements, ensuring transparency and accountability in their operations. While "best" is subjective, AIICO Insurance PLC's strengths and reputation make them a top choice for many in Nigeria.

The insurance market in the UAE saw significant growth in premiums for medical and property & liability insurance branches in 2023, according to Mr. Avinash Babur, CEO of InsuranceMarket.ae™ an online insurance platform under AFIA Insurance Brokerage Services L.L.C.  Despite this growth, Babur believes there is a great need for the industry to diversify its focus beyond health insurance.  AFIA Insurance Brokerage Services L.L.C, a leading brokerage in the UAE, recognized the potential of digitization in enhancing customer experiences and launched InsuranceMarket.ae to provide a seamless online insurance shopping experience.  By broadening their scope beyond health insurance, they aim to tap into new growth opportunities and better serve their customers in the digital age. Read more: https://lnkd.in/gV_46M7X  #UAE #Insurance #InsuranceMarket #InsuranceBrokerage #Digitization #CustomerExperience #HealthInsurance #PropertyInsurance #InsuranceIndustry

Global Insurance CEOs Converge in Nairobi The global conference convened by the Kenya Reinsurance Corporation (Kenya Re) under the theme “Leader’s Perspective: Sustainable Growth in the Global Insurance Industry”.Over 300 CEOs and leaders in the insurance industry in Kenya, Africa, the Middle East and Asia have convened in Nairobi to identify solutions to challenges facing the industry. Insurance penetration rates vary significantly across regions, with developed countries generally having higher penetration rates. In Kenya, this rate falls below 3%, demonstrating the need to create awareness and development of innovative solutions that are both accessible and affordable to masses. Dr Hillary Maina Wachinga, Group Managing Director of Kenya Re commented on the summit saying: “This is the first conference of this magnitude in Kenya by a Kenyan-owned insurance player. This is also the first CEO Summit by Kenya Re since its inception in 1970. Mostly, the local insurance professionals attend similar events hosted by foreign-owned players either here in Kenya or abroad. The main objective of the summit is to bring together great minds and influence policy decisions on how insurance industry can do grow business sustainably, especially in Africa, Middle East and Asia where Kenya Re sources business from.” The industry captains discussed various topical issues that mutually affect their operations and proposed varied solutions. Among them is developing products that mitigate climate risk, sustainable investments, cross-border partnerships, sustainable innovations, data privacy, artificial intelligence (AI) and the wider spectrum of both 4th and 5th industrial revolutions. “This summit is crucial in enhancing resilience of insurance industry by offering sustainable solutions to the identified gaps.”, added Dr. Wachinga. In recent past, the insurance industry has faced catastrophic (CAT) events such as global pandemic (Covid19 and monkey pox), floods, drought and earthquakes that have eroded their profitability. Due to unpredictability of such events, there is need to re-think the current market solutions whilst doing business sustainably and responsibly.  Embracing technology in product development and distribution will also contribute to accessibility and affordability of the insurance which will eventually improve insurance penetration.  

Global Federation of Insurance Associations (GFIA) elects Stephen Frank as president and makes changes to executive committee Global Federation of Insurance Associations (GFIA) has elected Stephen Frank as its new president, and made new changes to its executive committee, during its general assembly that took place in South Africa. Stephen Frank has worked in the financial services sector for over two decades and has been president and CEO of the CLHIA since 2017. He takes over the GFIA presidency from Susan K. Neely, who is the CEO of the American Property Casualty Insurance Association Council of Life Insurers. Following his election during the GFIA’s general assembly which took place in Cape Town, South Africa, he said, 'It is a true honour to have been elected president of the Global Federation of Insurance Associations (GFIA). A healthy and thriving insurance industry is vital for society to mitigate growing risks. By bringing together the views, knowledge and expertise of the world's insurance industry, we can contribute to ensuring that individuals continue to have access to a robust insurance market that offers the protection and savings products they need, and help the sector best navigate issues such as AI, natural catastrophes and cyber security'' Previous to working for the CLHIA, Stephen Frank held leading roles in the banking industry. He has an undergraduate degree in economics from Queen’s University and a masters from the University of Cambridge. The general assembly also elected : ➡️ Bachir Baddou, executive vice president of the Fédération Marocaine de l'Assurance as vice-president. ➡️ Thea Utoft Høj Jensen, director general of Insurance Europe, as secretary-general. ➡️ Toyonari Sasaki, vice-chairman of Life Insurance Association of Japan, as treasurer. ➡️ Andrew Hall, CEO and Executive Director of Insurance Council of Australia, as regional representative. ➡️ Norma Alicia Rosas, the general director of the AMIS, as its membership executive.