Internal audit must significantly improve its performance or risk losing relevance as other internal risk functions become more vital contributors in the risk management area, said a PwC survey.
Buy Now
Trust Re saw its net underwriting profit grow by 74.5% y-o-y to US$15.4 million in 2012, while net profit rose by almost 6% to $17.8 million.
Buy Now
Bahrain Kuwait Insurance Company (BKIC) has signed an MoU with Gulf Assist to provide pick-up and delivery service to its comprehensive motor insurance customers.
Buy Now
Savings and pension specialist provider Takaud has launched an employee savings plan to meet the growing demand across the Middle East for innovative employee benefit packages.
Buy Now
The Egyptian insurance sector posted a 43.3% growth in net profit to EGP894 million (US$130.1 million) in the financial year ended June 2012, despite political and economical turbulence across the country, said media reports citing figures from the Egyptian Financial Supervisory Authority (EFSA).
Buy Now
The Egyptian Financial Supervisory Authority (EFSA) has warned that healthcare companies are not allowed to provide medical insurance services to customers except through policies that are signed with insurers licensed by EFSA.
Buy Now
A massive 7.8 magnitude earthquake struck a border area of southeast Iran on 16 April, killing at least 35 people and injuring 80 in neighbouring Pakistan as well as shaking buildings in the Gulf Arab states and India.
Buy Now
The US Department of State has imposed sanctions on Kish Protection and Indemnity Club (Kish P&I) and Bimeh Markazi-Central Insurance of Iran (CII) for providing insurance services to the National Iranian Tanker Company (NITC).
Buy Now
Gulf Insurance Company (GIC) has reported a 31% y-o-y growth in net profit to KWD9.3 million (US$32.6 million) in 2012 and a 9% annual increase in GWP to KWD145.4 million, said media reports.
Buy Now
Warba Insurance Company's net profit surged 66.9% to KWD1.02 million (US$3.6 million) in 2012, while GWP grew 2.7% y-o-y to KWD26.3 million during the same period.
Buy Now
Kuwait-based Arab Investment and Export Credit Guarantee Corporation (Dhaman) has launched the Dhaman Investment Attractiveness Index (DIAI) as part of its efforts to guide investors about business opportunities and conditions in Arab and other countries.
Buy Now
Total credit limits issued to exporters by the Export Credit Guarantee Agency of Oman (ECGA) at the end of the 2012 reached OMR332.8 million (US$838.7 million), up 9.8% y-o-y, said media reports.
Buy Now
The Public Authority for Social Insurance (PASI) is launching an insurance project aimed at supporting various initiatives to create job opportunities through self-employment or individual institutions, said media reports.
Buy Now
The Qatar Financial Centre Authority (QFCA) has reached an agreement to sell Qatarlyst, an electronic trading exchange for the global insurance and reinsurance industry to Ebix Singapore, a subsidiary of Atlanta-based insurance software and e-commerce supplier Ebix.
Buy Now
Germany's Allianz said it has reached an agreement to acquire a 93.9% stake in Yapi Kredi Sigorta, the fifth largest P&C insurer in Turkey, including its life and pension subsidiary Yapi Kredi Emeklilik, for EUR684 million (US$894.4 million).
Buy Now
Singapore-based reinsurer Asia Capital Reinsurance Group (Asia Capital Re) has received final regulatory approval to open its branch office in the DIFC.
Buy Now
The Dubai Health Authority (DHA) has launched an electronic portal, Insurance Partner Relations Opinion Management e-System (iPROMeS), to manage suggestions, queries, feedback and complaints relating to all health insurance services provided in the emirate.
Buy Now
LOC Group, a leading marine and engineering consultancy in the UK, has acquired Scandinavian Underwriters Agency (SCUA) Middle East. LOC Middle East will continue to respond to all types of marine insurance claims, casualty, loss prevention, engineering and energy issues in the shipping, oil and gas markets.
Buy Now
International General Insurance Holdings' (IGIH's) net profit grew 8.7% y-o-y to US$25.3 million in 2012, while GWP amounted to $225.5 million, up 11.2% from a year ago.
Buy Now
Abu Dhabi National Insurance Company (ADNIC) has posted an 11% y-o-y growth in GWP to AED2.3 billion (US$626.2 million) last year. Overall premium retention ratio grew to 57% from 55% in 2011, underpinned by a balanced reinsurance programme reflecting the company's enhanced prudent risk appetite.
Buy Now
National General Insurance's (NGI's) net profit grew 64.3% y-o-y to AED46 million (US$12.5 million) in 2012, with gross premiums up slightly by 3% to AED449 million.
Buy Now