Union Insurance Company has posted an increase of 29 percent in gross written premium, up to AED877 million for the year 2016 compared to AED681 million reported for the same period last year. “We are pleased with our healthy financial results despite the competitive market conditions,” says Abdul Muttaleb Al...
Qatar General Insurance and Reinsurance Company (QGIRCO) is planning to further expand its presence in the insurance sector with focus on the real estate projects. The Company aims to maintain its position in the insurance and real estate investment industry said, Sheikh Nasser bin Ali bin Saud Al Thani, chairman...
Qatar Life & Medical Insurance Company (QLM) has announced integration of its medical cards with Qatar ID. “In keeping with our leading position in the market, we are thrilled to be the first private insurer in Qatar to introduce this unique service offering in the market. Not only does it...
The Saudi Authority for Accredited Valuers (TAQEEM) has emphasised the Kingdom’s plan to open the market for assessment of traffic accident costs by allowing specialised foreign centres to invest in the sector. “The field is open to international centres for accident evaluation,” said the authority in a statement carried by...
Insurance companies in Saudi Arabia are required to provide no-claim policyholders with a discount when pricing individual mandatory motor insurance policies as per Saudi Arabian Monetary Authority (SAMA) instructions, a statement said. Such a discount is applied on the base rate, said the statement from the Insurance Executive Committee. Based...
Arch Reinsurance Ltd., Bermuda (Arch Re), has announced the formation of Arch Underwriters (Gulf) Limited (AUGL) to be based in the Dubai International Financial Center (DIFC), UAE, subject to final approval from the Dubai Financial Services Authority (DFSA). AUGL will have underwriting authority for Arch Re, which holds a financial...
The ministry of Interior has written to the ministry of Health to correct the administrative error, which it has been committing for the past 17 years. The error has cost the State treasury millions of dinars. Sources said the Health Ministry has been charging KWD5 in health insurance for domestic...
Oman’s stock market regulator, Capital Market Authority (CMA), has approved a request from national insurance companies to offload a 25 percent stake of promoters, instead of the normal 40 percent disinvestment in initial public offerings. Five national insurance companies, namely Al Ahlia Insurance Company, National Life Insurance, Oman and Qatar...
The Central Bank of the UAE will soon issue a number of regulations to support the banking sector, and small- and medium-sized enterprises (SMEs), according to a statement. There are five regulations in the set, which cover risk management, market risk, interest rate risk in the banking book, operational risk,...
InsurTech Integrated to launch discussions stressing on the need to leverage the power and potential of advanced data technologies to achieve enhanced efficiency in business workflows. The inaugural edition of InsurTech Integrated, convened by financial intelligence platform, Middle East Global Advisors, will gravitate around the theme of ‘Harnessing disruptive technologies...
