An innovative insurance program that includes protection for damages from cyberattack was unveiled last month by MEBAA, the Middle East and North Africa Business Aviation Association. The first customer is expected to be accepted in the very near future, and others are expected to apply soon. This is MEBAA’s second,...
Reinsurers in Africa are optimistic about the prospects of Africa’s USD6.8 billion reinsurance markets in 2018, it was discussed at the 22nd African Reinsurance Forum. In 2016, Africa’s GDP growth dropped to 1.8 percent, below the global average of 2.5 percent and Insurance premiums declined by 15.3 percent to USD61 billion....
The Central Insurance of Iran, the industry’s regulating body, announced recently that it has reached an agreement with SCOR SE, based on which the major reinsurer will cover catastrophe excess of loss reinsurance for Iran. According to a press release, the agreement was finalised during a meeting between Abdolnasser Hemmati,...
Iranian insurance companies’ premiums during the first half of the current fiscal year to September 22 has amounted to IRR166 trillion (USD4.15 billion), which indicates an increase of 20 percent compared to the corresponding period of last year. According to the president of the Central Insurance of Iran, this growth...
Saudi Arabia’s financial regulator has stopped Shari’ah-compliant insurer SABB Takaful from issuing or renewing insurance or savings products, citing weaknesses in the firm’s internal controls. The Saudi Arabian Monetary Agency (SAMA) has also asked the company to appoint a consultant with the regulator’s approval to study the causes of the...
The Capital Market Authority (CMA) launched recently agricultural insurance in Oman under the patronage of Dr. Fu’ad bin Ja’afar al Sajwani, minister of Agriculture and Fisheries in the presence of representatives of agriculture and insurance sectors. The agricultural insurance policy will provide safe investment environment for agriculture and animal wealth...
Bahrain Chamber of Commerce and Industry‘s(BCCI) tourism sector committee recently held a meeting with travel and tourism agents to discuss the Default Insurance Programme for IATA members. The meeting hosted a speaker from within the industry, who provided detailed information about the scheme. The speaker highlighted the benefits of the...
Health minister Dr. Jamal Al-Harbi said services to be provided by health insurance hospitals once they open will not include precision surgeries, which will still have to be done at public specialised centres that would be open to all including expats. Dr. Al-Harbi added that health insurance hospitals will serve...
All insurance companies must localise all jobs related to the sale of insurance products to individuals, according to the Saudi Arabian Monetary Authority (SAMA) decision issued recently. Non-Saudis are prohibited from selling or marketing insurance products to individuals irrespective of their job titles or contractual relations with insurance companies or...
The emirate of Ras Al Khaimah will soon optionally introduce the health insurance coverage after Abu Dhabi and Dubai. Affordable health insurance coverage starts as low as AED550 to companies and individuals in the emirate, according to Dr. Abdulrahman Al Naqbi, director-general of the Department of Economic Development (DED). “The...
