Abu Dhabi National Takaful Co., ADNTC, has announced its first quarter, Q1, 2017 results with a net profit of AED20.1 million, showing an increase of 12 percent over the net profit of AED18.1 million for the same period in 2016. The results are a continuation of strong performance in net...
The first Tunisian insurance company according to the standards of Islamic finance, Zitouna Takaful, has published its financial statements as of December 31, 2016. These statements show a net profit of about TND2,490 million against TND1 million a year earlier, an increase of 136 percent. Similarly, operating income grew by...
Cigna Corporation has announced the acquisition of general insurer, Zurich Insurance Middle East (SAL). The acquisition, which was successfully completed in June marks the beginning of a new phase of operations for Cigna as a provider of both health and wellness services to individuals, employers and government entities across the...
Trade credit insurance solutions provider Euler Hermes (Middle East) said in a recently launched study on the global retail sector, that amid the ascent of disruptive digital technologies, such as mobile e-commerce, the non-payment risk is on the rise in most countries of the Gulf Cooperation Council (GCC). In the...
Saudi health insurance provider Saudi Enaya Cooperative Insurance Company, has joined hands with Shariyah Review Bureau, a global Shari’ah advisory firm with an attractive client base from multiple industries and across many geographies, to offer Shari’ah-compliant value creating policies. “Shari’ah-compliant products are a strategically attractive proposition that creates significant value...
GroupMed Holding s.a.l., the owner of Bankmed s.a.l. is has announced a new shareholder, OLT Holding s.a.l. Following the approval of the Central Bank of Lebanon, OLT Holding owned by Ala Al Khawaja has successfully acquired from Ayman Hariri a 42.24 percent ownership stake of the share capital of GroupMed...
Some companies have been avoiding issuing policies for high risk groups of vehicles after a ceiling price was imposed on compulsory traffic insurance, deputy prime minister Mehmet Şimşek has stated. He added that a “Risky Insurance Pool” will be created to distribute premiums and damages to all companies for a...
Shari’ah compliant insurer Orient UNB Takaful listed its shares on the Dubai Financial Market recently. This venture between an insurance company and a bank, is a prime example of how industries increasingly team up to bolster profitability amid slowing economic growth. Orient said in a statement to the DFM that...
Insurance companies in Oman have achieved three percent growth in gross direct premiums at OMR134.7 million in the first quarter of 2017, against OMR131 million for the same period during the previous year. The increase in insurance premiums was spurred by positive turnout for individual life insurance products and health...
Identity thefts and other fraudulent practices are the main reasons for heavy losses suffered by health insurance companies. This has resulted in insurance companies rejecting about 25 percent of claims by hospitals and other service providers, said Maher Al-Joairy, an insurance expert. “Most of these fraudulent practices are committed by...
