AAA Contracts with AJG to Become Its Local Agent in Egypt’s Market

Allied Arab Assurance Brokerage (AAA) succeeded in signing cooperation agreement with Arthur J. Gallagher insurance brokerage company to become its local agent in the Egyptian market, Managing Director Hazem Dawood revealed.

The total value of insurance premiums which attained by AAA hit  around EGP21 million within 2013, move up by 60% growth rate, targeting to boost it to EGP100 million by 2016-end.

This agreement will help AAA to expand in the market through the international companies which open branches in Egypt.

Arthur J. Gallagher is considered to be the first brokerage globally in energy and petroleum fields as well as it is one of the major 10 companies across republic.

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Egypt’s non-banking financial sector financing hits EGP 62b in July

The total insurance premiums collected in Egypt amounted to 9.2 billion Egyptian pounds by the end of July 2024, according to the latest report from the Financial Regulatory Authority (FRA). Of this, 5.6 billion Egyptian pounds were from property and liability insurance, while personal and fund formation insurance accounted for 3.6 billion Egyptian pounds.

The report also highlighted that the insurance sector claims amounted to 3.7 billion Egyptian pounds during the same period, with non-life insurance claims amounting to 1.6 billion Egyptian pounds, while life insurance claims reached 2.1 billion Egyptian pounds. Additionally, private insurance funds reported investments totaling 2.2 billion Egyptian pounds by the end of July 2024.

Attribution: FRA

Subediting: M. S. Salama

India secures $386b for renewable energy expansion

India has secured a commitment of $386 billion from banks and financial institutions to expand its renewable energy capacity by 2030, according to Renewable Energy Minister Pralhad Joshi.

Speaking on Monday, Joshi highlighted the country’s goal of reaching 500 GW of renewable energy capacity by 2030 with strong support from states, Union Territories, developers, manufacturers, and financial institutions.

This significant financial backing underscores India’s commitment to transitioning to clean energy, reducing its carbon footprint, and becoming a global leader in renewable energy production.

Attribution: Reuters

Subediting: M. S. Salama

S. Korea’s foreign securities investment up 2.1% in Q2

South Korea’s institutional investment in foreign securities rose a 2.1 per cent increase in June quarter from the previous quarter, according to central bank data released Thursday.

As of the end of June, outstanding investment in foreign securities—comprising foreign stocks and bonds held by local financial institutions—reached $405.32 billion, as reported by the Bank of Korea.

Attribution: Xinhua

Subediting: M. S. Salama

Canadian banks fall behind in renewable investments

Canada’s financial institutions are falling short in the investment levels required for renewable energy to reach net zero emissions by 2050, according to a new report by Investors for Paris Compliance.

The report reveals that between 2016 and 2024, only three of Canada’s largest banks, insurance providers, investment firms, and pension boards met the International Energy Agency’s (IEA) 2030 target for having renewable energy account for 71 per cent of power-sector financing.

Pension boards like Caisse de Dépôt et Placement du Québec (CDPQ) and the Canada Pension Plan Investment Board were leaders in renewable investments, meeting the IEA’s target.

However, big banks lagged behind, with the Bank of Nova Scotia ranking lowest in renewable energy investment.

Despite commitments to net zero by 2021, Canada’s largest banks have shown minimal progress in increasing renewable credit financing.

The report also highlighted some positive developments, such as Brookfield Asset Management’s efforts to transition coal assets to clean power and Royal Bank of Canada’s plan to triple its renewable energy lending by 2030.

However, the organisation emphasised the need for stronger government measures and financial regulations to improve renewable-energy financing, calling for more consistent application of power-sector policies across financial institutions.

Earlier this year, investors for Paris Compliance filed a complaint with Canadian securities regulators, urging an investigation into the green financing claims of the country’s largest banks.

Attribution: Bloomberg

Subediting: M. S. Salama

Switzerland launches instant payments

Switzerland introduced instant payments on August 20, 2024, with around 60 financial institutions now able to process these transactions, covering over 95 per cent of Swiss retail payments. By the end of 2026, all financial institutions involved in retail payments will be reachable.

Several institutions have already launched services for instant payments, with more banks expected to follow.

Instant payments enable immediate account-to-account transactions and are available 24/7, including public holidays. This system offers significant benefits by reducing risks and making funds available immediately.

The Swiss National Bank and SIX Interbank Clearing Ltd. foresee instant payments becoming a standard in Switzerland, fostering further innovation in payment transactions.

The technical framework was established with the new central Swiss payment system launched in November 2023, marking a significant milestone in the evolution of cashless payments in Switzerland.

Attribution: The Swiss National Bank (SNB)

 

Subediting: M. S. Salama