Sheikh Abdullah Salim Al Salmi, executive president of the Capital Market Authority recently announced the amendment of the Insurance Companies Law and the Takaful Insurance Law promulgated under Royal Decrees that related in general to the health insurance. He said that there would be a focus on enhancing the regulatory...
The Capital Market Authority (CMA) recently launched the seventeenth edition of the insurance market index, covering the performance of the insurance industry in the year 2020. Several key indices were highlighted to show the contribution and financial impact of the sector towards the economy. The latest audited data of the...
The Cabinet chaired by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, the prime minister of the Kingdom of Saudi Arabia, has approved merging the Public Pension Agency into the General Organisation for Social Insurance as well as several other arrangements. This decision was taken in...
ACE Group has announced the formation of ACE Re Reinsurance Brokers Ltd. (ACE Re) to manage reinsurance business in Saudi Arabia, a strategic addition to the business in compliance with Saudi Central Bank regulations. ACE Re in Saudi Arabia will assist clients by putting a range of reinsurance structures in order...
SNIC Insurance has signed an agreement with Health 360° Ancillary Services W.L.L as part of its digital optimisation and customer experience strategy. SNIC will outsource its health insurance claims management to Health 360°. Feda Salameh, assistant general manger – Marketing & Consumer Affairs at SNIC quoted, “We share an aligned...
Marking the occasion of its 15th anniversary, National Health Insurance – Daman (Daman) recently announced a new strategy in addition to launching a new service for the elderly, people of determination and senior citizens. Speaking at the event Hamad Al Mehyas, CEO of Daman, gave an account of the various services...
A wider gamut of companies is now investigating self-insurance solutions in response to hardening rates in the international commercial insurance and reinsurance markets, according to analysis by AM Best. Traditional use of captives such as the heavy industry sectors and state oil enterprises are still prevalent, while companies in the...
Orient Insurance has partnered with remittance payment provider Al Fardan Exchange to allow their Life Insurance customers to make insurance premium payments through any Al Fardan Exchange branch in the UAE. This partnership will provide added ease to individuals, facilitating a smoother payment process. Customers will now have access to make these...
Heart attacks, strokes and cancer were larger risks in terms of claims figures, according to Zurich International Life in the Middle East. Citing figures from the 2021 Customer Benefits Paid Report, Zurich has stated that critical illness and life insurance claims were almost equal in the total amount paid in...
The Central Bank of the UAE (CBUAE), the Securities and Commodities Authority (SCA), the Dubai Financial Services Authority (DFSA) of the Dubai International Financial Centre (DIFC), and the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) have jointly launched a four-week public consultation on proposed “Guidelines for...
