February 17, 2020

Middle East Views

Middle East Views

BAHRAIN – A.M. Best affirms ratings of Trust Re

A.M. Best affirmed the financial strength rating of A- (Excellent) and issuer credit rating of “a-” of Trust International Insurance & Reinsurance Company B.S.C. (c) Trust Re (Trust Re) (Bahrain). The outlook for both ratings remains stable.  The ratings reflect Trust Re’s good risk-adjusted capitalisation, resilient operating performance and developing...

UAE – Daman launches ???Care??? insurance plans for Dubai and Northern Emirates

  The National Health Insurance Company – Daman has launched its new range of individual health insurance plans designed exclusively for residents of Dubai and the Northern Emirates. The Care plans, featuring a number of variations, were created to address specific market demand in these Emirates by offering a range...

UAE – Standard Life enhances product offering

Standard Life announced an enhanced offering to its savings and investment products, which will be offered through authorised intermediaries in the UAE. The products will offer access to four Standard Life/HDFC Mutual Funds via its savings and investment contract that is issued from Standard Life International Limited.  Chris Divito, CEO,...

UAE – AXA ranked 1st by Interbrand

AXA Group has been named as the first insurance brand worldwide by Interbrand ranking. The recognition, won by AXA for the fifth consecutive year, reinforces the company’s leadership in the insurance sector across the globe.  AXA’s brand valuation and its position notably reflect its employees’ brand engagement, the ranking says,...

KSA – Insurance urged for pilgrim buses

The head of MCCI’s transport committee, Saad Jamil Al-Qurashi, called on the Ministry of Haj to ensure the general syndicate of cars makes insurance mandatory for companies transporting pilgrims.  Al-Qurashi said insurance policies protect the rights of all parties and raise awareness of the issue, particularly in the wake of...

KUWAIT – A.M. Best revises rating for Al Fajer Re

  A.M. Best revised the outlook to stable from negative and affirmed the financial strength rating of B++ (Good) and issuer credit rating of “bbb+” of Al Fajer Retakaful, Kuwait. The stable outlook reflects Al Fajer Re’s improved underwriting and investment results, which reduces concerns surrounding the company’s historical volatile...

UAE – Union Insurance swings to profit in H1 2013

Union Insurance Co. announced its results for the first six months of 2013, demonstrating solid financial performance.  The company has reported a net profit of AED 21.2 million compared to a net loss of AED 37 million for the same period last year, an increase of 157 percent. This has...

UAE – GCC insurance industry on a path of growth

  According to a report by Kuwait Financial Centre (Markaz), the GCC insurance industry is expected to be worth USD 28 billion (AED 102.7 billion) by the end of 2015 and USD 40 billion by 2017.  The industry saw a Compound Annual Growth Rate (CAGR) of 18 percent between 2006...

KSA – Orphans to have health insurance

The Ministry of Social Affairs will issue orphans in Saudi orphanages with health insurance cards, said Fahd Al-Issa, the Ministry’s spokesman in Makkah province. The health insurance will cover over 3,000 orphans.  “We started with Riyadh Province, where we covered 1,000 orphans. The insurance would enable orphans to receive healthcare...

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