The UAE insurance sector continued to grow in Q4-2023, as reflected by increase in the gross written premiums. As of year-end, the number of licensed insurance companies in the UAE remained at 60, according to the Central Bank of the UAE's (CBUAE) Quarterly Economic Review (Q4-2023). The insurance sector comprised 23 traditional national companies, 10 Takaful national and 27 foreign companies, while the number of insurance related professions remained at 491. The review on insurance sector structure and activity showed that the gross written premium increased by 12.7% Y-o-Y in Q4 2023 to AED 53.2 billion, mostly due to an increase in health insurance premiums by 16.5% Y-o-Y and an increase in property and liability insurance premiums by 18.9% Y-o-Y, while the insurance of persons and fund accumulation premiums decreased by 12.4% Y-o-Y, resulting primarily from decrease in individual life premiums. Gross paid claims of all types of insurance plans increased by 12.8% Y-o-Y to AED 31.1 billion at the end of 2023. This was mainly driven by the increase in claims paid in health insurance by 16.9% Y-o-Y and increase in paid claims in property and liability insurance by 10.9% Y-o-Y, partially offset by the decline in claims paid in insurance of persons and fund accumulation by 2.8% Y-o-Y. The total technical provisions of all types of insurance increased by 8.4% Y-o-Y to AED 74.4 billion in Q4 2023 compared to AED68.6 billion in Q4 2022. The volume of invested assets in the insurance sector amounted to AED 76 billion (60.4% of total assets) in Q4 2023 compared to AED 71.4 billion (59.4% of total assets) in Q4 2022. The retention ratio of written insurance premiums for all types of insurance was 52.9 % (AED 28.1 billion) in Q4 2023, compared to 54.9% (AED 25.9 billion) at the end of 2022. The UAE insurance sector remained well capitalized in terms of early warning ratios and risk assessment. Own funds to minimum capital requirement ratio increased to 335.7% in Q4 2023, compared to 309.3% at the end of 2022, due to an increase in own funds eligible to meet the minimum capital requirements. Also, own funds to solvency capital requirement ratio rose to 221% in Q4 2023 compared to 208.5% in Q4 2022, due to an increase in own funds eligible to meet solvency capital requirements. Finally, own funds to minimum guarantee fund ratio reached to 316.3% at the end of 2023 down from 314.6% a year earlier, due to higher eligible funds to meet minimum guarantee funds. In terms of profitability, the net total profit to net written premiums increased to 6.5% in Q4 2023, compared to 2.9% at the end of 2022. The return on average assets increased to 0.3% in Q4 2023 compared to the 0.1% at the of the previous year.

On the evening of July 8, local time, the Israel Defense Forces issued a statement saying that Major General Avi Bluth replaced Yehuda Fox as the commander of the Israeli Central Command. Earlier that day, the Israeli army held a handover ceremony, which was presided over by the Israeli Chief of Staff Halevy. Avi Bluth joined the Israel Defense Forces in 1993 and commanded the Israeli military operations in the West Bank. In May this year, Bruce was promoted to major general and served as a military commander in the Israeli Central Command. CCTV reporters learned that in late April this year, Yehuda Fox, then commander of the Israeli Central Command, requested to resign and retire from the army in August this year. Fox had previously stated that he should bear part of the responsibility for the military intelligence failure on October 7 last year, and "must end his term like everyone else." According to the official website of the Israeli Defense Forces, the Central Command is one of the four major commands of the Israeli army, headquartered in Jerusalem, and its responsibility covers nearly one-third of Israel's territory.

July 9 (Reuters) - Futures linked to Canada's main stock index rose on the back of metal prices on Tuesday, while investors awaited U.S. Federal Reserve Chair Jerome Powell's congressional testimony on monetary policy later in the day. The S&P/TSX 60 futures were up 0.25% by 06:28 a.m. ET (1028 GMT). The Toronto Stock Exchange's materials sector was set to re Oil futures , dipped as fears over supply disruption eased after Hurricane Beryl, which hit major refineries along with the U.S. Gulf Coast, caused minimal impact. Markets will be heavily focussed on Powell's two-day monetary policy testimony before the Senate Banking Committee, starting at 10 a.m. ET (1400 GMT), which can help investors gauge the Fed's rate-cut path. Following last week's softer jobs data, market participants are now pricing in a 77% chance of a rate cut by the U.S. central bank in September. The main macro event for the markets this week will be the U.S. consumer prices data due on Thursday, which can help assess the trajectory of inflation in the world' biggest economy. Wall Street futures were also up on Tuesday after the S&P 500 (.SPX), opens new tab and Nasdaq (.IXIC), opens new tab touched record closing highs in the previous session. In Canada, fears of the economy slipping into recession advanced after the latest data showed that the unemployment rate rose to a 29-month high in June. Traders are now pricing in a 65% chance of another cut by the Bank of Canada, which already trimmed interest rates last month. In corporate news, Cenovus Energy (CVE.TO), opens new tab said it is demobilizing some staff at its Sunrise oil sands project in northern Alberta as a precaution due to the evolving wildfire situation in the area.

Russia is seeing income growth of around 4-5%, with earnings growing in double digits, Ostapkovich said, stressing that the driving force is economic growth. "Incomes only grow when the economy grows. If the economy grows, then profits grow. If profits grow, then the entrepreneur is keen on hiring people and raising wages," he added. Russia’s economy grew by 3.6% in 2023, with real incomes and nominal wages up by 4.5% and 13% respectively. Industrial performance, particularly in manufacturing, is propelling this growth not seen in 20 to 30 years. Notably, mechanical engineering in the military industry is expanding at 25-30%, according to Ostapkovich. Andrey Kolganov, Doctor of Economics and Head of the Laboratory of Socio-Economic Systems at Moscow State University, acknowledged that despite the challenges posed by the growth stimuli, Western sanctions failed to inflict significant harm on the Russian economy. "The Russian economy has shown great potential in adapting to these difficulties. Moreover, these difficulties stimulated the development of domestic production, which in turn led to high rates of economic growth," he added. Kolganov noted that economic growth rates were higher in 2023, compared to 2022 - and even higher in 2024. These increases promoted Russia from the classification of middle-income countries, to the rank of high-income countries. Although Russia has not caught up with the richest countries, the achievement is nonetheless remarkable, especially in the face of unprecedented sanctions. Gross national income per capita in Russia is now $14,250, according to a document released by the World Bank that classifies countries that cross the $13,485 threshold as “high income.”

The tetraprism lens with 5x optical zoom currently exclusive to the iPhone 15 Pro Max could be headed to both the iPhone 16 Pro and iPhone 16 Pro Max, narrowing the gap between Apple's premium flagships. That's according to a new report from analyst Ming-Chi Kuo, who cites a recent earnings call with Apple lens supplier Largan. In the call, a spokesperson from Largan said "some flagship specifications will be extended to other models" in the second half of 2024, presumably in reference to the upcoming iPhone Pro models. "Apple is Largan’s largest customer, and Largan is also Apple’s largest lens supplier," Kuo said. "Therefore, the quote likely refers to the fact that the new iPhone 16 Pro and Pro Max will have a tetraprism camera in 2H24 (while only the iPhone 15 Pro Max had this camera in 2H23).” The report goes on to say that the tetraprism camera for the iPhone 16 Pro series won't be all that different from the one in the iPhone 15 Pro Max. While the lack of an upgrade is disappointing, it's not necessarily a bad thing as these kinds of lenses are already top-of-the-line. They represent a major increase over prior models’ zoom capabilities, and they're capable of offering more depth while still fitting into super-slim smartphones. That being said, Apple does appear to be revamping the main camera and ultra-wide camera on the iPhone 16 Pro Max. Evidence continues to mount that both iPhone 16 Pro models will share the same 5x optical zoom camera. Earlier this week, DigitTimes in Asia (via 9to5Mac) reported that Apple is set to ramp up orders for tetraprism lenses as it expands their use in its upcoming iPhone series. Industry sources told the outlet that Largan and Genius Electronic Optical were tapped as the primary suppliers. Apple would be wise to streamline its Pro-level iPhones with the same camera setup; then all customers have to consider with their choice of a new iPhone is the size and price. Of course, this should all be taken with a grain of sand for now until we hear more from Apple. It's still a while yet before Apple's usual September time window for iPhone launches. In the meantime, be sure to check out all the rumors so far in our iPhone 16, iPhone 16 Pro and iPhone 16 Pro Max hubs.