August 12, 2020

Middle East Views

Middle East Views
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SALAMA: H1 2020 net profit hike to AED47.05m

SALAMA reported growth of 6.9 percent in gross written contribution, from AED650 million in H1 2019 to AED695 million in H1 2020. Net profit increased to AED47.05 million in H1 2020 from AED33.33 million in H1 2019, owing to the strategies implemented at Board Level focusing on core business profitability, enhancement of...

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CII awards two prizes

The Chartered Insurance Institute (CII) has awarded exceptional prizes to two financial planning and insurance professionals from the Middle East region on completion of the professional body’s qualifications in 2019. The CII Examination prizes, which have been handed out annually since the professional body was formed in 1912, are given...

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Lebanon tested again

The country of Lebanon was rocked by a massive explosion at the Beirut Ports recently on August 4, 2020. While the latest news reports attribute the explosion originating from a warehouse storing 2750 tonnes of ammonium nitrate, the questions remain as to how and why the incident took place and...

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S&P: GCC insurance market shows resilience

Analysts at S&P Global Ratings gave a rundown of the GCC insurance market, listing opportunities for insurers and shortcomings within the sector. A recent S&P briefing of the GCC insurance market showed that 50 percent of the ratings by the agency changed over six months due to the COVID-19 pandemic...

FRA to create first Egyptian actuarial life table

FRA to create first Egyptian actuarial life table

Dr. Mohammed Omran, chairman of the Financial Regulatory Authority, recently announced steps to establish the first Egyptian actuarial life table for the life insurance industry. Such step comes within the framework of  “Markets development” stated in the comprehensive strategy for the development of non-banking financial markets 2018-2022. Dr. Omran said that creating an...

Dar Al Takaful and Noor Takaful discuss acquisition

DAT completes Noor Takaful acquisition

DAR Al Takaful PJSC (DAT) recently confirmed the completion of the acquisition of Noor Takaful General and Noor Takaful Family. A recent bourse disclosure stated that the share transfer of Noor takaful General and Noor Takaful Family to DAT is now complete. In this regard, Rajesh Sethi (former CEO of...

Abdullah Al Salmi, Executive President, Capital Market Authority Oman

CMA issues TPA regulations

The Capital Market Authority (CMA) recently issued regulations concerning the licensing requirements of third party administrators (TPAs). CMA executive president Abdullah Bin Salem Al Salmi stated that the issuance of the regulatory requirements for carrying out TPA business as per Decision No. 34 /2020 will add to the readiness of the infrastructure of the insurance industry...

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CCHI: Fund to impact private sector significantly

The Council of Cooperative Health Insurance (CCHI) recently assured that the Cooperative Health Insurance Fund, which is set to launched by the end of 2020, will have significant impact on the private health insurance sector. This will especially impact the insured that have exceeded the limit of the health insurance...

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Insurance investments in Oman rise by 2.8%

Total investments of insurance companies amounted to OMR686.5 million for the first quarter of 2020, according to unaudited financial data of the insurance sector provided by the Capital Market Authority. This signifies an increase of 2.8 percent compared to the first quarter of the previous year, with national companies recording...

Oman: e-insurance goes one step further

A report prepared by the Capital Market Authority on the performance of insurance companies with respect to their services rendered with respect to the pandemic has indicated that the number of insurance policies issued electronically amounted to more than 130,000 policies. Ahmed Ali Al Maamari, vice president for Insurance Sector expressed...

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