According to a digital report published by Marsh, (re)insurers in the Middle East are "eager to expand their property portfolios".
The workers in the UAE now have only one option to renew their unemployment insurance cover. This cover can now be renewed for two years only. This two-year policy helps workers avoid lapses in missing out renewals and coverage. The only renewal option available is now for two years.
Dubai-headquartered Sukoon Insurance has launched a new AI-powered face-scanning feature for life insurance underwriting while onboarding new life insurance customers.
Abu Dhabi National Insurance Company (ADNIC), a leading multi-line insurance provider for both corporates and individuals, delivered exceptional results in 2024, achieving its highest-ever total insurance revenue and net profit. This performance is attributable to the company's regional expansion and several ambitious initiatives.
Insurance customers in the United Arab Emirates will have to make payments directly to insurers instead of through brokers from 15 February 2025, when the new industry regulations are implemented, according to news site the Khaleej Times.
The UAE's federal export credit company, Etihad Credit Insurance (ECI), has become the first insurer in the country to join the KYC blockchain platform. The initiative improves KYC compliance, customer data quality, and supports future growth of the network and is led by the Dubai Department of Economy and Tourism (DET).
Sukoon Insurance Company (Sukoon) achieved net profits after tax of around AED266.8m ($72.7m) in 2024, compared to AED257.4m in the preceding year, a growth of 3.6%. Profit before tax reached AED291.5m by the end of 2024, a growth of 13 % year-on year.
In 2024, the UAE maintained its regional leadership in the financial sector and vital initiatives were introduced setting the stage for a brighter future ahead, said the Central Bank of the UAE (CBUAE) in a statement last week.
A vast majority of insurance claims from the rains and resultant flooding in the UAE has been settled.
Al Ansari Exchange, the UAE's largest remittance and foreign exchange company, has expanded its services becoming authorised to collect pension contributions from corporates on behalf of The General Pension and Social Security Authority (GPSSA) and Ma'ashi.