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| Cover Story: Medical Underwriting - Advantages of private label partnerships
Providing affordable 24/7 access to medical facilities worldwide is far easier said than done. It requires expertise and experience as well as a solid and international infrastructure to be able to deal with clients' requests and offer quality customer service in international private medical insurance. Messrs Wouter Reggers and Olivier Jourdeuil of Vanbreda International elaborate.
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| Cover Story: Medical Underwriting - Meeting the demands of healthcare insurance in the Middle East
Dubai’s new health funding system and other financing issues came under the spotlight at the 2nd Middle East Healthcare Insurance Conference, organised by MiddleEast Insurance Review in December in Dubai, which brought together some 100 delegates from 21 countries. We share the key insights and recommendations from the two-day event held under the theme “Managing Healthcare and Health Insurance Demand of the Middle East”.
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| Country Profile: Bahrain - Revving up the regional circuit
With a population of around one million occupying a land area of 665 square kilometres, Bahrain has managed to sustain strong growth in insurance premiums and profits. While the domestic market is limited in size, its forward-looking regulator is making sure that the fourth-richest Arab state continues to stay ahead as a regional financial hub.
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| Country Profile: Bahrain - BNH: Changing with the times
Bahrain National Holding (BNH), a joint-stock company traded on the Bahrain Stock Exchange, is one of the largest direct insurers in the country, with BHD55 million (US$146 million) in market capital and BHD27.5 million in gross premiums, at the end of 2007. In this interview, the General Managers of BNH’s life and non-life subsidiaries explain how the companies’ plans have evolved to meet the needs of the domestic market.
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| Takaful Feature: Takaful takes off in emerging markets
Various Islamic insurance models that comply with the Shariah have been adopted in Muslim countries. Takaful, the focus of a recent sigma study, is the most accepted model. We present some of the findings from this study, looking in particular at takaful in four emerging markets.
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| Curtain Raiser - MEIF: Tackling regional issues amid testing times
Bahrain-based Middle East Insurance Forum (MEIF), a brainchild of the Central Bank of Bahrain, has become one of the more established regional forums, gathering market leaders together to confront the industry’s most pressing issues of the day. This year, the emphasis is on growth opportunities beyond the crisis. As a curtain raiser to the event, we look at how the forum has evolved, the issues raised and the current challenges to be tackled.
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| Takaful Feature: P&I - GAC Dubai to stay bouyant
As the Middle-East Correspondent for 13 International Group Clubs, GAC Dubai has been diligently handling the Clubs’ claims in the region. Ms Meena Mathews, P&I Regional Manager – Middle East/Business Manager of Gulf Agency Company (Dubai) LLC gives an update on the claims situation.
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| Takaful Specials: Towards a unified takaful industry
The first Forum of Shariah Supervisory Boards for Takaful Companies took place in Sudan in January, attended by over 120 delegates and gathering high-profile Shariah scholars who discussed various topics concerning the takaful industry and how it will face current challenges from the Shariah point of view. The meeting offered a good opportunity for Shariah specialists from various parts of the world to meet and exchange opinions regarding basic principles in takaful, with the aim of achieving a unified takaful industry.
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| News - Global: January renewals show return to hard market
As predicted by industry observers since last year’s Monte Carlo Rendezvous, reinsurance markets saw price increases for certain classes of businesses during the January 2009 renewals, according to reports by major reinsurance brokers.
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| News - Global: Cat losses in ‘08 near record highs
While the year did not produce record-breaking events like Hurricane Katrina, there was enough variety, frequency and geographic spread of cat events to record another year of huge losses. Swiss Re said that insured losses soared to US$50 billion for the industry in 2008, making it the second costliest year ever, while Munich Re estimated losses at $45 billion.
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| News - US: P&C leaders expect grim ‘09
Leaders of the property and casualty (P&C) insurance industry expect that the worst of the financial crisis is still ahead, according to a survey conducted by the US-based Insurance Information Institute (III) at its 12th Annual Property/Casualty Insurance Joint Industry Forum.
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| News - Middle East to adopt greater ERM initiatives: Survey
With the current global credit crisis triggering more than US$400 billion in asset write-downs among the financial services industry, enterprise risk management (ERM) programmes are in high demand now more than ever to help institutions in the Middle East aggregate risk and treat it holistically.
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| News - GCC sees slowdown in wage growth
Salary increases across the GCC countries are predicted to slow down in 2009 as many firms across the board are viewing salary rationalisation as a cost cutting solution against the backdrop of the economic meltdown, according to a research report by Advantage Consulting.
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| News - Bahrain: CII awards GII with 30 credits
The UK’s Chartered Insurance Institute (CII) said it has awarded the Gulf Insurance Institute (GII) with 30 credits for its Introduction Certificate in Insurance Principles and Practices.
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| News - Egypt: Barclays Bank-Egypt partners with ALICO
Barclays Bank-Egypt is offering a bouquet of services in co-operation with American Life Insurance Company (ALICO) through the Sehaty card, the latest addition to Barclays’ services and products for retail banking clients.
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| News - Iran to grade insurance firms
Insurance firms in Iran will be graded based on their capabilities, growth indices and financial supervision starting this year, according to news sources.
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| News - Oman: Oman and Qatar sign MoU on insurance
Oman’s Capital Market Authority (CMA) and Qatar Financial Centre Regulatory Authority (QFCRA) have signed a memorandum of understanding (MoU) to enhance mutual co-operation to promote their supervisory roles in the insurance sectors in both countries.
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| News - Qatar: QFC grants licence to Japanese non-life insurer
Mitsui Sumitomo Insurance Company (Europe) Ltd (MSIEU), the UK subsidiary of Mitsui Sumitomo Insurance Company Ltd, has become the first arm of a Japanese non-life insurer to obtain a licence and establish a branch in the Qatar Financial Centre (QFC).
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| News - UAE: Survey shows strong demand for diamond jewellery insurance
A significant majority of people buying diamond jewellery prefer to have their purchase insured against loss and theft irrespective of the value of such purchase, according to a survey conducted by International Diamond Laboratories (IDL) with the support of Dubai Multi Commodities Centre (DMCC).
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| News - UAE: Adnic launches new brand
Abu Dhabi National Insurance Co (Adnic) has launched its new branding campaign introducing a revitalised look and feel for its corporate identity.
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| News - UAE: OIC encourages blood donation
Oman Insurance Co (OIC) organised a Blood Donation Camp in association with the Al-Wasl Government Hospital to carry out its commitment to corporate social responsibility.
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| Takaful News - Global: IFSB issues takaful exposure draft
The Technical Committee of the Islamic Financial Services Board (IFSB) has approved the issuance of an Exposure Drafts (ED) of Guiding Principles on Governance for Islamic Insurance (takaful) Operations, for public consultation.
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| Takaful News - Saudi Arabia: SAMA introduces new insurance regulations
The Saudi Arabian Monetary Agency (SAMA) has introduced new regulations last month that required all insurers, reinsurers and brokers in the country to have a comprehensive risk management strategy in place as well as plans to combat insurance fraud. The new statutes will be mandatory for all insurance and reinsurance companies, including branches of foreign firms and insurance middlemen.
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