Zurich remains committed to the Middle East region and plans to focus on a country-centric strategy rather than an expansive regional set-up, said Mr Geoffrey Riddell, Regional Chairman for Asia-Pacific and Middle East.
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US-headquartered healthcare benefits provider Aetna is partnering with governments and corporations as part of its regional expansion, said Dr Saif AlJaibeji, Vice President, Government Relations, Middle East & Africa.
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The political turmoil in the Arab world will cost the seven most-affected countries about US$800 billion by the end of next year, said media reports citing estimates by HSBC.
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Italy's Generali has redefined its geographical structure with the creation of two new regions - Europe, Middle East and Africa (EMEA), and Latin America (LatAm) - in line with the strategy to simplify the Group and its governance.
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The cost of providing employee health benefits for companies in the Gulf is the highest in the EMEA region, constituting 6% of payrolls compared to 3.9% and 3.3% in eastern and western Europe, respectively, said a Mercer Marsh Benefits report.
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Only a handful of the largest groups in the GCC have implemented risk-based capital (RBC) assessments, and most insurers tend to set capitalisation targets relative to often simplistic regulatory minimum requirements for paid-in capital, said Moody's in a new report.
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The Jordan Insurance Federation (JOIF) and the Public Security Department have launched a JOD1 million (US$1.4 million) project to process traffic accidents reports and motor insurance claims electronically, said media reports.
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Lebanon's insurance sector produced premiums of US$739 million in the first half of 2013, up 7% y-o-y, according to figures released by Association of Insurance Companies in Lebanon (ACAL). The medical business posted the highest growth rate at 11%, followed by life and fire with 8% and 5%, respectively.
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Morocco is making big strides towards becoming a reliable gateway for the African continent with the creation of the Casablanca Finance City (CFC), said Mr Anass Houir Alami, President of the Morocco's Société Centrale de Réassurance (SCR).
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Saudi Arabian power company ACWA Power has appointed Marsh, Munich Re and GCube to provide insurance and risk advisory services for its concentrated solar power (CSP) project Noor 1 in Ouarzazate, Morocco.
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The Capital Market Authority (CMA) has imposed financial penalties on 20 insurers since the beginning of the year, said media reports.
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A Royal Decree has extended social insurance coverage to all self-employed Omanis and their equivalent, providing them with job protection, in line with directives giving priority to the national workforce.
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Qatar Chamber (QC), the representative body of the private sector, will encourage companies to cover their employees under the country's health insurance scheme, said media reports.
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About a quarter (26%) of SMEs in the UAE are expanding their exporting activities over the past 12 months, the highest figure across all surveyed countries and double the global average of 13%, said Zurich in a survey.
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Abu Dhabi National Insurance Company (ADNIC) has opened a new branch providing insurance sales and claims services to Sharjah and the Northern Emirates.
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