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MENA tag returned 83 results

  • Africa Re's Omar Gouda announces retirement

    Africa Re regional director of North East Africa Omar Gouda has announced his retirement after 17 years serving the group. Mr Gouda was also the managing director of Africa Retakaful.

    Middle East | 27 May 2020
  • Pana Harrison and Mitsui partnership signals opportunities for reinsurers in MENA and Asia

    General (re)insurance broker Pana Harrison (Asia) has announced that the Monetary Authority of Singapore has approved Mitsui & Co's investment in the firm. Mitsui is effectively an equity shareholder of Pana Harrison on completion of the transaction.

    Middle East | 15 May 2020
  • Kenya: Insurers in bid to limit claims from COVID-19

    Kenyan insurers have been meeting to develop a joint response to put a limit on claims arising from the treatment of COVID-19, following a directive by the Insurance Regulatory Authority (IRA) that all pandemic claims be settled in full.

    Middle East | 12 May 2020
  • Islamic Development Bank to roll out $730m COVID-19 aid package

    As a significant risk-mitigation measure for Muslim-majority countries, the Islamic Development Bank (IsDB) has announced that it is setting up a $730m emergency response facility to support its 57 member countries in mitigating the health and socio-economic fallout resulting from the COVID-19 pandemic.

    Middle East | 18 Mar 2020
  • Middle East may see rise in D&O claims

    Company boards will need to be prudent in managing the COVID-19 pandemic and ensure that they have a well-planned strategy for minimising business disruption, its impact on revenue and disrupted share prices. D&O liability insurers in the Middle East may see an increase in claims where the legislation in countries across the region, including Bahrain and the UAE, allows claims against company boards to be made for general 'mismanagement', said the Middle East insurance team of global law firm Norton Rose Fulbright.

    Middle East | 17 Mar 2020
  • AGCS to shut Dubai operation due to high cost base and stagnant premium growth

    Allianz Global Corporate & Specialty (AGCS) has confirmed that it plans to close its office in Dubai, subject to regulatory approvals. There will be no new business after 30 April 2020. However the office will remain open until the end of the year. This decision comes after a strategic review of the office and its future potential, said the company in a statement.

    Middle East | 27 Feb 2020
  • Regulatory convergence necessary for sector to achieve growth potential: FAIR

    Economies in the region are starting to show signs of real growth on the back of recovering global commodity prices and insurers are looking for new ways to take advantage of the renewed economic growth and the opportunities arising from it, said FAIR secretary general Dr Adel Mounir during the opening ceremony of the 26th Federation of Afro-Asian Insurers & Reinsurers (FAIR) conference in Marrakech yesterday.

    Middle East | 24 Sep 2019
  • MENA: Takaful contributions in the region ex GCC exceed US$10bn

    Total contributions in the takaful sector in the MENA region (ex-GCC) grew on average by 8.2% to $10.2 bn in 2017, accounting for 31% of the global takaful contributions, according to the Islamic Financial Services Industry Stability Report 2019 released last week by Kuala Lumpur-based Islamic Financial Services Board (IFSB).

    Middle East | 05 Aug 2019
  • MENA: Africa Re eyes 9% growth in region this year

    Africa Re is targeting premiums totalling $140m from the markets of Egypt, Sudan, and the Middle East and North Africa (MENA) for the year, according to Mr Omar Gouda, Regional Director, Cairo Office of the reinsurer. This would amount to 9% growth in premiums for this year.

    Middle East | 31 Jul 2019
  • Egypt: Auto insurers brace for impact of removal of fuel subsidies

    The recent move by the Egyptian government to hike fuel prices would lead to lower vehicle sales, meaning that the number of new cars that are insured would in turn fall, according to a senior insurance industry executive.

    Middle East | 25 Jul 2019