The Saudi insurance sector is set to maintain a strong annual growth rate of 14 to 17 percent during the next five years, fuelled mainly by the enforcement of regulations, according to Arqaam Capital, the specialist emerging markets investment bank. Jaap Meijer, managing director and head of equity research at...
Saudi Arabia's Shura Council is considering proposals to revise the investment strategy of the kingdom's social insurance fund in order to raise returns, the advisory body said in statement posted on SPA. The Shura Council's finance committee also recommended that the General Organisation for Social Insurance consider tying retirement benefits...
AXA has announced that it has completed the acquisition of 100 percent of Commercial International Life Insurance Company (CIL), a leading Egyptian Life insurance player, for a cash consideration of EGP763 million (or EUR92 million). In conjunction with the acquisition, CIL has entered into a 10-year exclusive Life & Savings...
A seminar on the final draft of the unified auto insurance policy, after introducing the new amendments, was organised by Capital Market Authority (CMA) in Muscat. The seminar targeted employees at the underwriting, compensation and claims departments at insurance, insurance brokerage companies, as well as compliance officers at the insurance...
A.M Best has affirmed the financial strength rating of B++ and the issuer credit rating of “bbb+” of Bahrain National Insurance Company BSC (c) (BNI). The outlook for both ratings is stable. BNI’s risk-adjusted capitalisation remained solid level in 2014, despite a gradual decline in recent years stemming from high...
A.M Best has affirmed the financial strength rating of B++ and the issuer credit rating of “bbb+” of Jordan Insurance Company Plc. (JIC). The outlook for both ratings remains stable. The ratings reflect JIC’s strong business position in Jordan and solid operating performance. Offsetting rating factors include JIC’s gradually declining...
The Central Bank of Bahrain announced that the country's insurance market posted an annual year-on-year growth during 2014, with gross premiums/contributions increased by around five percent over 2013 to register BHD270.76 million in 2014. A significant part of this increase attributed to a surge in medical insurance, which has increased...
A.M. Best has affirmed the financial strength rating (FSR) of A (Excellent) and the issuer credit ratings (ICR) of “a” of Qatar Insurance Company S.A.Q. (QIC) and its main subsidiaries: QIC International LLC (Qatar) (QICI) and Qatar Reinsurance Company Limited (Bermuda) (Qatar Re). The outlook for all ratings remains stable....
The Board of Directors of the Insurance Authority (IA) held its first meeting under the chairmanship of Sultan Bin Saeed Al Mansouri, minister of Economy and chairman of the Board; and in the presence of members of the Board as well as Ibrahim Obaid Al Zaabi, director general of the...
Bermuda-based Qatar Reinsurance Company has been granted a licence to operate a branch office from the Dubai International Financial Centre (DIFC). The approval was given by the Dubai Financial Services Authority and became effective on November 22. “The branch licence from the DFSA is yet another milestone in our strategy...
