Milli Re 2025 Annual Report

Global Reinsurance Market and Milli Re in 2025 The UAE continues to represent the most mature and systemically important insurance market in the region. According to Central Bank of UAE (CBUAE) in Q3 2025, GWP premiums reached USD 15.7 billion, supported by robust economic activity, population growth, stronger regulatory oversight, rapid urbanization, high asset concentration, infrastructure systems and expanding compulsory insurance coverage. Egypt continues to show gradual growth in insurance, driven by demographic growth, and regulatory reforms. Morocco remains one of the more developed North African markets, with steady growth in both life and non-life segments, while Algeria and Tunisia continue to lag due to structural constraints such as compulsory cessions and strict regulations challenging the foreign players to these markets. reform agendas aimed at improving labor allocation, boosting private sector participation, closing gender employment gaps, enhancing trade and technology integration. The GCC remains the dominant driver of insurance activity in the MENA region. Total gross written premiums (GWP) across the GCC are estimated to have exceeded USD 43 billion in 2025, particularly across health, motor, and selected commercial lines. The non-life insurance segment, which typically accounts for the larger portion of premiums in the region, is forecasted at approximately USD 23 billion in gross written premiums for 2025. Mandatory insurance frameworks most notably in health insurance continue to underpin structural premium growth in the UAE and Saudi Arabia. The region experienced an exceptional series of severe weather events, most notably the Arabian Gulf flash floods of April 2024, which represented the most significant rainfall event recorded in parts of the UAE in at least seven decades. Accordingly, natural catastrophe risk emerged as a defining issue for the MENA insurance and reinsurance markets and continues to shape underwriting discipline. As a result, 2025 renewals in the UAE reflected a clear recalibration of catastrophe reinsurance programs. While capacity availability remained broadly sufficient, programs were restructured to better align with peril-specific exposures. XL layer covers were redefined for the specific named perils, increased emphasis on flood covers, and higher attachment points in loss-affected programs. Premium rates and deductibles increased for STFI (Storm, Tempest, Flood and Inundation) and AOG (Acts Regulatory developments remain closely aligned with broader European frameworks, including Solvency II, data protection requirements, and sustainability-related disclosures. 74 MİLLİ RE 2025 Annual Report