Regulatory developments in the insurance industry have been reflected positively in the stock markets. Islamic Arab Insurance Co. (Salama) was the value leader after generating AED9.17 million, accounting for 9.5 percent of the market’s AED96.64 million liquidity, according to a report by Mubasher. An official at the UAE Insurance Authority...
A new Takaful insurance firm has been launched as a Kuwaiti joint stock close company with capital worth KWD5 million, according to a new report. The Arab Islamic Company for Takaful insurance conducts all forms of local insurance and reinsurance besides life insurance both at home and abroad, Kuwait Al-Yaum...
Emaar Properties and Orient Insurance reached an AED1.2 billion agreement in settlement of an insurance claim for losses resulted from the fire at the Address Downtown Dubai hotel, Al Khaleej newspaper reported. An electrical short circuit on a spotlight caused the fire that engulfed the hotel on New Year’s Eve...
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...
The Dubai Health Authority (DHA) announced that it will be adopting a new health insurance payment system that will improve transparency and quality of healthcare services in the emirate of Dubai. Humaid Al Qatami, chairman of the Board and director general of DHA announced that the executive council has approved...
With healthcare becoming a key contributing sector in the economy, health insurance has fast become a major class in Dubai’s market. Themed innovation and sustainability, the recently held third Annual Health Insurance conference hosted by Gulf Medical University and Aafia Medical Billing Services, addressed the tremendous opportunities as well as...
A Friends Provident International (FPI) survey has revealed apparent confusion among UAE residents, between the cover provided by their medical insurance and critical illness insurance. According to the survey only a fifth (21 percent) of respondents said they have critical illness insurance in place to protect them and their families...
Kuwait Reinsurance suffered losses in the third quarter of 2016 against earnings in the same quarter a year ago. Losses amounted to nearly KWD834,500 (USD2.75 million) in Q3-2016 versus a profit of approximately KWD629,300 (USD2.08 million) in Q3-2015, the company announced in a bourse statement issued recently. During the first...
Islamic Arab Insurance (Salama) reported that its Q3 net losses widened 49 percent year-on-year to AED71.26 million from AED47.84 million, according to a recent bourse filing. Incurred claims declined 20.4 percent to AED100.63 million, said the company, adding that total paid claims lowered 25.3 percent to AED87.56 million. Over the...
Mohandes Insurance reported an increase of 54 percent in net profits for the first quarter of the fiscal year 2016/17. The insurer reported net profits of EGP13.6 million for Q1 – FY2016/17, up from EGP8.8 million in the previous year. Earlier, Mohandes Insurance reported net profits of EGP64.09 million for...
