The Capital Market Authority (CMA) has announced the implementation of a Risk Based Approach for Calculation of Solvency Margin of Insurance Companies on the Audited Financial Statements of 2022. The move was adopted to protect all the stakeholders in the capital market and insurance sectors. The risk-based approach for calculation...
The Capital Market Authority has issued the eighteenth edition of the Statistical Yearbook of Insurance Sector Indicators for the year 2021, which mirrors all quantitative and qualitative indicators and statistical and financial data, such as insurance premiums, paid claims, number of issued policies, retention ratios and losses for various insurance...
S&P Global Ratings has forecasted that the Gross Premium Written (GPW) in the UAE will grow by approximately five percent in 2022. The country’s GPW will primarily be supported by ongoing infrastructure spending and an expected increase in visitors and residents, thanks to new visa programs that aim to attract...
International health insurer Foyer Global Health is now the re-insurer of MaxHealth, an insurance company offering international hybrid health insurance solutions (IPMI) to UAE based corporates. MaxHealth will enable Foyer Global Health, part of Foyer S.A., the largest insurer in Luxembourg, to provide the UAE market with world-class treatment, advanced...
Kamal Insurance, a UAE-based insurance platform that deals in a digital-only Third-Party Motor Insurance solution was launched recently. Kamal Insurance is underwritten by RSA Middle East. Kamal Insurance offers competitive third-party car insurance rates starting from AED350 which can be purchased, directly and immediately through its website. Kamal Insurance is...
The Public Investment Corporation (PIC), Africa’s largest asset manager, with over USD150 billion in assets under management, is set to make an inaugural investment in the Africa Finance Corporation (AFC), the continent’s leading infrastructure solutions provider. This is a significant milestone for African pension capital being deployed for domestic infrastructure...
Digital broker JENOA Insurance & Risk Management has adopted Global Flood Maps from risk modeling and solutions company RMS to provide an analytical view of flood risk in the Middle East and beyond. The recently launched RMS Global Flood Maps provide views of flood extent and coverage for every country in the...
Vision Insurance has partnered with Braxtone to differentiate their offering to customers by providing Roadside Assistance services and additional benefits through the Braxtone Club Membership. Braxtone Club Membership offers more than just Roadside Assistance Services, it offers auto-related services and discount such as car care, maintenance, paint repairs and more. The Braxtone Club team will continue to add more benefits to the memberswhich are not limited to auto-related services and...
Islamic Arab Insurance Company (Salama) and Bayzat have announced their collaboration to provide exclusive health takaful solutions to small and medium enterprises (SMEs) in the UAE. This decision to introduce the offering follows comprehensive market analysis by Bayzat and SALAMA to identify and address the key pain points SMEs face...
Gallagher Re and Africa Re are joining forces to strengthen the financial resilience of African countries against a broad range of climate, crisis and disaster risks. Named ‘Accelerating action through scalable risk transfer schemes’, the initiative is offering a robust, replicable, and modular framework to address a wide range of...
