Magazine

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

Nov 2014

News


MENA & GCC: Finalists of the Middle East Insurance Industry Awards

Forty of 200 entries have made it to finals of the Middle East Insurance Industry Awards (MIIA), held to recognise and salute excellence in the industry.

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MENA & GCC: Trust Re announces expansion plans at 25th anniversary

Trust Re has received an 'A-' rating from Standard & Poor's, it revealed at its 25th anniversary dinner party in Bahrain where it also announced key developments, including plans to raise capital and set up offices in China and India.

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MENA: GAIF may launch new reinsurer

The General Arab Insurance Federation (GAIF) is expecting to receive a proposal to create an Arab insurance firm with a capital of US$10 billion, said the newly appointed President of regional industry body, Mr Alaa El Zoheiry.

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MENA & GCC: IMF cuts Arab growth forecast, but sees GCC as still strong

The International Monetary Fund (IMF) has lowered its economic growth forecasts for most Arab countries over unrest in the region but predicted strong growth in the oil-rich Gulf states.

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MENA urged to do more about climate change

Countries in the MENA region can do more as a whole to address the threats from climate change, said the American Security Project (ASP), a Washington-based non-profit public policy and research organisation.

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ACE launches reputational risk cover in MENA

ACE Group has launched Image Protect, a new insurance product designed to help companies across the MENA region effectively manage their reputational risks.

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Algeria: Insurance market grows by 5.2% in 1H

The insurance industry in Algeria grew by 5.2% during the first half of 2014, achieving a turnover of DZD73.1 billion (US$877.4 million) against DZD69.4 billion during the same period of 2013, the National Insurance Council said.

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Algeria: Farmers' union sounds alarm over low insurance level

The National Union of Agronomists (UNA) has sounded the alarm over the small number of farmers insured against natural disasters and stressed the urgency of enacting a law mandating agriculture insurance.

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Jordan: Insurers see 50% rise in technical gains in 1H

The Jordanian insurance sector achieved an increase of 50% in technical profits to JOD17.8 million (US$25.1 million) for the six months this year over the same period the previous year.

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Kuwait: Premiums in 1H increase 8%

Total direct premiums in Kuwait's insurance market in the first half of 2014 amounted to KWD152.6 million (US$529 million), an increase of 8% from the corresponding period last year, according to data from the Ministry of Trade and Industry.

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Lebanon: Premiums up 9% in 1H to exceed US$800 mln

Insurance premiums in Lebanon totalled US$804.5 million for the first half of 2014, up 9% from a year ago, according to the Association of Insurance Companies in Lebanon (ACAL).

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Morocco: Saham Insurance sees 46% jump in 1H profits

Moroccan insurance company Saham has announced a net profit of MAD152 million (US$17.4 million) for the first half of this year, an increase of 45.6% compared to the same period in 2013.

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Morocco: CIH Bank buys 10% of Atlanta Insurance

Morocc-basd Credit Immobilier et Hotelier (CIH) Bank has received the green light from its board of directors to acquire a 10% stake in Atlanta Insurance and Reinsurance Company, a subsidiary of the Holmarcom group.

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Morocco: Wafa Assurance gains approval for Senegal units

Wafa Assurance has received approval from the Inter-African Conference on Insurance Markets (CIMA), a supervisory body for the insurance sectors of 14 countries in Francophone Africa, to set up two subsidiaries in Senegal to operate life and non-life business.

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Morocco: New life insurer Attamine Chaabi to enter market

Casablanca-headquarered Banque Centrale Populaire (BCP) will soon launch a new insurance subsidiary to be called Attaamine Chaabi, said CEO Mohamed Benchaaboun.

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Oman: New insurance regulations are credit positive for market - Moody's

The Capital Market Authority's (CMA's) new regulations requiring Omani insurers to be listed on the Muscat Securities Market (MSM) and maintain capital of at least OMR10 million (US$26 million) will strengthen the domestic insurance industry, said Moody's Investors Service.

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Turkey: Premiums grow 6% to US$7.5 bln in first 8 months

Turkey reported a 6% increase in premiums to TRY17.1 billion (US$7.5 billion) for the first eight months of this year compared to the corresponding period last year.

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Turkey: Aviva and Sabanci mulling over IPO of insurance JV

Aviva and its Turkish partner Sabanci Holding are assessing a possible initial public offering (IPO) of a minority stake in their life and pension joint venture, AvivaSA.

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Turkey: Earthquake coverage in Turkey reaches 37%

The Turkish Catastrophe Insurance Pool has a penetration rate of 37%, with 6.6 million issued policies, according to the Turkish Insurance Association.

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Turkey: Government to tighten construction regulations

The Turkish government is preparing legislation to tighten regulations governing construction amid growing safety issues in the sector.

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UAE: Dubai aims to have world no. 1 health insurance system

Dubai is aiming to have the number one health insurance system in the world, in a new strategy mapped by the Dubai Health Authority (DHA).

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UAE: DMCC launches health cover for free zone members

The Dubai Multi Commodities Centre (DMCC), in conjunction with Insure Direct (Brokers) LLC and National Health Insurance Company - Daman, has launched an exclusive health insurance solution for all of DMCC's Free Zone member companies.

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UAE: AXA to speed up health portfolio growth

French insurer AXA is looking at several business possibilities, including health and general liability insurance, even as it deepens its exposure covering risk in big-ticket construction and real estate projects.

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ADNIC opens 6th branch in the UAE

Abu Dhabi National Insurance Company (ADNIC) has opened its latest branch in Mussafah, Abu Dhabi to provide a full range of services to customers in the area. This branch is now the sixth in ADNIC's UAE network, along with nine sales and service centres across the country.

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