Magazine

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Sep 2012

Magazine Table of Contents

News

MENA & GCC : Higher oil production to boost MENA growth to 5.5%

The International Monetary Fund (IMF) has revised the MENA region’s 2012 growth to 5.5%, up by 1.3% from its April outlook of 4.2%, on the back of stronger growth as key oil-producing countries boost production and as Libya’s economy rebounds from conflict.

MENA & GCC : EMEA insurers looking at mortgage lending

Insurers and other institutional investors in the EMEA are considering mortgage lending opportunities in European commercial real estate (CRE) in a bid to fill part of the void left by bank de-leveraging and the absence of a vibrant European commercial mortgage-backed securities (CMBS) market, said Fitch Ratings.

MENA & GCC : Consumer confidence remains high

Consumers remain upbeat about the region’s future and its financial condition, with the confidence index reaching an aggregate level of 83.5, much higher than that of Asia/ Pacific (57.2) and Africa (76.1), said the MasterCard Worldwide IndexTM of Consumer Confidence survey.

MENA & GCC : More GCC nationals choosing medical treatment abroad

A growing number of nationals in GCC countries said they would prefer to seek medical attention outside of their own country if they had a serious health concern, said a Gallup poll.

MENA & GCC : Willis creates regional business units

Willis International has created three regional business units under new and expanded leadership reflecting the size, growth and importance of its Asia Pacific, Middle East and Africa operations.

MENA & GCC : Bahrain working on compulsory home cover

The Manama Municipal Council is planning to introduce a compulsory insurance scheme for homeowners and businesses in Bahrain, said media reports.

Bahrain: Arig posts profit with increased underwriting returns

Arab Insurance Group (Arig) reported US$3.8 million net profit during the first half of 2012, compared to its $4.1 million loss a year earlier, due mainly to good underwriting performance and the absence of large natural catastrophes.

Bahrain: BNH’s premiums up 6.5% to US$32 mln in 1H

Bahrain National Holding Co (BNH), the parent company of Bahrain National Insurance (bni) and Bahrain National Life Assurance (bnl), said its first half gross premiums increased by 6.5% y-o-y to BHD12 million (US$31.9 million). Net earned premiums grew by 7.6% y-o-y to BHD6.95 million.

Bahrain: BKIC’s 1H net profit down 42% to US$4 mln

Bahrain Kuwait Insurance Co (BKIC) achieved a net profit of BHD1.5 million (US$4 million) in the first half of 2012, down 42.1% y-o-y. Gross premiums grew 0.6% y-o-y to BHD19.1 million.

Jordan: Premiums grew 7% to US$343 mln in June

Gross premiums in Jordan increased by 6.8% to US$343.4 million at the end of June, compared to the $321.7 million recorded in the same period of 2011, said the Insurance Commission of Jordan (IC) in a report.

Kuwait Insurance’s 1H profit up 16% to US$10.2 mln

Kuwait Insurance Co reported a net profit of KWD2.9 million (US$10.2 million) in the first half of the year, up 16% y-o-y, said media reports.

Lebanon: Bank Audi’s net profit surges after insurance sale

Bank Audi said its net profit for the first half of 2012 grew 27.7% to US$230.1 million, of which $44.5 million was from the sale of its 81% stake in LIA Insurance.

Qatar: QIC’s 1H net profit down 11% to US$83 mln

Qatar Insurance Co (QIC) posted an 11.4% drop in its net profit to QAR302.76 million (US$83.2 million) in the first six months of 2012, mainly on lower core earnings. Gross premiums for the period grew 1.4% y-o-y to QAR1.47 billion.

Qatar Petroleum ups stake in pension fund

Qatar Petroleum (QP) has lowered its stake in conglomerate Industries Qatar (IQ) to 51% from 70%, transferring the 104.5 million shares to another state-owned entity, General Retirement and Social Insurance Authority.

UAE: DIFC Authority splits into two entities

The Dubai International Financial Centre (DIFC) Authority will separate its core functions into two entities, and has appointed key executives to head the two arms to boost its growth plans.

UAE: ABNIC sees slower growth

Abu Dhabi-based Al Buhaira National Insurance Co (ABNIC) saw its net profit at the end of first half decreased by 33.1% y-o-y to AED35.1 million (US$9.6 million), while gross premiums stood at AED302.6 million, down 21.1% y-o-y.

UAE: SEHA and Zakat Fund to provide health services to needy

The Abu Dhabi Health Services Co (SEHA) has signed a Memorandum of Understanding (MoU) with state-run charity foundation Zakat Fund to provide medical services to families with limited income that are registered with the Fund.

UAE: Insurance House’s 1H profit hit US$1.7 mln

Abu Dhabi-based Insurance House (IH) reported a net profit of UAE6.3 million (US$1.7 million) in the first half of 2012. In the second quarter alone, net profit grew 35.3% to UAE3.6 million, compared to UAE2.7 million in the previous quarter.

UAE: Chartis increases commercial property risk capacity

Chartis has increased its commercial property per-risk capacity to US$1.5 billion on a worldwide basis, including the MENA region.

UAE: Liberty offers event cancellation for region

Liberty International Underwriters (LIU) and Liberty Syndicates have launched a new event cancellation product for clients in MENA. With capacity available of up to USS$10 million per risk, the cover is expected to meet a growing demand for contingency cover, fuelled by high-profile global events taking place this summer.

Global: Up to 34% of European firms not covered for terrorism and political risk insurance

The majority of European companies feel under-prepared for emerging risks including terrorism and political violence, said new research by ACE. Despite these concerns, 34% of companies do not have comprehensive insurance coverage for terrorism and political violence, and only 7% are covered for such risks.

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