Walaa Cooperative Insurance Company has returned to profitability, driven by improvements in both underwriting performance and investment income. The company's insurance service result improved materially over the same period, resulting in a combined ratio below 100%, notes Moody's Ratings (Moody's).
Saudi Enaya Cooperative Insurance Company (Enaya) has announced the appointment of Dr Mohammed Abdullah Al Dar as CEO, subject to obtaining the Insurance Authority's non-objection.
The Company for Cooperative Insurance (Tawuniya) announced the resignation of its Chairman, Mr Abdulaziz bin Ibrahim Alnowaiser, from his positions as Chairman and member of the Board of Directors (Non-Executive), due to his professional commitments.
The profitability of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the Islamic Development Bank Group, remains resilient, says Moody's Ratings (Moody's) in a report.
Bermuda-based Stellar Insurance, an indirectly wholly owned subsidiary of the Saudi Arabian Oil Company (SAOC or Saudi Aramco), has experienced minimal impact from the current conflict in the Middle East to date, says AM Best.
The Islamic Development Bank Institute (IsDBI) and the Universal Postal Union (UPU) have signed an agreement to launch a new project titled 'Prosper MSMEs'.
Al Buhaira National Insurance Company (ABNIC) has appointed Mr Ahmed Khalifa as CEO, following the Central Bank of UAE's non-objection, according to a company disclosure filed with the Abu Dhabi Exchange.
New regulatory criteria announced by Saudi Arabia's Insurance Authority for motor insurance pricing should strengthen underwriting discipline, reduce excessive price competition and support the long-term sustainability of the motor insurance segment, Moody's Ratings (Moody's) says.
Regulatory frameworks, financial literacy and distribution infrastructure continue to evolve in Africa, creating significant opportunities for future growth of takaful, according to Moody's Ratings.
The authorities have formed a specialised technical committee for pricing coverage offered by the Saudi Pool for Marine War Risk Insurance, according to Mr Tariq bin Ali Al-Fayez, Chairman of the National Insurance Committee at the Federation of Saudi Chambers.