Zurich’s life business in the Middle East has released claims statistics for the period January 2013 to December 2015, showing it paid AED246 million (USD67 million) in critical illness and life cover claims, up 42.5 percent from the previous period, January 2012 to December 2014. About 98 percent of life...
Munich Re recently released research that projected the Middle East and North Africa region among the top three high-growth zones in both the non-life and life insurance side. “Growth on average is forecasted at around five percent, going to 6.5 next year and definitely driven by demographics and emerging middle...
Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority (DEWA) announced that DEWA will launch Concentrated Solar Power (CSP) projects that will generate 1,000MW by 2030. DEWA intends to build the largest Concentrated Solar Power (CSP) project in the world, using the Independent Power Producer (IPP)...
The Board of Directors of the Insurance Authority (IA), chaired by Eng. Sultan bin Saeed Al-Mansouri, minister of Economy and Chairman of the IA, discussed several issues relating to the IA, the UAE insurance sector and draft laws and regulations currently considered by the IA to support the process of...
Lloyd’s of London is looking for ways to enter the Turkish market, city mayor Jeffrey Moutevans hinted in a press conference in Istanbul recently. Moutevans noted that Lloyd’s ‘would be the one to define their plans in Turkey’, but they may establish an office soon. “If Turkey seriously wants to...
African insurance industry may need to prepare for over USD1 billion loss in future due to piracy attacks on mega ships, Allianz Global Corporate & Specialty, has said. Allianz made this announcement at the African Insurance Organisation Conference in Marrakesh, Morocco during a press briefing on key findings of the...
The African Insurance Organisation (AIO), has released its first Africa Insurance Barometer aimed at improving the transparency of the USD69 billion insurance markets, secretary general, African Insurance Organisation (AIO), Prisca Soares, has said. The announcement was made at the AIO conference held in Marakech, Morocco. The barometer, which is the...
Takaful has achieving a robust growth of 64 per cent in gross direct premium worth OMR39 million last year, which constitutes around nine percent of insurance industry’s OMR442 million direct premium income and five percent of total paid claims. The success of takaful insurance firms, despite an economic slowdown in...
Life Insurance Corporation (LIC) International has emerged the best among the Indian company’s eight international subsidiaries in terms of new business premium collection in 2015. The Bahrain-headquartered LIC International has contributed over 80 percent of the Corporation’s total overseas business in terms of new business in 2015. The Corporation also...
The Gulf Insurance Group (GIG) announced a net profit of KWD3.3 million (USD10.9 million) for the financial period ended March 31, 1016, as well as net underwriting income of KWD4.5 million (USD14.73 million) with an increase of 24.7 percent or KWD882,927 compared to the same period last year. Gross written...
