As part of its expansion drive for 2015, MENA Insurance CEO Club (MICC) welcomes two new members: Mr Julio Garcia-Villalon, Regional Head, Middle East & Africa of MetLife; and Mr Ahmad Idris, CEO of Abu Dhabi National Insurance Company (ADNIC); bringing the total membership to 21.
The average white-collar salary across the Gulf region rose by 7.88% to US$11,211 last year, according to the Gulf Business 2015 Salary Survey.
The Central Bank of Bahrain (CBB) is working to standardise the wordings in auto third-party insurance policies among insurers.
Insurers in Bahrain will need around one year to assess the impact of the Kingdom's new and tougher traffic law on claims and the bottom line, said Chairman of the Bahrain Insurance Association (BIA), Mr Yahya Nooruddin.
Trust Re said its authorised, issued and paid-up capital now stands at US$200 million, a goal it has reached ahead of schedule.
Online vehicle auction company Copart has opened its second facility in the Middle East, Copart Bahrain Auctions WLL, in Manama.
Total premiums rose by 7.6% to reach JOD527.9 million (US$745.2 million) for 2014 compared to the previous year, according to preliminary data released by the Ministry of Industry and Trade and Supply.
The Jordanian government is planning to liberalise premium rates for compulsory motor third-party insurance, following a study on the issue.
Foreign companies operating in Kuwait are now exempt from certain requirements for establishing insurance and reinsurance companies in the country, according to a ministerial decision issued in early April by Finance Minister and Acting Minister of Commerce and Industry, Mr Anas Al-Saleh.
Al Ahleia Insurance has reported profits of KWD8.5 million (US$28.1 million) for 2014, 10.5% lower than the KWD9.5 million chalked up in 2013, according to the company's Chairman, Mr Sulaiman Al Dalali.
Gulf Insurance Group (GIG) has recorded a net profit of KWD12 million (US$39.7 million) for 2014, 17.6% higher compared to 2013.
The Capital Market Authority (CMA) has unveiled a draft regulation for insurance brokerage firms to enhance their role in the market. When finalised, the new regulation will become an executive rule before the end of the year.
The DIFC Insurance Association has been incorporated as a non-profit body in the Dubai International Financial Centre (DIFC) and is ready to welcome corporate applicants, said Dr Bassel Hindawi, one of the three initial founding members of the Association.
The Insurance Authority (IA), the Emirates Insurance Association (EIA) and representatives of local and foreign insurance companies operating in the UAE are working on amending the standard motor policies for loss and damage and third-party liability covers, recently holding a dialogue session in Abu Dhabi to this end.
The UAE's insurance sector is among the key beneficiaries of the lifting of international sanctions against Iran, if the Iranian government meets its commitments on the country's nuclear programme under an agreement due to be signed with major powers at the end of June, said media reports.
Abu Dhabi National Insurance Company (ADNIC) recorded a net loss of AED280 million in 2014 in contrast to a net profit of AED156 million in 2013, due to high-value losses in traditionally profitable lines of business.
International insurance broking and consultancy firm, Fenchurch Faris, has launched a new branch office in Dubai that became fully operational recently. The establishment of the branch follows the setting up of the company's representative office in the DIFC last December.
Drivers who commute across the Economic Community of West African States (ECOWAS) sub-region will not be required to insure their vehicles when they cross over to other countries by the end of the second quarter of this year, said media reports.
Farm insurance premiums amounted to DZD400 million (US$4.1 million) last year, less than 1% of the total turnover of the insurance industry which stood at DZD119 billion, said Mr Cherif Benhabiles, CEO of Caisse Nationale de Mutualité Agricole (CNMA).
The Insurance Federation of Egypt (IFE) has finalised a personal accident insurance policy for school and college students, providing cover of EGP50,000 (US$6,553) per student.
The Insurance Federation of Egypt (IFE) will form a new technical committee focussing on microinsurance, said Chairman Abd El Raouf Kotb, in line with moves by the government to promote microfinance in the country.
Construction firms are considering setting up an insurance company to assist them in securing financing, said media reports.
The Competition Authority of Kenya has approved the buyout of Resolution Insurance by private equity firm Leapfrog Investments through its holding company Resolution Health East Africa.
Pan Africa Insurance Holdings has finalised its 51% acquisition of Gateway Insurance Company. At KES17.56 (US$0.19) per share, Pan Africa will pay shareholders of Gateway for around KES561 million for 31,948,950 ordinary shares.
The Moroccan Federation of Insurance and Reinsurance (FMSAR) has agreed to provide technical support to the Tunisian insurance market to establish a motor insurance bureau.
Kenya's Insurance Company of East Africa (ICEA) has inked a three-year contract worth KES105 million (US$1 million) with the Federation of Motorsport Clubs of Uganda (FMU) to cover personal accidents involving rally drivers, motocross riders and active officials during competitions.