A survey by the Qatar Financial Centre Authority has found that slightly more than half of its respondents expect MENA reinsurance premiums to grow faster than the region's GDP, despite intense competition and pressure on pricing.
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M&A transactions in the Middle East insurance industry continued their downward trend to reach their lowest level in four years, with nine deals completed during the July 2012 to June 2013 period compared to 13 the previous year, said media reports citing figures from Clyde & Co.
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The GCC insurance markets' growth is expected to continue, albeit at a reduced pace, as economic growth remains relatively modest in 2013, said A.M. Best in a new report.
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Inflated valuations and a reluctance to relinquish control are among the factors preventing smaller insurers in the GCC from consolidating, said a Standard & Poor's (S&P) report.
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Trust Re's GWP grew 14.5% y-o-y to US$244.0 million for the first half of 2013, while net underwriting profit for the same period jumped by 153.6% y-o-y to $7.1 million.
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Health services provider Cigna and Saudi Arabian Insurance Company (SAICO) have officially launched their joint venture third-party administrator CIGNA SAICO Benefits Services WLL. The new entity will be based in Manama and will employ 50 people.
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Afro Asian Assistance (AAA), Trust Re's travel assistance unit, is finding its way and benefiting from its sister companies within Nest Investments (Holdings) - the parent company of Trust Re - which operate across the MENA region, said General Manager Tariq Al Khawaja.
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The Cabinet has approved the new compulsory insurance for fire and earthquake, which applies to both public and private commercial establishments with assets worth over JOD500,000 (US$706,614), said media reports.
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The Export Credit Guarantee Agency (ECGA) of Oman is recommending to its credit insured exporters that all new credit limits for Egypt should be under letters of credit confirmed by Omani or international acceptable banks, said media reports.
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Oman's insurance market recorded a 13.2% rise in gross written premiums to OMR202.4 million (US$525.6 million) in the first half of 2013, thanks to a robust growth in demand for medical cover, said media reports citing figures from the Capital Market Authority (CMA).
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The Capital Market Authority (CMA) has published an updated table of basic premium rates for commercial vehicles with special uses such as taxis, driving school and rental cars, gas distribution vehicles and water tankers.
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Qatar has topped the MENA region in the global competitiveness ranking index compiled by World Economic Forum (WEF).
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Al Wakra Hospital, The Cuban Hospital and Al Khor Hospital have become the latest additions to the National Health Insurance Scheme (NHIS) provider network, bringing the total number of participating hospitals providing inpatient and outpatient services to seven.
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ACE Group has received approval from the Tunisian Ministry of Finance to establish a reinsurance operation in Tunisia as part of its continued strategy to grow its business throughout the MENA region.
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Medical insurer Aetna has expanded its direct settlement network in the UAE and other markets by forming new partnerships with hospitals and medical groups in these regions.
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Abu Dhabi National Insurance Company (ADNIC) has launched a new suite of medical products to facilitate easier application for both corporate and individual customers, with a multi-lingual, 24-hour medical authorisation centre.
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The National Health Insurance Company - Daman has launched a new range of individual health insurance plans designed exclusively for residents of Dubai and the Northern Emirates, addressing specific market demand by offering a range of flexible plans for individuals and families with different needs and budgets.
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Standard Life has enhanced its offering to its savings and investment products, which will be distributed through authorised intermediaries in the UAE.
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Union Insurance has partnered with Etisalat to provide its subscribers with the option to purchase individual and family insurance products through the telco.
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The Dubai International Financial Centre (DIFC) has recorded a 7% growth in the number of actively registered companies to 979 in the first half of this year and added 1,000 new jobs during the same period, bringing the total number of employees to 15,000.
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