Qatar Insurance Company (“QIC Group”, “QIC”), the leading insurer in Qatar and the Middle East North Africa (MENA) region, has reported a net profit of QAR 525 million for the first nine months of 2024, compared to QAR 453 million over the same period in 2023. Following a meeting of the Board of Directors dated 29 October 2024, which was presided over by Sheikh Hamad bin Faisal bin Thani Jasim Al Thani, Chairman of QIC Group, the Board approved the financial results.

• In 2023, revenues earned globally by MGAs, MGUs and cover-holders surged to around USD 23.9 billion
• Combined market share of the top five groups is less than 20% of worldwide MGA revenues
• Over 1,650 individual enterprises in this sector are on course to write premiums of more than USD 10 million in 2024

According to an updated ranking and analysis completed by Insuramore (www.insuramore.com/rankings/mgas-mgus/revenues), the value of revenues earned worldwide by MGA, MGU and cover-holder groups (a.k.a. delegated underwriting authority / underwriting agency groups) was around USD 23.9 billion in 2023 with between 70% and 75% of this due to direct commercial P&C (non-life) insurance and the rest to direct private P&C, life and health insurance plus reinsurance.

• Worldwide, total fees and commissions earned from insurance broking activity in 2023 were worth around USD 168 billion.
• Market appears to have consolidated further during 2023 and this trend seems likely to continue during 2024.
• Close to a half of the world’s top 300 broking groups are headquartered in the US and over 80% of them are privately-owned.

Lloyd’s, the world’s leading marketplace for insurance and reinsurance, along with the Bermuda Monetary Authority (BMA), have committed to jointly developing an initiative for closer collaboration and alignment on sharing risk expertise between the world’s two major (re)insurance hubs. The focus will be on fostering innovation through the Lloyd’s Lab and improving access to education throughout the Lloyd’s and Bermuda market with support from the Association of Bermuda Insurers & Reinsurers (ABIR) and the Lloyd’s Market Association (LMA).

Royal & Sun Alliance Insurance (Middle East) B.S.C. © (RSA Midde East) and National Life & General Insurance Company SAOG (NLGIC) have come together to form a new brand – Liva – with the aim of revolutionizing the insurance landscape. These two dynamic and award-winning companies started their integration journey in July 2022 with an ambition to build the region’s leading multi-line insurer that delivers value to its customers while generating sustainable and profitable earnings for its shareholders. Liva aims to deliver on this mission.

Sanlam and Allianz are pleased to announce that they have received regulatory approvals for the joint venture that will create the leading Pan-African non-banking financial services company with a presence in 27 countries in Africa. The joint venture will operate as SanlamAllianz.

Claims inflation is likely to remain a pronounced feature for the rest of 2023, according to Bloomberg Intelligence’s new Europe P&C Insurance 2023 Outlook, with BI believing insurers won't be able to increase rates enough to fully offset rising expenses.

Company unveils three distinct brands: The Cigna Group, the global health company; Cigna Healthcare, the health benefits provider; and Evernorth Health Services, the pharmacy, care and benefits solutions provider.