One of the UAE's biggest insurer, Sukoon (formerly called Oman Insurance Company) has a track record of strong operating performance, notes AM Best.
Orient Insurance, an Al-Futtaim Group company, has partnered with Jebel Ali Free Zone (Jafza), DP World's leading trade and logistics hub, to offer insurance solutions to more than 9,500 companies located in the free zone.
The UAE insurance sector continued to grow in 2022, with the number of licensed entities increasing by 5.53% to 553 in 2022 from 524 in 2021, according to the Central Bank of the UAE (CBUAE).
The General Pension and Social Security Authority (GPSSA) has said that it would advise against subscribers opting to retire after 20 years of service because they would have a pension rate of only 70%.
Sukoon Insurance, formerly known as Oman Insurance Company, has completed the acquisition of 93.0432% of the share capital of Arabian Scandinavian Insurance Company (ASCANA) by way of special deal through Dubai Clear.
Islamic Arab Insurance Company (SALAMA), the UAE's largest Shariah-compliant solutions provider, has announced the appointment of Mr Walter Jopp as CEO, following approval of the Central Bank of the UAE.
The introduction of the Involuntary Loss of Employment (ILOE) scheme in the UAE in 2023 is expected to continue to assist Dubai Insurance Company (DIN) in growing its top line and enhancing its market position, says AM Best.
The authorities in the UAE and Saudi Arabia have given listed insurers more time to publish their 1Q2023 financial statements that are to be based on the new international financial reporting standard IFRS 17.
Abu Dhabi National Insurance Company (ADNIC) has posted a net profit of AED99.7m ($27.2m) for the first quarter of this year, representing a 17.2% jump over net profit for the corresponding three months in 2022, the company says in a statement.
Employees in free zones and who work in semi-government entities can now subscribe to the UAE mandatory unemployment insurance scheme, according to an announcement on the website of the Involuntary Loss of Employment Scheme.