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May 2021

Product Bites

Source: Middle East Insurance Review | Apr 2021

Oman: Bank Muscat partners with AXA to offer insurance to SMEs  
Bank Muscat has collaborated with AXA to launch new bancassurance plans which in particular benefit entrepreneurs and owners of SMEs in facing unexpected risks to their business activities and projects.
The new products will offer comprehensive covers that are tailor-made for each business according to their business activity and size. An expert team will advise customers on the best protection and covers needed specifically for their business. The new insurance products will be particularly helpful for SMEs operating in a number of sectors including construction, hospitality, IT, manufacturing, professional services, healthcare clinics, retail trading, travel and tourism, computers and IT products.
Bank Muscat DGM - institutional sales & product development Abdullah Tamman Al Maashani said, “Bank Muscat is very happy to continue its cooperation and strong partnership with AXA Insurance, one of the largest insurance companies in the world, to provide a range of insurance products that meet the needs of a large segment of the bank’s customers. The new products will enhance customer satisfaction and provide insurance plans and solutions to support our customers’ business and projects, thereby supporting the national economy too.”
AXA Gulf senior partnerships director and general manager of Oman & Bahrain Jonathan Jane said, “We are pleased to partner with Bank Muscat to offer new and innovative insurance products for the SME sector, which is an important part of Oman’s economy and has the potential for improving economic diversification and creating employment. Our customers will be able to enjoy full peace of mind knowing that they have planned to ensure unforeseen risks to their business and projects. We are committed to being a trusted partner during these difficult times by helping find solutions to everyday problems, making things quicker, easier and more convenient.”
Saudi Arabia: Bupa Arabia launches health product for parents
Bupa Arabia for Cooperative Insurance has launched a new health insurance product covering parents for the first time in Saudi Arabia, giving its members the opportunity to cover their parents with a plan that’s customised for their needs easily through the company’s website.
Bupa Arabia chief business development officer Ali Sheneamer said the health insurance plan is designed to meet the needs of the elderly by covering conditions that usually increase with age. The coverage includes diagnosis and treatment in the kingdom’s best hospitals and clinics, as well as coverage for conditions like cardiovascular diseases, Alzheimer’s, and vision problems.
“This new product will support members to try to repay their parents for all the care and love they have provided for them as children by taking care of them in their older age,” he added.
According to the insurer, one of the advantages of the new product is the provision of specialised medical care for fathers and mothers through the ‘Tebtom’ and ‘Rahatkom’ programmes and other high-quality services. It will also enable parents to enjoy a high level of safety and to have easy access to a wide range of healthcare services in the kingdom without having to bear the long waitlist to get proper treatment.
A study conducted by the Saudi Elderly Support Organization (WAQAR) in 2019 predicted that the percentage of the elderly in the kingdom would increase by 11.1% in 2030 to reach 20.9% in 2050. The study revealed a number of challenges facing this group of citizens, the most pressing of which is poor quality healthcare for the elderly. Bupa Arabia said it aims to address this challenge with the launch of its new product.
UAE: Etihad Airways extends global COVID-19 insurance
Etihad Airways has extended its COVID-19 global wellness insurance cover until 1 October 2021.
Passengers who are diagnosed with COVID-19 during their trip won’t have to worry about medical expenses or quarantine costs when they fly with Etihad, said the national airline of the UAE. Passengers are covered for up to EUR150,000 ($178,849) of medical costs and up to EUR100 a day of quarantine costs in case of a positive diagnosis for 14 days. The insurance is valid worldwide for 31 days from the first day of travel.
Etihad Airways senior vice president sales & cargo Martin Drew said, “Extending Etihad’s COVID-19 global wellness insurance reinforces the effectiveness of Etihad Wellness, the airline’s health and hygiene programme. It’s an added benefit automatically provided to all guests - no exceptions.
“As Etihad continues to gradually expand its services to up to 60 destinations this spring, the airline wants to instil confidence to travel and hopes this additional cover will reassure guests Etihad is doing everything it can to keep them safe and protected.”
The policy was introduced in partnership with AXA in September 2020 and was originally due to cover travel until the end of last year. M 
EUR1 = $1.19
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