Magazine

Read the latest edition of AIR and MEIR as an Interactive e-book

Jan 2014

News


MENA & GCC: Life premiums accelerate in 2013 - Swiss Re

Life premiums in MENA are estimated to have grown by 8.9% in 2013, higher than the 8.1% recorded in 2012, as sustained growth in the GCC and a strong recovery in Turkey have offset lacklustre sales in markets still embroiled in political turmoil, said a Swiss Re report.

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MENA & GCC: Political risks on the rise for direct foreign investors

The instability and uncertainty created by the Arab Spring has significantly increased the level of dynamic political risk for direct foreign investors operating in MENA, according to the 2014 Marsh-Maplecroft Political Risk Map.

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MENA & GCC: EMEA firms failing to keep pace with new risks - ACE

Lack of management attention, compounded by the lack of skilled resources, management tools and processes, is hampering companies' ability to manage a range of new and emerging risks in Europe, the Middle East and Africa (EMEA), said global insurer ACE in its latest survey.

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MENA & GCC: Aetna to expand in Middle East & Africa with new acquisition

Aetna has agreed to acquire UK-based InterGlobal from London private equity firm Alchemy Partners in a move to expand its reach in international private medical insurance.

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MENA & GCC: Aviva expands provision in the GCC

Aviva has expanded its health offering in the GCC, creating a new tailored Gulf Solutions policy for group customers to provide cover for their employees based in Kuwait, Oman, Qatar or the UAE.

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GCC: Lifestyle-related diseases to cost US$36 bln in 2013 - Booz & Co

The total economic cost of the five common non-communicable diseases (NCDs) in the GCC will reach US$36 billion in 2013 - one-and-a-half times of official healthcare spending, said Booz & Co in a new study.

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Bahrain: Long-term insurance leads premium growth

The Bahrain insurance market grew 9% in 2012 to register gross premiums of BHD239.05 million (US$633.9 million), thanks mainly to a 14% surge in long-term insurance to BHD60.16 million, said the Central Bank of Bahrain (CBB).

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Jordan: AAIB launches crisis help plan

Jordan-headquartered Anglo Arab Insurance Brokers (AAIB), under the trade name Frontier Travel Insurance, has launched an online crisis assistance plan, which business travellers to volatile territories and buy over the internet, without having to wait for administration approval, couriers or bank authorisation, said media reports.

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Morocco: France's Wendel buys 13.3% stake in Saham Group

French investment company Wendel has acquired a 13.3% stake in Saham Group for EUR100 million (US$137.5 million) via a capital increase aimed at stepping up the Morocco-based insurer's expansion in Africa and the Middle East, and strengthening its resources.

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Morocco: Casablanca Finance City inks deal with UK institute

The Casablanca Finance City (CFC) has signed a Memorandum of Understanding (MoU) with UK-based Chartered Institute for Securities & Investment (CISI) to promote global financial qualifications in Morocco and the region.

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Oman: Bank Muscat to recover US$38.8 mln in fraud losses

Bank Muscat said its insurers have agreed to indemnify its US$38.8 million in losses from the pre-paid card fraud which occurred last February.

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Qatar to launch second phase of compulsory health scheme in April

The second phase of the compulsory health insurance scheme is expected to be launched by April this year, covering all Qatari citizens, said media reports.

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Qatar launches 3-year plan for financial sector regulation

The Qatar Central Bank (QCB), QFC Regulatory Authority (QFCRA) and Qatar Financial Markets Authority (QFMA) have jointly launched a three-year strategic plan for the future of financial sector regulation in Qatar.

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Qatar General plans to convert into private shareholding firm

Qatar General Insurance and Reinsurance Company is planning to convert the legal form of Qatar General Holding Company from a one-person company to a private shareholding company.

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Qatar: Al Koot puts on hold conversion plans

Qatar Exchange-listed Gulf International Services (GIS) said its insurance subsidiary Al Koot has indefinitely put on hold its plan to convert to a reinsurance entity.

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UAE: Dubai rolls out mandatory health insurance

Healthcare providers have started to apply for permits in order to provide health insurance in Dubai, a process that will be completed by January 2014, said the Dubai Health Authority (DHA).

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UAE: IA raises minimum capital for brokers

The Insurance Authority (IA) has issued a new regulatory regime for insurance brokers in the UAE, raising the minimum limit for capital and bank guarantees.

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UAE: ADNIC partners with Dubai Trade to launch online platform for cargo insurance

Abu Dhabi National Insurance Company (ADNIC) has partnered with Dubai Trade, a provider of integrated electronic services from trade and logistics service providers in Dubai, to introduce ADNIC's Marine E-Cargo solution.

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UAE: Oman Insurance sets up China desk

Oman Insurance Company (OIC) has set up a dedicated "China Desk" to service Chinese companies in all the markets it operates in the region, said media reports.

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AIG inks travel insurance deal with UAE Exchange

UAE Exchange, a provider of global remittance and foreign exchange services, has partnered with AIG to offer its gocash prepaid travel card customers a range of travel insurance benefits.

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UAE: NEXtCARE and Mediclinic Middle East sign MoU

NEXtCARE UAE (Arab Gulf Health Services) and Mediclinic Middle East, a private hospital group in Dubai, have signed a Memorandum of Understanding (MoU).

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