The MENA Insurance CEO Club (MICC) commemorates its fifth anniversary this month at its annual Strategic Seminar in Dubai with a track record of achievements.
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Forty-two finalists have entered the last round of judging for the inaugural Middle East Insurance Industry Awards (MIIA), organised by the Middle East Insurance Review.
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Primary insurers in MENA are eyeing regional operations as most of them hold strong capital positions and are under pressure from investors to utilise capital more efficiently
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Bespoke products from Malaysia-based specialty insurance provider NexAssure Solutions are now available in the Middle East, said newly appointed CEO Anthony Hobrow in an interview with Middle East Insurance Review.
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Infrastructure projects across the GCC will rise to US$86 billion this year, with Saudi Arabia and Qatar dominating the share.
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The insurance market in Algeria was virtually flat during the first half of 2014 compared to the same period in 2013, weighed down by lower sales of new vehicles. Premiums from January to June declined by 0.27% to DZD55.5 billion (US$685.6 million), according to preliminary figures obtained by news website, AllaboutAlgeria.
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Algerian insurers chalk up losses totalling US$1.25 billion annually due to traffic accidents, with goods and passenger vehicles involved in most road mishaps, reported Al Bayan citing police data.
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Bancassurance sales soared 26.9% to exceed DZD1.6 billion (US$19.8 million) last year, according to the National Insurance Council. In comparison, Algeria's total premiums rose by 15% to DZD113.9 billion in 2013.
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The Bahrain Insurance Association (BIA) is spearheading a plan to set up a fund to compensate hit-and-run victims in Bahrain.
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Trust Re has generated gross written premiums of US$314.3 million for the first half of 2014, up 19.1% y-o-y. Net underwriting profit declined for the first six months of the year to $6.9 million compared to $10.7 million for the same period in 2013, due to deterioration of the loss ratio.
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Insurers in Egypt have invested EGP312 million (US$43.6 million) in bonds issued to finance the new Suez Canal project, aimed at boosting the Egyptian economy.
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The Egyptian unit of French insurance brokerage Gras Savoye will be the regional headquarters of the group's reinsurance operations in the Middle East and Eastern Europe, said Mr Hamed Mabrouk, Managing Director of Gras Savoye Egypt.
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Jordan's insurance market continues to grow amid challenges from the unprofitable mandatory motor business, declining capital adequacy and regulatory uncertainty, along with regional unrest on its borders, said A.M. Best in a report.
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Moroccan Agricultural Mutual Insurance (MAMDA) has signed an agreement with Ivory Coast's National Rural Development Support Agency (ANADER), in expectation of Ivory Coast becoming a springboard for entry into other African markets.
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The amount of money spent by the National Social Security Fund each year on care for people suffering from diabetes more than doubled to MAD379 million (US$44.2 million) last year from MAD183 million in 2008, representing an average annual increase of 16%.
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A new requirement for Omani insurers to list their stocks is a credit positive move because it will improve the companies' capital market access to funds, strengthen their capital, make them more transparent and enhance the financial strength of the insurance market, said Moody's in a report.
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Qatar Re wrote gross premiums of US$327 million for the first half of this year, an increase of 55% over the corresponding period last year.
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As part of its 2012-2016 development plan, Tunis Re has launched an international invitation for investors to become a strategic partner to take up 25% of shareholdings and voting rights in the company.
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Three different authorities regulate about 160 advisory firms in the UAE, with the Insurance Authority (IA) overseeing most of them, said International Advisor.
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Over one third of UAE motorists admit to becoming distracted while driving, according to joint research released by global insurer Zurich and RoadSafetyUAE.com.
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