Magazine

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

Jan 2015

News


MENA: Cyber risks tops traditional risks - Booz Allen

Cyber risks are becoming more worrying than traditional risks, and public and private organisations are looking for an effective way to deal with such future threats as they become more frequent and diverse, said Booz Allen in a recent report.

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Middle East: Zurich and Citi sign 15-year exclusive deal

Global insurer Zurich Insurance Group (Zurich) and Citibank NA (Citi) have signed an exclusive 15-year strategic agreement to offer Zurich's comprehensive life insurance solutions to Citi's consumer clients throughout the Middle East.

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GCC: Terrorism tops key threats

Terrorism and labour are the most dangerous threats to the region, said a former GCC Secretary General at a recent conference in Qatar.

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Motor underwriting improves in GCC - Moody's

Motor underwriting performance has recently improved as a result of more emphasis on underwriting expertise and a focus on comprehensive motor covers instead of third-party liability (TPL), said Moody's in a report on insurance product risk in the GCC.

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GCC: Falling oil prices to put pressure on economies

Falling oil prices, driven by weaker demand, increased supply and a more powerful US dollar, will pose significant challenges to GCC markets, which have a substantial dependency on commodity exports, said a report by the Institute of Chartered Accountants in England and Wales (ICAEW).

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Algerian Gulf Bank to have two insurers

Algeria Gulf Bank (AGB) plans to create an insurance company, following its acquisition of a 49% stake in Algerian Insurance (2A).

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Bahrain: Central bank to boost insurance sector

The Central Bank of Bahrain (CBB) will take measures to further develop the Kingdom's vibrant insurance sector, said the bank's Governor, Mr Rasheed Al Maraj.

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Bahrain: Gulf Air expands loyalty programme with BKIC

A partnership between Bahrain's national carrier, Gulf Air, and Bahrain Kuwait Insurance Company (BKIC) will give the insurer's customers the opportunity to earn Gulf Air Falconflyer miles when purchasing any of BKIC's home, annual travel and Motor Gold+ & Platinum+ insurance policies.

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Egypt: Premiums rise 17% to nearly US$2 bln for FY2013-14

The insurance sector has seen premiums increase to EGP14 billion (US$1.96 billion) for the year ended 30 June 2014 from EGP12 billion for the previous financial year, a growth rate of around 17%, according to the Egyptian Financial Supervisory Authority (EFSA).

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Egypt: Committee formed for first national reinsurer

A committee to form Egypt's first national reinsurance company has been established, comprising 12 insurance firms and three non-insurance entities.

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Iran: Export insurance coverage up by 30%

Iran's Export Guarantee Fund has seen a 30% increase in insurance coverage in the first eight months of this year compared to the corresponding period last year, said Managing Director Taher Shah-Hamed. During the period, about IRR14 trillion (US$519.4 million) of export insurance coverage was processed.

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Jordan: Insurers propose alternative to mandatory car insurance

Insurers are proposing that compulsory motor insurance be replaced by insurance "for declared driving persons" of a vehicle. Under the proposal, an auto policy would be issued to more than one person who drives a car.

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Jordan: Govt to study health insurance for citizens

The Jordanian Cabinet has formed a committee to look into health insurance coverage for citizens, said Health Minister Ali Hiasat.

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Morocco: Compulsory CAT insurance plan resuscitated

The longstanding issue of mandatory disaster insurance has been revived, following severe damage caused by recent floods in southern Morocco.

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UAE: Majority of SMEs overlook key business risks - survey

Small- and medium-sized enterprises (SMEs) in the UAE are overlooking the key risks to their business, such as fire and supply chain disruption, according to the 2014 Global SME Survey released by global insurer Zurich and government agency Dubai SME.

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UAE: Insurers less trusted than banks - EY

Insurance companies are the least trusted in the UAE and Saudi Arabia, compared to banks, car manufacturers, supermarkets, pharmaceutical companies and online shopping sites, an EY survey has shown.

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UAE: Abu Dhabi Global Market forms panel to develop regulatory framework

Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi, has announced that its Pre-Open Market Consultation is underway and has formed an expert panel of 16 leading international financial institutions to support the development of the draft regulatory framework, to govern the operations of institutions licensed to operate from ADGM.

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UAE: Beazley opens regional office in DIFC

Specialist insurer Beazley has opened an office in the Dubai International Financial Centre (DIFC) to underwrite political risk, trade credit, terrorism, political violence, and contingency insurance.

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UAE: AXA Gulf launches SME unit

AXA Gulf has launched a dedicated sales unit offering insurance solutions for small- and medium-sized enterprises (SMEs) in the UAE, with the objective to support and educate SME owners on risks through a specialised team of experts.

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UAE: Fenchurch Faris opens representative office in DIFC

Fenchurch Faris has opened its representative office in the Dubai International Financial Centre (DIFC).

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