Abu Dhabi National Insurance Company (ADNIC) announced its financial results for the first six months ended on June 30, 2016. The company reported a net profit of AED107.4 million for this period, a significant growth over the same period of last year. The net technical profit contributed AED59.9 million towards...
Sanlam Kenya, formerly Pan Africa Life Insurance, has related plans to offer insurance products through mobile phones in an effort to boost distribution. The insurer last year upgraded its systems to support introduction of new technology-driven services, reported Business Daily. Insurance penetration in the country has remained low especially in...
The proposal to impose additional payments towards health services, for expatriates entering the country with a visit visa, has been met with approval. MP Khalil Al-Saleh said his proposal that was submitted at the beginning of the last parliamentary term, has been accepted by the government. Although it was opposed...
An insurance professional has forecast a higher growth rate for the health insurance sector in Saudi Arabia. After the new resolution of full application of the single health insurance policy for the employer was set in motion by the Council of Cooperative Health Insurance, Omar Al-Mahmood, vice president of Medical...
In a move to reduce accidents and improve road safety in Qatar, the Qatar insurance regulator Qatar Central Bank has directed insurance companies to charge risk drivers with higher premiums. A Gulf Times report stated that the QCB had issued a circular recently outlining the new policy stating “the higher...
Takaful firms have managed to capture 11.46 percent of the total insurance premiums in the country throughout the first four months of the current year. In four months, the takaful firms had posted direct premiums worth EGP825.7 million (USD93 million), according to a report released by the market regulator, Egyptian...
UAE-based LiFi Company, Zero.1 is in the final development stages for HEALTHCARE4U, a revolutionary management system for the healthcare sector. The UAE healthcare market is projected to reach USD19.5 billion (AED71.56 billion) by 2020, achieving an annual average growth of 12.7 per cent, marginally higher than the GCC growth average, according...
Employers who do not provide health insurance to employees and their dependents may be banned from recruitment permanently, according to the Council of Cooperative Health Insurance (CCHI). The CCHI has formed an inspection committee with the Ministry of Labor and Social Development to ensure that all employers in the Kingdom...
Insurance companies have doubled their premiums during the past two years following huge losses they suffered as a result of the growing rate of road accidents and the subsequent increase in claims, said Adel Al-Eissa, a spokesman for insurance companies. “More than 1.2 million accidents took place so far this...
The health insurance sector made a profit of SAR801 million following the regulatory changes of 2015 that required insurance companies to allocate reserves and to apply the actuarial standards. The total underwritten health insurance premiums increased to SAR18.9 billion at the end of 2015 with a growth rate of 21...
