The Sharjah Executive Council had the weekly meeting chaired by Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah and chairman of the SEC at the Sharjah ruler’s office. Among a number of issues aired, the SEC issued Decision No (26) of 2019 amending...
South African insurer Sanlam Ltd may invest in Egypt in the next year, according to CEO Ian Kirk following interim results bolstered by its pan-African strategy. Reporting a 32 percent drop in profits primarily due to one-off costs including a black economic empowerment transaction and a ZAR200 million amortisation charge,...
UAE-based Orient Insurance recently said it has obtained the preliminary approval of the Saudi Arabian Monetary Agency (SAMA) to establish branches in the kingdom with a paid-up capital of AED300 million. The company will commence construction of the branches once it gets SAMA’s final approval to begin operations as soon as possible,...
Moody’s expects more insurance firms in KSA to get into run-off than consolidation efforts owing to lack of capitalization and weak underwriting results. Saudi Arabia’s primary insurers saw weaker profitability in the first half amid intense competition and there is increasing pressure for consolidation in the industry, Moody’s Investors Service...
The Moroccan government will soon approve the ‘Solidarity Tax against Disastrous Events’ draft decree, which will be part of the Solidarity Fund against Disaster Events. The decree outlines the introduction of a new tax of one percent on premiums and contributions paid under insurance contracts, with the exception of life...
The Capital Markets Authority (CMA) has set up a new emergency fund for companies that are unable to fulfill their insurance obligations to their employees. A statement from the CMA said : “The fund shall assist the parties in the event that the company fails to meet its obligations.” The...
The National Insurance Academy recently held a roundtable with a few stakeholders within the UAE and Oman insurance sectors. Introducing the NIA, director G. Srinivasan said that the institute had trained 6000 professionals from 65 Afro-Asian countries. The organisation is looking to connect with the regional insurance industry in terms...
Abu Dhabi National Insurance Company (ADNIC), has announced its financial results for the second quarter of 2019. The company reported a net profit of AED66 million, an increase of 19.1 percent from 2018. Sheikh Mohamed Bin Saif Al-Nahyan, chairman of ADNIC, said: “ADNIC has delivered 29.5 percent growth in gross...
Beyontec Solutions recently entered into a strategic partnership with Braxtone, to offer a comprehensive automated motor claims recovery solution for insurance companies in Bahrain and the United Arab Emirates. Intra-company claims recovery has had a significant impact on the insurance business due to highly manual, people dependent, time-consuming and non-transparent...
The Kuwait Ministry of Interior and Ministry of Health have implemented the automation process of health insurance services for expatriates. Paper receipt of health insurance will no longer be accepted and payments should be made online for all residence permits through the link – www.moh.gov.kw. Meanwhile, the Ministry of Health...
