Gulf-based individual investors surveyed in the UAE, Qatar and Kuwait are the world's most risk-tolerant, said Natixis Global Asset Management in a survey.
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CCW Global, a Hong Kong-headquartered insurance broker, has partnered with Topsurance.com, a division of Dubai-based Millennium Insurance Brokers, to help its MENA customers receive local advice and services on their UAE health insurance and global life insurance products.
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The increasing dependence on technology and the current state of political instability in the Middle East have made institutions in the region highly vulnerable to new and emerging threats, and it is no longer sufficient to rely on an emergency response plan or a small disaster management committee to deal with crises, said management consultancy Ventures Middle East.
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Algeria's insurance market reported premiums of DZD113.9 billion (US$1.5 billion) for 2013, 15% higher than in 2012, according to data from the National Insurance Council (NIC).
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A recent survey in Bahrain by Takaud, a specialist savings and pensions solutions provider, has found that 75% of those surveyed were failing to save enough to support themselves and their families in their later years.
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Bahrain-based Arab War Risk Insurance Syndicate (AWRIS) has reported its highest profitability since its inception, announcing profits of US$19 million for 2013.
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Bahrain-based LIC (International) is targeting a 20% growth in policy issuance this year, said Chairman S K Roy.
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The local government in the autonomous Iraqi Kurdistan Region has prepared a draft law to make motor insurance mandatory for all drivers, who would be covered for injury and damage claims.
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A record 95% of Lebanese consumers polled said they did not wish to buy life insurance in 2013, according to a report published by Byblos Bank in cooperation with American University of Beirut (AUB).
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The microinsurance market in Morocco has a potential customer base of at least six million people who, when targeted, could increase the country's insurance penetration rate, according to an industry expert.
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The Moroccan operation of French insurance broker Gras Savoye has opened a fourth office in the country, with three more offices planned by 2015.
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Robust growth in demand for medical insurance contributed to a 9% increase in total gross premiums in Oman's insurance sector to OMR114.6 million (US$298.1 million) for the first quarter of 2014, compared to OMR105.2 million for the corresponding period of last year.
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The statistics community in the Middle East has been boosted with the launch of a statistical centre, GCC-Stat, to serve as the official provider of national statistics and other data for the six GCC member states.
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Members of Oman's Majlis Al Shura or lower legislative house have proposed several changes to the country's insurance laws, including a fund for hit-and-run accident victims.
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Standard & Poor's Ratings Services (S&P) said it expects Qatar's growth prospects to remain favourable for its P&C insurance sector, which carries an intermediate industry and country risk assessment.
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Qatar Rail - which is building the country's integrated railway network - has awarded the single project tunnelling and rail construction contract to a six-member consortium of national insurance companies led by Qatar Insurance Company (QIC).
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Q-Re said it has changed its legal name to Qatar Reinsurance Company, and will trade as Qatar Re, going forward.
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Nigeria-based Continental Reinsurance has opened a regional office in Tunisia, as part of its regional expansion programme. The opening is coupled with the introduction of Continental Reinsurance's takaful offering, which will serve clients and partners from Africa, the Middle East and Asia.
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Tunisia's financial sector regulator, the Financial Market Council, has given the green light for AMI Assurances to issue a prospectus for a share issue in conjunction with the non-life cooperative changing its status to that of a limited company.
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XL Group's reinsurance segment has established new operations in Dubai to serve the MENA market and act as a regional hub for the business.
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Oman Insurance Company (OIC) has launched a travel insurance product which includes war and terrorism cover, making it one of the first insurers in the UAE to do so. Typically, war and terrorism cover is excluded from travel and personal accident insurance products.
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Over 80% of pedestrians in Dubai are ignorant about how to cross a road safely, according to a senior Dubai Police official, as the police and the Labour Ministry launch a road safety campaign targeted mainly at the thousands of migrant labourers in the emirate where the number of jaywalking offences is surging.
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United Insurance Company (UIC) said it will raise its capital to YER1.5 billion (US$7 million), up from YER1 billion, making it the largest capitalised insurer in the country.
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