The DHA has recorded a five percent drop in average premiums for health insurance in the emirate of Dubai between 2016 and 2017…. “We’ve managed to demonstrate over a period of time that the EBP is very stable. In fact between 2016 and 2017 the average premium has dropped by...
The Government has approved the draft law for comprehensive health insurance and referred it to the State Council for review ahead of its submission to Parliament, Health minister Ahmed Emad has confirmed. With this bill, the Government will fully cover health expenses for those who are identified as unable to...
Saudi insurance companies have expressed readiness to begin new pricing procedures that provide a discount to policyholders with no prior claims, by creating a unified database. This initiative will enable insurance companies to inquire about the claims history of claimants. This will also facilitate the insured and reduce the time...
The Board of Directors of the Insurance Authority, during a meeting, endorsed the Regulations on Licensing and Registering of Actuaries and Regulation of their Operations. The new regulation stipulates that the actuary is the natural or legal person licensed to practice the profession of actuary by the IA and registered...
Al Khazna Insurance Company (AKIC) said its losses rose 53 percent year-on-year in the fourth quarter of 2016, according to a bourse statement. Losses reached AED32.95 million (USD8.97 million) in Q4-16, compared to AED21.53 million (USD5.86 million) in Q4-15. In 2016, losses fell 30.2 percent to AED77.7 million from AED59.67...
United Insurance Company (UIC) said subscription to its AED100 rights issue will be on 26 April, according to a statement. A total of rights issue worth AED25 million, representing 25 percent of UIC’s capital, will be offered to the company’s strategic partner Fidelity Insurance Services. The remaining AED75 million rights issue,...
The UAE Ministry of Infrastructure Development has allocated AED6 billion (USD1.63 billion) for infrastructure projects in 2017. The projects which are being implemented this year include a number of roads, in addition to schools and hospitals, the UAE minister of infrastructure development Abdullah Belhaif Al-Nuaimi said on the sidelines of the...
Chubb Life Insurance-Egypt is targeting an increase in its business in Egypt threefold by 2020, according to Russell Bundschuh, the senior vice president of Chubb Group and president of Chubb Life. Bundschuh said that the company is keen to increase its business in the life insurance field on a global...
Morocco’s Saham Assurance has reported a 17.2 percent fall in 2016 net profit to USD28.2 million, the insurance company said in a statement. Net profit was hurt by an exceptional tax charge of MAD130 million stemming from a 2012-2015 tax audit, it said. Revenue rose 16.4 percent to MAD4.39 billion...
Iranian insurance industry earned IRR29.4 trillion (USD789.4 million) by selling 2,357,171 life insurance policies during the 10 months to January 19. The latest data, derived from the Central Insurance of Iran’s database, indicate a 39.5 percent growth in premium income for life insurance compared with the same period of last year. Life insurance accounted for 13.23 percent of the industry’s...
