The UAE Insurance Authority (IA) issued a second draft Circular No (12) recently, with changes to its proposed revamp of the life insurance and family takaful business. The regulator has invited responses from the industry till May 11, 2017. Among the proposals, the IA plans to impose maximum limits on...
Companies will now be able to operate across the Dubai economy according to the new agreement signed between the DIFC and Dubai Economy. Dubai International Financial Centre (DIFC) signed a memorandum of understanding (MoU) with Dubai Economy to allow companies operating within DIFC to obtain licences to operate in mainland...
Sources at the Egyptian Travel Agencies Association (ETAA) said that the association refused an offer from the Arab Orient Takaful Insurance to cover the risk of non-payment of airline tickets. The source said that ETAA had earlier raised the coverage fees of non-payment of airline tickets from EGP7 to EGP15,...
Nigeria has emerged one of the top five insurance markets in Africa, ranking fifth with overall market share of 85 percent of premiums in the continent. Prisca Soares, general-secretary of the African Insurance Organization, AIO, said at a press conference after the launching of the second Africa Insurance Barometer at...
Three insurers are competing to win a property insurance policy tender launched by the state-run Egyptian Natural Gas Company (GASCO). The policy is a one-year term designated to insure GASCO’s property and assets, with total sum insured of USD1.6 million, sources told Amwal Al Ghad. The three bidders, in the...
The Saudi Stock Exchange (Tadawul) delisted two insurance companies in May. The latest in the series of delistings was Weqaya Takaful Insurance and Reinsurance Company which was delisted on 30 May for not abiding by the regulations to resolve its situation. Weqaya’s accumulated losses reached SAR298.14 million by the end...
Zurich International Life Limited (Middle East) and Standard Chartered have announced the signing of an exclusive distribution agreement, where Standard Chartered will offer Zurich’s comprehensive life insurance solutions to its customers in the United Arab Emirates (UAE) for the next 10 years. This agreement is designed to deliver quality insurance...
Technical and managerial jobs in the insurance sector will be soon nationalised, according to Ahmed Al-Kholifey, governor of the Saudi Arabian Monetary Authority (SAMA). “About 58 percent of the jobs in the insurance and reinsurance companies have so far been Saudised,” he said during his opening speech at the 4th...
The Central Bank recently sent out a notice to the industry in relation with savings and investments products in insurance and takaful. “The Central Bank observed a common theme with complaints of mi-selling of these products which are complex in nature and are not well understood. We observed the staff...
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...
