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...
Insurers in most Gulf Cooperation Council (GCC) countries will likely face moderate-to-high credit risk over the next 12-18 months, reports Moody’s Investors Service. “Weak oil prices and high exposure to volatile investment assets are driving credit risk for GCC insurers. These factors are partly offset by the low insurance penetration across the...
Arig has announced that it has received a license from Dubai Financial Services Authority (DFSA) to operate its wholly owned new reinsurance subsidiary “Arig Insurance Management (DIFC) Limited” [AIM] which will mainly focus on facultative specialty lines with underwriting authority from Arig. Arig also announced the appointment of Jehan Dias...
Innovation and technology were the buzzwords at the Dubai World Insurance Congress held recently in Dubai. In his keynote speech, Arif Amiri, cehief executive officer of the Dubai International Financial Centre (DIFC) Authority said the insurance and reinsurance industry were facing a wave of innovation that included technology, products and...
Harmonization of industry regulatory frameworks a key theme at World Takaful Conference 2017 12th edition of conference to spearhead discussions underscoring the need for more collaboration amongst regulators and standard setters to address the prevalent fragmentation of the Takaful industry. The 12th annual World Takaful Conference (WTC), convened by leading...
The DIFC Insurance Association held a briefing on the implications of VAT to the insurance industry. A Premium report. “In terms of readiness, there are two things that you need to bear in mind: risk management to ensure that your systems are compliant to VAT regulations; time to give the...
The findings of the third Financial Crime Report covering the Middle East and North Africa (MENA) region was released recently by Thomson Reuters in collaboration with Deloitte. The report was released at the inauguration of the Thomson Reuters MENA Regulatory Summit organised in association with the Dubai Financial Services Authority (DFSA) and...
Despite sluggish economic growth and fluctuating commodity prices, Qatar Insurance Group recorded strong operational performance, coupled with a robust premium growth, taking Gross Written Premium (GWP) to QAR9.90 billion, up by 19 percent vis-à-vis the same period in 2015. The underwriting results for the Group for the year amounted to...
Kingstar Insurance Agencies, the licenced distributors for LIC International in the UAE, has embarked upon a CSR initiative as part of a campaign surrounding its child education plan. Speaking at a press briefing, Nick Earles, managing director introduced the mascot of the campaign, a doll named ‘Khushi’, inspired by the...
Qatar Insurance Company (QIC) recently released its consolidated financial report for the year 2016. Gross written premium increased at a rate of 19 percent as compared to last year 2015, to QAR9901 million. Net underwriting results decreased by nine percent, amounting to QAR844 million compared to QAR926 million in 2015....
