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.
ACE Group has established a new business region, Eurasia & Africa, as part of its Overseas General division.
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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.
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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.
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GCC-based reinsurers are generally well capitalised but are generally limited in terms of geographic diversity, said global rating agencies.
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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.
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.
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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.
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CASH Assurances is forming a subsidiary specialising in life insurance, bringing the number of life insurers in Algeria to nine.
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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.
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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.
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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.
French insurance broker Gras Savoye has expanded its geographical footprint with a new subsidiary in Amman.
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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.
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The Arab Insurance Institute (AII), which was founded in Syria, opened a branch in Amman at the end of February, said media reports.
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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.
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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.
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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.
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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.
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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.
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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.
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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).
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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.
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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.
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