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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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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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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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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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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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-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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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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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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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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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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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 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 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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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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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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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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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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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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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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