MENA InsureLab, the first dedicated InsurTech venture builder and accelerator in the Middle East and North Africa, has officially launched its operations with headquarters in Dubai.
This new company, yet to be named, will provide critical underwriting capabilities, underpinned by cutting-edge AI technologies, to help accelerate growth of the insurance and capital market ecosystem in the Gulf region and support the continued evolution of regional capital markets.
Global financial services group Manulife has opened its office in the Dubai International Financial Centre (DIFC), marking a significant expansion of its global high-net-worth (HNW) business.
Further market consolidation is likely in 2025, especially if those listed insurers currently under regulatory scrutiny for not meeting solvency capital requirements fail to recover within the specified timeframe, Fitch Ratings says in a new report.
Home insurance premiums in the UAE have increased by 10-15% in the wake of the devastating floods from record rainfall in April 2024.
Qatar Insurance Company (QIC UAE), the retail arm of Qatar Insurance Group in the UAE, has announced the appointment of Mr Prasad Aniyil as its CEO, according to a company statement.
Price Forbes Dubai has appointed Mr David Howells as senior executive officer, subject to regulatory approval.
Walaa Cooperative Insurance Co has received a no-objection letter from the Insurance Authority to acquire 88% of Aspire Underwriting Agency.
Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa and South Asia (MEASA) region, recorded a 35% leap in gross written premiums to $3.5bn in 2024 from $2.6bn in 2023, according to DIFC Authority COO Ms Alya Al Zarouni.
Sukoon Insurance (Sukoon) continues to exhibit above-average operating performance, despite the heavy floods that hit the UAE in 2024, according to S&P Global Ratings (S&P).