Aiming at regulating the contractual relationship among the borrower, bank and the insurance company, the Capital Market Authority recently issued Decision no (4/2023) on the Standard Credit Life Insurance Policy. The cover aims at providing a standard insurance coverage for borrowers’ life in case of death or permanent disability by...
Qatar Insurance Company (QIC) has signed the United Nations Environment Programme-Finance Initiative’s Principles for Sustainable Insurance (UNEP-FI PSI). Launched at the 2012 United Nations Conference on Sustainable Development, the UNEP-FI PSI serves as a global framework for the insurance industry to address Environmental, Social and Governance (ESG) risks and opportunities....
Dr. Mohamed Farid, chairman of the Board of Directors of the Financial Regulatory Authority, issued Decision No. 193 of 2022 regarding the controls for underwriting credit insurance policies with property and liability insurance companies. The decision required property and liability insurance companies, if they wish to contract with a credit-granting...
The Capital Market Authority (CMA has put into force the Unified Agreement for Health Insurance Scheme. This agreement is considered to be a legal instrument which achieves the best practices in the daily interactions of the stakeholders. It contributes to increasing the quality of the services provided in addition to...
Othman Khalil El Alamy, PI president of the Supervisory Authority of Insurance and Social Welfare (ACAPS) recently met the secretary general of the Inter-African Conference on Insurance Markets (CIMA), Blaise Abel Ezo’o Engolo. During this meeting they discussed the various issues and challenges that mark the African markets. They also...
The Saudi Central Bank (SAMA) has announced an update on the Unified Compulsory Motor Insurance Policy. SAMA clarified that these amendments include the policy definitions and its appendixes in accordance to the ongoing developments of the Insurance Industry, as well as updating the exceptions and transferring some of the right...
Turtlefin, India’s leading Insurtech platform announced its partnership with Compass Insurance Brokers LLC to create a unified and seamless platform to enhance their distribution capabilities in UAE markets. Through this partnership, Turtlefin will enable Compass’s distribution teams to access the required information seamlessly and customise proposals for clients. Turtlefin will...
A late rush of claims will be litigated in the region ahead of the pending March 2023 limitation period, according to Clyde & Co’s insurance predictions for 2023. The last flow of business interruption claims arising out of Covid-19 related lockdowns in the Gulf Cooperation Council region can be expected...
According to new research published by the World Economic Forum in partnership with Marsh McLennan, the cost of living and debt crises have been cited as the two greatest short-term critical threats to business continuity and economic growth in Bahrain by a national panel of leading executives. The report indicates...
Cinven has become International Financial Group Limited (IFGL’s) majority investor. The deal, which was announced last year and sees the international private equity firm succeed Vitruvian Partners, has now received regulatory approval. Cinven has a strong track-record of investing in companies who want to step-change their growth. IFGL’s Group chief...
