Insurance companies are required to employ only Saudis in their claims and customer care departments by the end of the Eid Al-Fitr holiday. The circular, in which the Saudi Arabian Monetary Agency (SAMA) obliged insurance companies to Saudise the claims and customer care sections, will come into effect on July...
Almost one fifth of the population of the Middle East – approximately 40 million people – are now living in areas at risk of earthquakes, according to a new open source earthquake risk model released today by CATRisk Solutions and Lloyd’s. The new risk tool uses a bespoke seismotectonic source...
New laws in the pipeline, discloses IA director general, at an exclusive event for the insurance industry. New regulations are on the horizon for the UAE’s fast-growing insurance market, which accounted for AED40 billion in premiums and AED73.7 billion in assets in 2016. Regional law firm BSA Ahmad Bin Hezeem...
Cigna Corporation has opened its regional management office for the Middle East and North Africa markets at the Dubai International Financial Centre (DIFC). By establishing its presence at the financial hub, Cigna marks a significant new phase in its operations as it strategically expands the reach of its health services...
While insurer’s business profiles are unlikely to be affected, A.M. Best notes that their exposures to domestic equity and real estate may create volatility in light of geopolitical events. Qatar’s insurance market remains dominated by the national insurers. With the exception of Qatar Insurance Company, they are largely single market...
The 11th Milli Re Reinsurance Seminar, organised by Milli Re, saw participation from 15 countries including Bahrain, Egypt, Ethiopia, India, Iran, Iraq, Pakistan, Russia, Saudi Arabia, and Ukraine at the event, participating to the debates. The seminar started with the opening speech of Kaan Acun, assistant general manager, Milli Re,...
To expand the range of interest-free instruments, Turkey is preparing to introduce Takaful regulation into the financial system. According to Deputy Prime Minister Mehmet Şimşek, they have started to work to bring Islamic insurance into the financial system for citizens who are not inclined to using traditional insurance products due...
State-owned Egyptian Holding Company for Airports and Air Navigation (EHCAAN) has floated a tender for a new insurance policy to cover its property. The policy is with total sum insured of around EGP15 billion (USD827 million), for one-year renewable term, sources with knowledge told local media. It will cover EHCAAN’s...
Takaful firms have managed to grab eight percent of the total insurance premiums in Egypt during January and February, the country’s market regulator. In two months, takaful firms posted premiums worth EGP456.8 million (USD25.2 million). The life takaful firms posted direct premiums worth around EGP222 million (USD120.1 million), in which...
Bupa has announced that it proposes to increase its stake in Bupa Arabia by eight percent from 26.25 percent to 34.25 percent. This follows an agreement on the acquisition of a portion of Nazer Group’s stake in Bupa Arabia. Bupa is now submitting formal applications to the relevant Kingdom of...
