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| This month in the MiddleEast Insurance Review |
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Country profile - Egypt :Riding on the wave of changes
For over a decade, a series of wide-ranging reforms have distinguished Egypt’s insurance industry, impacting all sectors from life and non-life to reinsurance and brokerage. Despite fragmentation and slower growth, the market remains attractive with new companies entering. We find out how the various players have coped with the changes.
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Technical feature - Catastrophes Market imperfections and CAT insurance
The MENA region is distinguished by a long historical and archaeological record of natural catastrophes. However, it is sparsely covered by CAT insurance and suffers from a number of imperfections which hinder advancement. With the judicious intervention of governments, assistance from international donors and improved risk awareness, some of these are likely to be rectified progressively over time, write Dr Gordon Woo and Mr Daniel Stander of RMS.
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Bancassurance - How to succeed in bancassurance
Can multi-channel integrated strategies work? What are the considerations in product design, partner selection, pricing, training, sales structure and models of operations? These issues were the hot issues at the 3rd Middle East Conference on Bancassurance and Alternative Distribution Channels in Dubai, where speakers debated the strategies for succeeding in bancassurance.
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Cover story - Takaful: Wanted - a dynamic, solid industry body
The high level roundtable involving 11 leaders in the takaful industry to critically examine ways to take takaful to the next step while preserving its uniqueness and relevance ended up with an urgent call to set up an internationally-recognised representative voice for takaful that can serve as a reference and liaison point for the industry. The international body must be visible and be able to talk to regulators, NGOs, and other trade bodies and help to grow and develop the global takaful sector said the Roundtable organized by MiddleEast Insurance Review along the corridors of the World Takaful Conference.
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Retakaful in Malaysia - Retakaful business rises
Malaysia has become a hotbed of retakaful activity boasting the world’s largest concentration of retakaful operators, double-digit growth in contributions and a high degree of innovation. We track its recent developments.
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Ratings on the move
Companies and rating agencies which want to be covered are kindly requested to send their inputs to editor@meinsurancereview.com. The ratings page will dutifully cover announcements made between the 15th of the two preceding months.
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News - Bahrain: SMEs get lifeline to beat economic crunch
Bahrain’s Tamkeen (Labour Fund) has joined hands with the Bahrain Chamber of Commerce and Industry and the General Federation of Workers Trade Unions in to create a BHD10 million (US$26.5 million) fund to give SMEs financial support, including help to pay for insurance.
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News - Jordan : Premiums up 11% at end-April
Gross insurance premiums in Jordan increased by 10.7% to US$192.4 million by the end of April, compared to $173.8 million recorded in the same period last year, said the Insurance Commission of Jordan (IC).
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News - Jordan : JOIF inks regional cooperation agreements
Jordan Insurance Federation (JOIF) has signed four cooperation agreements with the Emirates Insurance Association, the Palestinian Insurance Federation, the Egyptian Insurance Federation and the Syrian Insurance Federation to develop the Kingdom’s insurance market.
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News - Syria : Premiums hit US$77 mln in 1Q
Total insurance premiums grew 12.9% y-o-y to US$76.5 million in the first quarter of 2010, according to figures released by the Syrian Insurance Supervisory Commission (SISC).
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News - UAE: New pensions and social security structure approved
The new government-approved General Pensions and Social Security Authority (GPSSA) will pave the way for laws on pensions and social security and operate centres in Abu Dhabi and Dubai, as well as business units for investment, risk assessment and internal audit.
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News - UAE: EIC’s net profit up 58%
Emirates Insurance Co (EIC) saw its net profits surge 58% y-o-y to AED30 million (US$8 million) in the first quarter of the year, while gross premium income rose almost 2% to AED217 million during the same period.
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News - UAE: Al Wathba’s net profit jumps 236%
Abu Dhabi-based Al Wathba National Insurance Co (AWNIC)’s net profit has more than tripled from AED3 million (US$816,726) in the first quarter of last year to AED10.3 million in the first three months of 2010.
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News - UAE: Assurex Global adds brokers as partners
Assurex Global, the world’s largest network of independent insurance brokers, has added three new brokers to its international partnership ranks: Associated Insurance Consultants (AIC) of the UAE and Griffiths & Armour and Miller Insurance Services, both of the UK.
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News - Yemen: UIC acquires 45% market share in 2009
The United Insurance Co (UIC) continued to lead Yemen’s insurance market with latest market figures showing the company controlling 45% of GWP in 2009, up from 42% the previous year. UIC also writes over 50% of the market’s fire, marine, and life businesses.
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News - Global: Prudential drops bid for AIA
UK-headquartered Prudential withdrew from an agreement to acquire AIA, AIG’s Asian life insurance arm, after the US insurance group rejected Prudential’s revised offer of US$30.4 billion.
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News - Global: New fronts in war on terror identified – Aon
International counterterrorism efforts appear to be stifling the ability of terrorist groups to mount significant attacks on the scale of those of 11 September 2001, according to the 2010 Aon Terrorism Threat Map issued by Aon Crisis Management.
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Takaful news - Malaysia : HLTM Takaful offers new plan
Hong Leong Tokio Marine Takaful Berhad (HLTM Takaful) has launched a new five-year Shariah-compliant investment-linked plan that provides customers with the opportunity to tap into some of China’s key growth pillars.
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Takaful news - Malaysia : Massive global sukuk planned
The Malaysian government has announced plans to issue the first global sovereign sukuk for the year of at least US$600 million, embarking on an investor roadshow in four cities – Hong Kong, Abu Dhabi, Dubai and New York – to market the five-year offering by its special-purpose vehicle, 1Malaysia Sukuk Global.
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Takaful news - UAE: Noor Takaful to insure Dubai taxis
Dubai Taxi Corporation (DTC) of the Roads and Transport Agency (RTA) has signed a contract with Noor Takaful General to provide Islamic insurance coverage against loss, damage and civil responsibility for all existing vehicles.
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