Takaful insurance activity currently takes 11 percent of the sector's installment portfolio, Insurance Federation of Egypt secretary-general Abdel-Raouf Kotb said. During a workshop on takaful industry kicked off in Cairo recently, Kotb said that takaful had lately increased in importance in the Egyptian market as a result of the surge...
The Health Ministry and the Council of Cooperative Health Insurance (CCHI) are currently considering a project to amend the current insurance policy to cover the treatment of obesity and the diseases resulting from it, Health minister Khaled Al-Falih commented. “We are working together to amend the current medical insurance policy...
Oman Qatar Insurance Company, a subsidiary of Qatar Insurance Group, plans to float an initial public offering (IPO) on the Muscat Securities Market (MSM) by the end of 2017, said a top-level official of the company. The company’s plan is in line with the regulatory requirement for national insurance companies...
The Insurance Authority is discussing a proposal to establish a major national life insurance company in which all licensed national companies will hold stakes. The proposal is based on the performance of life insurance market valued at AED8 billion where the share of foreign companies stands at 81 percent leaving...
Aster DM Healthcare and RAK Insurance announced an affordable life and hospitalisation insurance scheme for non-resident Indians (NRI) in the UAE. ARISE, the first NRI protection plan of its kind offered outside India to benefit the community, allows NRIs to extend care to their families in their homeland. Designed to...
The UAE’s insurance regulator has granted its first brokerage licence in around eight years, to international IFA firm Guardian Wealth Management. The company already has a licence with the Emirates Securities & Commodities Authority (ESCA) but can now access the international companies, which are regulated by the Abu Dhabi-headquartered Insurance...
The Insurance Authority (IA) and the Insurance Regulatory and Development Authority of India (IRDAI) signed a Memorandum of Understanding aiming to enhance the mutual interests and cooperation in the field of insurance supervision based on quality and joint interest. Ibrahim Obaid Al Zaabi, IA director general, exchanged the MoU with...
Takaful Emarat has announced its unaudited preliminary financial results for the year ended December 31, 2015. Net profits for the period were up by 42 percent to AED10.21 million for 2015, compared to AED7.18 million in 2014, due to an expansion in the Medical and Life lines of business, prudent...
United Insurance Company (UIC) has obtained an approval for capital restructuring measures from the Emirates Securities and Commodities Authority (ESCA). UIC’s capital will be reduced from AED100 million to AED50 million in order to offset losses, and will be back to the original figure thereafter, the company announced in a...
Takaful Emarat has listed its rights issue shares on the Dubai Financial Market electronic clearing system, according to a bourse statement. The company previously announced that it raised AED50 million during the first tradable rights issue launched on in 2015 spanning over a month. The rights issue was 36.51 percent...
