September 17, 2019

Middle East Views

Middle East Views

MENA – Demand for liability insurance increases during economic downturn

Companies across the Middle East and Africa (EMEA) are buying higher levels of liability insurance as fears increase over possible claims during the economic downturn. According to a research by Marsh, heightened demand coupled with competitive pricing has led to an increase in the amount of insurance purchased compared to...

KSA – Japanese insurer all set to enter Saudi Takaful market

Tokio Marine Middle East Ltd, the Dubai-based regional hub of Japanese insurance giant Tokio Marine, plans to launch its new Saudi joint venture, which will spearhead its activities in the Kingdom and beyond.   Ajmal Bhatty, President and CEO, Tokio Marine Middle East Limited, confirmed that the Alinma Tokio Marine...

UAE – Chartis ensures a safe drive while on holiday

As the holiday season draws to a close in the UAE, a number of residents will be shipping their prestige cars back from Europe after a summer of fun driving on the roads of London and Continental Europe. Many owners are actually not aware of the insurance implications of driving...

UAE – Dubai Group sells Turkey insurance arm

MAURICE “HANK” GREENBERG   Dubai Group has sold its Turkish insurance arm to a company owned by former AIG chief executive Maurice “Hank” Greenberg and a unit of Dubai lender Mashreq Bank, as the state investment firm looks to cut its debt pile.   Oman Insurance Co. (OIC), the unit...

IRAN – Iran Bypassing Sanctions against Insurance Industry

“With regards to the sanctions, imposed by enemies on Iran’s insurance industry, we seek to bypass and defuse them in any way possible,” said deputy head of Iran’s Bimeh Markazi, (Central Insurance of the Islamic Republic of Iran) for planning and development Rahim Mosaddeq.   “Most of the sanctions are imposed...

UAE – Agile wins 2012 Red Herring Top 100 Asia awards

Red Herring announced its Top 100 awards in recognition of the leading private companies from Asia, celebrating their innovations and technologies across their respective industries.   “Choosing the companies with the strongest potential was by no means a small feat,” said Alex Vieux, publisher and CEO of Red Herring. “After...

UAE – SEHA and Zakat Fund promises health services for the needy

Abu Dhabi Health Services Co (SEHA) signed a memorandum of understanding (MoU) with Zakat Fund, a charity foundation, to provide medical services for registered families with limited income.   Zakat Fund will be referring the patients to the respective sections of the facilities of SEHA. It will also bear the...

QATAR – Qatar Holding increases stake in QIC

Qatar Insurance Co (QIC) said Qatar Holding, the investment division of the country’s sovereign wealth fund is eager to increase its stake in QIC by purchasing new shares.   The insurer stated: “The board of directors of QIC welcomed the offer and agreed to the signing of a Memorandum of...

BAHRAIN – BKIC announces H1 net profit of BHD 1.5 million

Bahrain Kuwait Insurance Co (BKIC) has reported a net profit of BHD 1.5 million in the first half of 2012, down 42.1 percent y-o-y. The gross premiums have grown 0.6 percent y-o-y to BHD 19.14 million.   Mr. Ebrahim Al Rayes, CEO of BKIC announced net profit of BHD 1.5 million...

KUWAIT – Warba Insurance raises profit by 2 percent

Warba Insurance announced its biannual results scoring a healthy KWD 1,285,625 in the first half of the year ending 30th June. Mr. Anwar Jawad Bukhamseen made the announcement of the H1 2012 results amongst the board of directors meeting that was held on Monday 30th July. The company net profits...

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