Starting this September, Allianz will extend flood cover for commercial package clients and allow policyholders to opt out of cover. Earlier this year, Allianz launched flood cover with an opt-out option for residential customers. The company mentioned that it plans to have flood cover available in all states...
Myanmar Insurance Enterprise (MIE), the only insurance company in Myanmar, will soon face competition from domestic private insurance companies after being granted licences to operate in the local market. In an interview, the general manager and secretary of the insurance business supervision committee of MIE, Dr. Maung Maung Thein...
According to the China Insurance Regulatory Commission (CIRC), insurers in Beijing have to pay around USD 142.37 million as compensation towards the damage caused by the floods that hit the region on the 21st of July. Insurers have received 46,000 claims by 29th of July, out of which 41,000 are...
Beazley made a profit before income tax of USD 112.9 Million for the first six months ending 30th June 2012, as opposed to a loss of USD 24.2 Million in the H1 of 2011. The insurer witnessed Gross Written Premiums (GWP) boost by 10 percent in H1 to USD...
By its nature, disaster preparedness (pre-disaster) and disaster recovery (post-disaster) cover a wide range of disciplines. The model is made more effective when tailored to identify individual risks and recovery methods through a broader business continuity management plan. In this context, this article will delve into some pre-and-post disaster practices,...
By Omar Hamzah, head of sales, distribution & marketing, global corporate in Middle East, Zurich Insurance Company As this year’s GAIF gets underway in Morocco under the theme of “Insurance and the Arab World Reform,” a major source of discussion for delegates is sure to be how recent events in...
In the past year we covered a variety of topics and issues. In terms of activity, 2011 was a very busy year for the insurance industry. The combined effects of the Arab Spring and natural disasters made it a record for payouts and claims. And we at Premium made sure...
WORLD TAKAFUL CONFERENCE 2012 T he 7th Annual World Takaful Conference at the Dusit Thani in Dubai gathered more than 350 international industry experts from over 150 organizations for discussions that focused on improving the competitive performance of the global takaful industry and managing the essential shift towards sound underwriting...
The airline industry delivered an exceptional claims year in 2011, with the lowest number of claims, the lowest number of fatalities and the lowest number of incidents since at least 1995. In terms of premium, the lead hull and liability premium fell by 3%, with the market softening as...
One of the key factors to maintain growth in the takaful industry is to expand the industry beyond the traditional markets of the Middle East and Malaysia. Premium looks at Ernst & Young’s takaful report and explores what factors affected the industry in the past year and where it is heading. The 5th edition of...
