Kenya, Nigeria and Morocco are the fastest growing reinsurance markets in Africa, driven by the size and diversity of their economies, a young and growing population and advanced regulatory regimes, according to a report by Dr. Schanz, Alms & Company said in the Africa Reinsurance Pulse 2016. The introduction of...
Saudi Arabian Monetary Agency (SAMA) barred for at least one month the Arabian Shield Cooperative Insurance Company from issuing insurance policies for new vehicles. The prohibition was effective from January 9, Saudi Press Agency (SPA) quoted SAMA as announcing. SAMA said the prohibition was the company’s non-full compliance with the...
Iran Insurance Company (IIC), the only fully state-owned insurance firm in Iran, is planning to spin itself off into several entities as part of its reform plans, said Mohsen Pourkiani, IIC’s chief executive. The planned ”holding company” consists of four specialised firms, namely a life insurance company, a firm for...
The Central Insurance of Iran (CII) ended the exercise of assessing insurance firms’ solvency margin ratio (SMR) for the current fiscal year (started March 20, 2016), according to which 17 out of 26 firms have been deemed fully capable of meeting their commitments to policyholders. The CII has called on...
Egypt’s Orient Takaful Insurance Company is studying to launch two new products in the market, one for medical insurance and the other for microinsurance, an official has said. The anticipated medical insurance product is set to provide new and comprehensive coverage at both local and international levels, Orient Takaful’s senior vice president...
Hansard Global’s insurance subsidiary, Hansard International Limited (HIL), has entered into a strategic alliance with Union Insurance Company, according to a report by Stock Market Wire. Union Insurance has appointed HIL as reinsurer and administrator of its new savings and investment proposition, ‘Infinity’, which will be launched in February. This...
A new survey by Collinson Group has found that the majority of customers in the UAE prefer a more streamlined approach to insurance services, with 64 percent saying they would prefer to deal with a single provider. Following the rise of price comparison and aggregation services, the way people buy...
Responding to the huge demand for the Essential Benefits medical plan, Oman Insurance Company has launched an online portal on its website allowing its customers to buy their DHA approved medical plan. “Our call center and branches witnessed a flurry of activity as residents rushed in to get medical covers...
Liquidity crunches and lack of funding from banks has led to eight percent rise in delay of payments and runaway cases of 814 UAE-based businesses, according to Massimo Falcioni, CEO, Coface. He was delivering a global and regional outlook and sectoral analysis with respect to Coface’s 23,000-strong clientele in the...
In line with its commitment to support sustainability, AXA Insurance Gulf, one of the leading international insurers in the region, today launched the first of its kind insurance solution for electric vehicles, and customers covered under the Tesla Club Scheme in the UAE and the Gulf region. “The UAE is...
