{"id":613429,"date":"2024-01-15T00:00:00","date_gmt":"2024-01-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/15\/re-ins-players-scale-back-coverage-in-the-region-to-hedge-against-conflict-escalation\/"},"modified":"2024-01-15T00:00:00","modified_gmt":"2024-01-15T00:00:00","slug":"re-ins-players-scale-back-coverage-in-the-region-to-hedge-against-conflict-escalation","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/15\/re-ins-players-scale-back-coverage-in-the-region-to-hedge-against-conflict-escalation\/","title":{"rendered":"Re-ins. players scale back coverage in the region to hedge against conflict escalation"},"content":{"rendered":"

The ins. industry is adapting to a new and more volatile region<\/strong>:<\/strong>Global re-ins. firms have begun inserting get-out clauses into their policies to hedge against the potential of a full-scale Middle East conflict, writes the Financial Times<\/a>, citing four industry insiders. Local insurers under the new contracts will lose their reinsurance coverage for any newly underwritten asset in the event of the clause being triggered.<\/p>\n

Expect to claim less for more:<\/strong>To make matters worse for insurers, re-insurers are also upping prices and pressuring primary insurers in Lebanon, Jordan, and Israel to cap coverage \u2014 which in tandem with the get-out clauses make doing business in the region riskier and costlier than it previously was.<\/p>\n

ALSO WORTH MENTIONING-<\/strong><\/p>\n

Citigroup to slash nearly 10% of its workforce:<\/strong> Citigroup will cut 20k jobs over the medium term in a bid to save up to USD 2.5 bn and boost the struggling US bank\u2019s returns. (Earnings presentation,<\/a>pdf<\/a>)<\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

25,975<\/p>\n<\/td>\n

\n

+1.8% (YTD: +4.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 30.83<\/p>\n<\/td>\n

\n

Sell 30.96<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 30.85<\/p>\n<\/td>\n

\n

Sell 30.95<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

19.25% deposit<\/p>\n<\/td>\n

\n

20.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

12,060<\/p>\n<\/td>\n

\n

-0.5% (YTD: +0.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,791<\/p>\n<\/td>\n

\n

-0.5% (YTD: +2.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

4,104<\/p>\n<\/td>\n

\n

-0.3% (YTD: +1.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,784<\/p>\n<\/td>\n

\n

+0.1% (YTD: +0.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,625<\/p>\n<\/td>\n

\n

+0.6% (YTD: -1.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

4,480<\/p>\n<\/td>\n

\n

+0.8% (YTD: -0.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 78.29<\/p>\n<\/td>\n

\n

+1.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 3.31<\/p>\n<\/td>\n

\n

+7.0%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2,051.60<\/p>\n<\/td>\n

\n

+1.6%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 42,425.94<\/p>\n<\/td>\n

\n

-1.3% (YTD: -0.4%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 rose 1.8% at yesterday\u2019s close<\/strong> on turnover of EGP 4 bn (18.2% above the 90-day average). Local investors were net sellers. The index is up 4.3% YTD.<\/p>\n

In the green: <\/strong>Credit Agricole (+6.4%), TMG Holding (+6.0%), and Mopco (+5.0%).<\/p>\n

In the red: <\/strong>B Investments (-1.8%).<\/p>\n

Asian markets sagged at the opening bell but have since recovered <\/strong>and are cautiously in the green as investors digest Taiwan\u2019s election results on the first day of trading this week. European benchmarks look uniformly set to open in the green later this morning, while the Dow, S&P, and Nasdaq are all flirting with the red. <\/p>\n","protected":false},"excerpt":{"rendered":"

Re-insurers are also upping prices and pressuring primary insurers in Lebanon, Jordan, and Israel to cap coverage<\/p>\n","protected":false},"author":1,"featured_media":613430,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[72,119,181,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-613429","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-insurance","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"10870783-2aa4-40f1-bd1f-449b5f6a6553","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/891.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Re-ins. players scale back coverage in the region to hedge against conflict escalation","related_issue":[613408],"teaser":"Re-insurers are also upping prices and pressuring primary insurers in Lebanon, Jordan, and Israel to cap coverage","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.86f940d9-ff97-42bd-8f91-46e46de33355.mp3"},"yoast_head":"\nRe-ins. players scale back coverage in the region to hedge against conflict escalation - 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Shareholders will now only be able to account for 10% of\u2026","rel":"","context":"In "REGULATION WATCH"","block_context":{"text":"REGULATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":570633,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/08\/fra-allows-traditional-insurers-to-own-stakes-in-takaful-companies\/","url_meta":{"origin":613429,"position":1},"title":"FRA allows traditional insurers to own stakes in \u2018takaful\u2019 companies","author":"enterpriseam admin","date":"8 April 2020","format":false,"excerpt":"REGULATION WATCH- FRA allows traditional insurers to own stakes in \u2018takaful\u2019 companies: Mainstream insurance companies are now allowed to be shareholders in their mutual guarantee or sharia-compliant \u201ctakaful\u201d insurance counterparts, according to a decision by the Financial Regulatory Authority carried by Al Mal. The decision exempts takaful insurance companies from\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/4\/77.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":685336,"url":"https:\/\/enterpriseam.com\/egypt\/2026\/02\/12\/financial-regulatory-authority-makes-life-and-disability-ins-mandatory-for-all-customer-finance-loans\/","url_meta":{"origin":613429,"position":2},"title":"Financial Regulatory Authority makes life and disability ins. mandatory for all customer finance loans","author":"enterpriseam admin","date":"12 February 2026","format":false,"excerpt":"Consumer finance players, already battling high interest rates and inflation, must now bake ins. premiums into their cost structure","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/10\/1019.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575327,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/12\/insurance-companies-face-new-capital-requirements-to-protect-against-eas-risk\/","url_meta":{"origin":613429,"position":3},"title":"Insurance companies face new capital requirements to protect against EAS risk","author":"enterpriseam admin","date":"12 October 2020","format":false,"excerpt":"REGULATION WATCH- Insurance companies will now be required to hold 1% of assets in reserve after the Financial Regulatory Authority (FRA) yesterday introduced new capital requirements designed to protect insurers against risks associated with applying the new Egyptian Accounting Standards (EAS), the regulator said in a statement yesterday. 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