Bahrain Kuwait Insurance Company (gig-Bahrain), a subsidiary of Gulf Insurance Group (gig), announced that it has joined the corporate sponsorship project within the Bahrain Institute of Banking & Finance (BIBF) new iconic building at Bahrain Bay.
The Egyptian insurance sector has posted a 25% jump in net surplus to EGP6bn ($381.5m) – comprising underwriting gains and investment returns – for the 12 months to 31 December 2020, compared to EGP4.8bn in 2019.
Total premiums in Jordan fell by 3.5% last year to JOD594m ($837.8m), compared to JOD615.3m for 2019, according to official data issued by the Insurance Department of the Ministry of Industry, Trade and Supply.
The compulsory insurance system for vehicles covers all motor accidents by vehicles that are fully insured unless they constitute a felony or intentional misdemeanour, the Ministry of Industry, Trade and Supply’s director of the Insurance Department Wael Mahadin has said.
Anticipated new and tougher regulations in Kuwait could lead to some capital raising and consolidation in 2021, said S&P Global Ratings.
Kuwait Reinsurance Company (Kuwait Re) has posted an increase of 10.8% in net profit to KWD5.23m ($17.3m) in 2020 compared to KWD4.73m in 2019, according to financial statements lodged with the Boursa Kuwait.
Non-life premiums generated by 38 insurance companies operating in Lebanon reached $1.16bn in 2020, up 2% from $1.13bn produced by 44 insurers in 2019, according to the annual survey by Al-Bayan magazine of the insurance sector in Lebanon.
The Capital Market Authority (CMA) has launched an electronic system for licensing health insurance TPAs, in line with its goal of speeding up digital transformation in the country. TPAs can now apply for registration and renewal of licences electronically.
Oman Re, the sole reinsurer based in Oman, has launched its branch at the Qatar Financial Centre (QFC) in Doha to provide its regional clients with greater access to its underwriting expertise and capacity. The establishment of the branch follows the receipt of necessary regulatory approvals.
The Council of Cooperative Health Insurance (CCHI) in Saudi Arabia has announced that small and medium-sized health insurance companies when merged would be exempted from paying qualification and supervision fees for a maximum period of three years, according to specific conditions and requirements.
DIFC said it has reported the best performance in its 16-year history and the achievements contribute to all pillars of Dubai’s 2021 strategy, including raising the emirate’s status as a pivotal global economic hub and a smart and a sustainable city.
The differences in pricing between comprehensive motor insurance and motor third party liability (MTPL) insurance have narrowed significantly over the past year, according to the Emirates Insurance Association (EIA).
Global
Brokers in general did a great job in the transition to working from home and dealing with people digitally, said Brokerslink chairman Jose Manuel Fonseca.
Hackers are increasingly using vaccine-related emails in their targeted spear-phishing attacks, according to a new report by Barracuda Networks, a cloud-enabled security solutions company. Barracuda conducted an analysis between October 2020 and January 2021.
Insurers should use a wider range of models to reduce CAT losses and halve the amount of uninsured risk for CAT events, according to new research from Oxford University.
Insurance professionals face several barriers when they try to support customers in vulnerable circumstances, according to a new survey by the Chartered Insurance Institute (CII).
Takaful
Takaful business in Malaysia continued to gain ground in the insurance market during the 2020 pandemic, compared to conventional insurance business, according to Fitch Ratings.
The audited net profit of Dubai-listed Islamic Arab Insurance Company (SALAMA) stood at AED157.04m ($42.76m) in 2020, more than 2.5 times the AED59.82m posted for 2019, according to a company statement.