Insurance companies paid OMR3.6 million in compensation as a result of the heavy rainfall that lashed Muscat two months ahead, according to the Public Authority for the Capital Market. The heavy rainfall caused substantial damage to the vehicles, properties and machinery used in the implementation of a number of government...
Chairman of the Supreme Health Council Lt. General Shaikh Mohammed bin Abdullah Al Khalifa met local and foreign insurance companies as part of intensive and direct work with all consultative parties in the Health Insurance Project in Bahrain, according to a report by Bahrain News Agency. He highlighted Bahrain's conception...
Standard & Poor's affirmed its 'BBB' insurer financial strength and counterparty credit ratings for the Bahrain-based Saudi National Insurance Co. (SNIC) and Outlook as stable. This is due to SNIC's sufficient capital base to absorb higher level of capital and earnings volatility. Supporting factors towards this rating was S&P view...
Insurance companies would be exempt from providing people visiting Saudi Arabia with medical cover for terrorism related incidents, riots, strikes, and nuclear accidents. This is according to the Council of Cooperative Health Insurance (CCHI), the regulatory body overseeing the medical insurance industry. The CCHI also stated that companies would not...
Following the recent period of robust growth in public expenditure, the government in Saudi Arabia is now planning to moderate the pace of such spending expansion due to the persistent drop in oil revenues. Moody's anticipates that government spending growth will slow to two percent in 2014 and four percent...
Qatar Insurance Company, (QIC) announced its financial results for the first nine months ended September 30, 2015, following a meeting of the Board of Directors. Presided over by Abdulla bin Khalifa Al-Attiya, deputy chairman of the Board of Directors of QIC, the Board approved the financial results for the first...
A.M. Best has assigned a financial strength rating of A- (Excellent) and an issuer credit rating of “a-” to Saudi Arabian Insurance Company B.S.C. (C) (Damana). The outlook assigned to both ratings is stable. Damana has a relatively low overall premium retention level of 16.8 percent, driven by the company taking...
A.M. Best has commented that the financial strength rating of B++ (Good) and the issuer credit rating of “bbb” of Saudi United Cooperative Insurance Company (Wala’a) (Saudi Arabia) remain unchanged following the successful completion of the company’s SAR 240 million (USD 64 million) rights issue. The rights issue, which was...
Saudi Arabia’s United Cooperative Assurance said recently it had received a claim from Saudi Binladin Group over the collapse of one of the construction firm’s cranes this month at the Grand Mosque in Mecca that killed more than 100 people. The insurance firm said it had received the claim on...
A.M. Best has revised the outlook to positive from stable and affirmed the financial strength rating of B++ and the issuer credit rating of of Emirates Retakaful Limited. The revised outlook reflects Emirates Re’s improving track record of technical earnings during a challenging market environment, when rates have been softening...
