December 2, 2020

Middle East Views

Middle East Views

JORDAN – GJU signs MoU with JOIF

The German Jordanian University (GJU) signed a Memorandum of Understanding (MoU) with Jordan Insurance Federation (JOIF) aiming at enhancing mutual relations among both parties in the field of insurance on 25 November 2012. The MoU was signed by the University President Prof. Labib Khadra and JOIF chairman Mr. Othman M....

UAE – New legislation to increase exposure for Directors

The UAE is drafting changes to the current Federal Law No. 8 of 1984, known as the ‘Commercial Companies Law’, ranging from altering restrictions on foreign ownership to expanding the scope of the UAE Free Zone. The intention of the draft is to make the UAE an easier place to...

KSA – AXA reports increase in gross premiums for Q3

AXA Cooperative Insurance Company has recorded a 1.7 percent increase in gross written premiums for the third quarter to SAR 125 million while net written premiums decreased 3 percent to SAR 96 million.   The company recorded a net loss of SAR1.8 million (USD 480,000) before Zakat and tax compared...

UAE – RGA hosts 1st Annual CEO dinner meeting

Under the patronage of H.E. Eng. Saleh Bin Rashid Al Dhahiry, Chairman of Emirates Insurance Association and Chairman of the Executive Council Gulf Insurance Federation, RGA hosted its first Middle East Annual CEO Dinner meeting at the Burj Al Arab on the 15th of October, commemorating the first anniversary of...

MENA – A. M. Best affirms opportunities in the MENA region

According to A. M. Best, the insurance, reinsurance, Takaful and cooperative markets within the Middle East and North Africa (MENA) continue to offer opportunity for growth, although the global slowdown of financial markets and political instability in the region threaten to dampen prospects for some companies. Whilst the MENA insurance...

UAE – AXA opens new office in Business Bay

AXA Insurance Gulf announced the opening of its new offices for the UAE and regional operations at the futuristic Business Bay development in Dubai.   The office was inaugurated by H.E. Alain Azouaou, the Ambassador of France to the UAE, and Mr. Mishal Kanoo, Deputy Chairman of the Kanoo Group,...

KSA – Saudi Re conducts seminar on Saudi P&C market

Saudi Re conducted a seminar in Riyadh on Saudi P&C market trends and developments. The seminar was attended by a number of executives from the insurance industry. It provided the industry professionals with an update of the key trends in the insurance and the reinsurance market in Saudi Arabia. Trend...

KUWAIT – S&P raises rating for Warba Insurance Co.

Standard & Poor’s (S&P) upgraded Warba Insurance Company’s financial strength rating to ‘BBB’ while raising the company’s outlook to stable, which indicates that Warba’s financial profile could further improve over the next two years. Warba has been maintaining a lead market share of 11 percent amongst more than 30 licensed...

MENA – Demand for liability insurance increases during economic downturn

Companies across the Middle East and Africa (EMEA) are buying higher levels of liability insurance as fears increase over possible claims during the economic downturn. According to a research by Marsh, heightened demand coupled with competitive pricing has led to an increase in the amount of insurance purchased compared to...

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