Residents in the UAE holding the Thiqa medical insurance card will now be completely covered when visiting a private healthcare facility in Abu Dhabi. Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed Al Nahyan has ordered the waiving of the 20 percent co-payment for holders of the Thiqa medical insurance...
Road accidents in Oman cost local insurance firms OMR100 million (AED950.09 million) in 2016, according to official figures released by the Capital Market Authority. Many insurance companies have reported a decrease in profits over the last four years due to the “high cost of accident pay-outs.” The insurance payout covers...
On the back of solid expansion across its key geographical markets, lines of business and client segments, QIC Group’s performance and reported pace of premium growth for Q1 2017 is in line with the company’s expectations. Despite economic downturn and market volatility, QIC Group recorded 15 percent growth in Gross...
The General Assembly of Dubai Islamic Insurance and Reinsurance Company (AMAN) held its annual general meeting (AGM) at Dubai Chamber of Commerce and Industry. The AGM reviewed and approved the board of directors’ report on the company’s activities and its financial position during the financial year 2016. Mohammed bin Omair...
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...
“Another thing that puzzles me is that the country doesn’t have run-off. Regulators and rating agencies talk about a runoff law for the country. I personally hope there is no run-off [in any company], but perhaps by the end of 2017 we might need that law,” said Fareed Lutfi. He...
Autodata Middle East, a provider of vehicle data in the UAE, launched two new products aimed at reshaping the secondary automotive market in the UAE at an industry networking event held in Dubai. The industry event saw Autodata Middle East unveil car resale e-commerce platform GulfCars.com, and its new VinCheck...
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 Dubai. The MoU was signed by His Excellency Essa Kazim, Governor of DIFC and His Excellency Sami Al Qamzi, Director General of Dubai...
Qatar Central Bank (QCB) governor Sheikh Abdulla bin Saoud Al Thani has issued two new circulars on standard regulations for the criteria of issuing insurance documents, protecting the rights of clients and regulations of insurance coverage for vehicles. In a statement issued recently, the bank said the instructions, due to...
The Kuwait Ministry of Commerce and Industry has finished preparing the semi-final draft of a bill on regulating the insurance sector… The Ministry of Commerce and Industry has finished preparing the semi-final draft of a bill on regulating the insurance sector, said informed sources. The sources said to Kuwait Times...
