Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region, continues to steer the city's position as a global hub for the insurance and reinsurance industry.
Dubai-headquartered insurer Sukoon (formerly Oman Insurance) has bought the UAE life insurance portfolio of Chubb Tempest Life Reinsurance, as the former works on a strategy to emerge as a top regional player in this line.
Abu Dhabi National Insurance Company (ADNIC) has a track record of strong operating performance, illustrated by a five-year (2018-2022) weighted average return-on-equity ratio of 13.8%, says AM Best.
Dubai National Insurance (DNI), one of the leading insurance companies in Dubai, has appointed Mr A R Srinivasan as its new CEO.
Zurich Insurance Group, represented in the Middle East by both Zurich Commercial Insurance and Zurich International Life (Zurich) in different lines of business, has joined nine other partners in a strategic alliance with DIFC Innovation Hub to revolutionise the insurance start-up ecosystem and drive unprecedented growth through its FinTech Accelerator Programme.
The owner of a $70m private jet, which allegedly plummeted in value after being badly damaged in a hailstorm, has lost its legal appeal to recover any loss in value from insurers.
Emirates Insurance Company (EIC) has a track record of strong operating performance, illustrated by a weighted average return-on-equity ratio of 8.6% over the past five years (2018-2022), says AM Best.
The insurance revenue of listed insurance companies in the UAE, under IFRS 17 rules, jumped by 15% to AED14bn ($3.8bn) in the first half of 2023, 16.7% higher than the AED12bn chalked up the corresponding period in 2022, says Badri Management Consultancy, an international actuarial consulting company.
Sukoon Insurance, among the top insurers in the UAE, has received approval from Dubai Financial Services Authority (DFSA), the independent regulator of financial services conducted in or from Dubai International Financial Centre (DIFC), to establish a new subsidiary called Oman Insurance Workplace Savings Solution (OIWSS) for the administration of Employee Money Purchase schemes in the Centre.
Watania International Holding (WIH) has posted an insurance income of AED457.3m ($124.5m) for the first six months of 2023, 41% higher than the AED324.5m restated under IFRS 17 for 1H2022, according to the company's interim consolidated financial statements.