Magazine

Read the latest edition of AIR and MEIR as an Interactive e-book

Apr 2014

News


MENA & GCC: MICC welcomes Mr Mohamed Larbi Nali as 18th member

The MENA Insurance CEO Club (MICC) has welcomed Mr Mohamed Larbi Nali, CEO of Société Centrale de Réassurance (SCR) of Morocco, as its new member, bringing the total to 18.

Buy Now


MENA & GCC: Zein Hawwari of Arab Re wins Multaqa's 1st ever Essay Contest

Mr Zein Hawwari, an R&D Analyst with Arab Re, has emerged as the winner of the inaugural Multaqa Qatar essay competition, with his essay on the role of regulators.


MENA & GCC: ACE's new business region to help drive growth in MENA

ACE Group has established a new business region, Eurasia & Africa, as part of its Overseas General division.

Buy Now


MENA & GCC: Eleven MENA countries have world's highest road fatality rates

The UAE and 10 other countries in MENA are among 25 countries worldwide that have the greatest number of deaths from road crashes as a percentage of fatalities from all causes of death, according to a study.

Buy Now


MENA: Medical insurance profitability remains a challenge

Medical insurance is still a fledgling industry in the Arab markets despite being made compulsory in some countries, and profitability remains a key issue, said Mr Abdul Khaliq R Khalil, Secretary General of the General Arab Insurance Federation (GAIF), at the opening of the 3rd Regional Medical Insurance and Healthcare Conference in Cairo in March.

Buy Now


MENA & GCC: GCC reinsurers limited in geographical diversity

GCC-based reinsurers are generally well capitalised but are generally limited in terms of geographic diversity, said global rating agencies.

Buy Now


MENA: Rising confidence as demand for insurance remains strong

The MENA region is seeing a strengthening of confidence in the insurance sector, with compulsory insurance requirements and continued investments in infrastructure projects seen as driving demand, according to the 2nd MENA Insurance Barometer, published by the Qatar Financial Centre (QFC) Authority.


GCC: Region's insurance market growing as fast as China's and Brazil's - A.M. Best

Growth in the GCC insurance industry outpaces that of developed and other emerging economies, expanding as fast as Brazil and China, but insurers ought to focus more on profits than on the top line, said A.M. Best.

Buy Now


GCC: Telco launches covers for smartphones and tablets

Zain Bahrain has launched what may be the first insurance service in the GCC to protect owners of smartphones and tablets from unexpected accidental damage and theft.

Buy Now


Algeria: CASH Assurances to set up life specialist

CASH Assurances is forming a subsidiary specialising in life insurance, bringing the number of life insurers in Algeria to nine.

Buy Now


Bahrain: BNH's profit rises 30% to US$8 mln

Bahrain National Holding has reported a net profit of BHD3.02 million (US$8 million) in 2013, an increase of 30% over the BHD2.33 million reported in 2012.

Buy Now


Egypt: Insurers allowed to outsource investment management

Egypt's financial supervisor will allow insurance and reinsurance companies operating in the country to assign part of their investment portfolios to investment fund managers.

Buy Now


Jordan: Insurance Commission to merge with Ministry

The Upper and Lower Houses of Parliament have agreed to the merger of the Insurance Commission (IC) of Jordan with the Trade Ministry, concluding a debate that began nearly two years ago.


Jordan: Gras Savoye sets up in Amman

French insurance broker Gras Savoye has expanded its geographical footprint with a new subsidiary in Amman.

Buy Now


Jordan: Regulator liquidates Arab German Insurance

The Insurance Commission (IC) of Jordan has decided to liquidate Arab German Insurance (AGI) as of 1 March, the IC said in a statement. A liquidator has been appointed to oversee the process.

Buy Now


Jordan: Arab Insurance Institute to open in Amman

The Arab Insurance Institute (AII), which was founded in Syria, opened a branch in Amman at the end of February, said media reports.

Buy Now


Morocco: Wafa Assurance nets profit of US$96 mln

Wafa Assurance, one of the largest insurers in Morocco, has reported a net profit of MAD780 million (US$96.3 million) for 2013, an increase of 6.5% over 2012.

Buy Now


Oman: Premiums up 10% to US$946 mln in 2013

Omani insurance companies posted a 10.4% growth in total direct premiums to OMR364 million (US$946 million) in 2013, from OMR329.6 million for the previous year.

Buy Now


Oman: Minimum capital to be hiked

Insurance companies in Oman will have to raise their capital to at least OMR10 million (US$26 million) and list their shares on the Muscat Securities Market (MSM) once the insurance law is amended by the Capital Market Authority (CMA), said media reports.

Buy Now


Ahlibank Qatar to offer bancassurance services

Ahlibank Qatar, the seventh largest lender by market value in the country, is making plans to start bancassurance to boost fee-based income and diversify its revenue sources.

Buy Now


UAE: ADNIC's net profit up 25% to US$49 mln in 2013

ADNIC posted net profit of AED180.9 million (US$49.3 million) in 2013, up 25% y-o-y, thanks to strong growth resulting from good underwriting profits combined with effective cost and investment management. Earnings per share amounted to AED0.48 compared to AED0.39 in 2012.

Buy Now


UAE: Dubai gov't forms health insurance management committee

The Crown Prince of Dubai and Chairman of the Dubai Executive Council Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum has issued an Executive Council Resolution establishing the Health Insurance Management Committee for Dubai Government employees.

Buy Now


UAE: AXA eyes stake in Green Crescent Insurance

French insurance giant AXA Group and its partner in the UAE, Kanoo Group, plan to become major shareholders in the ADX-listed Green Crescent Insurance Co (GCIC).

Buy Now


UAE: Union Insurance's profit up 562% to US$18 mln

Union Insurance Company has reported a staggering increase of 562% from net loss of AED14.4 million (US$3.9 million) in 2012 to a net profit of AED66.7 million ($18.2 million) in 2013.

Buy Now


UAE: Insurance House's net profit jumps 27% to US$2.6 mln

Abu Dhabi-based Insurance House has reported a net profit of AED9.56 million (US$2.6 million) for the year ended 31 December 2013, representing a 26.7% increase over 2012.

Buy Now