Amidst robust expansions in key markets, regulatory shifts, and strategic manoeuvres, the GCC insurance industry has undergone significant growth and transformation in the past year. The dynamic tableau it presents is ripe for analysis, especially considering the ongoing journey towards full compliance with the International Financial Reporting Standard 17 (IFRS 17). In this blog, we delve into the transformative dynamics of the GCC insurance industry in 2023, highlighting remarkable growth, persistent challenges, and emerging trends that shape the regional landscape.

Lux is thrilled to announce our latest venture in Riyadh, Saudi Arabia—a new office location that signifies an exciting chapter in our journey. Since the beginning of this month, our KSA team has proudly established its official home in the heart of Riyadh, marking a significant milestone in our expansion efforts and commitment to the Saudi market.

Lux Actuaries & Consultants is thrilled to announce our continued support and participation at the Arab Actuarial Conference 2024, set to take place at the Four Seasons Hotel in the Republic of Tunisia from April 23rd to April 25th, 2024.

As we reflect on the third quarter of 2023, the journey towards full compliance with the International Financial Reporting Standard 17 (IFRS 17) in the GCC has reached a crucial juncture. In this blog, we examine the dynamics of the GCC insurance landscape, shedding light on the impacts of IFRS 17 adoption, and uncovering key trends prevalent in the region.

Aimed at enhancing the welfare of workers in the private sector and free zones, the United Arab Emirates (UAE) has unveiled a new end-of-service benefits scheme. This innovative system includes the establishment of savings and investment funds, which will be closely monitored by the UAE Securities and Commodities Authority in collaboration with the Ministry of Human Resources.

As we find ourselves at the halfway mark of 2023, the GCC insurance landscape continues its journey toward full compliance with the International Financial Reporting Standard 17 (IFRS 17). Based on the performance of 78 listed insurers, the latest findings paint a picture of both progress and challenges in this evolving regulatory landscape.