A.M. Best has affirmed the financial strength rating of A- (Excellent) and the issuer credit rating of “a-” of Alliance Insurance (PSC) (Alliance). The outlook for both ratings remains stable. The ratings reflect Alliance’s strong risk-adjusted capitalisation, excellent overall profitability and moderate business profile. Alliance has demonstrated a good track...
The Middle East’s 16 largest centres of economic growth could have USD367 billion of GDP at risk from a series of threats over the next decade, according to new research for Lloyd’s, the specialist insurance market. The Lloyd’s new study – the City Risk Index – is an analysis of...
Standard & Poor's Ratings Services has revised its outlook on Oman Insurance Co. (PSC) (OIC) to stable from positive with a rating of ‘A-‘ affirmed. The outlook revision reflects the view that the current soft market conditions in the UAE are continuing to put pressure on OIC's operating performance and...
A.M. Best has affirmed the financial strength rating of A- (Excellent) and the issuer credit rating of “a-” of Emirates Insurance Company P.S.C. (EIC). The outlook for both ratings remains stable. EIC’s risk-adjusted capitalisation remains solid, benefiting from low underwriting leverage and a reinsurance programme of good credit quality. Capital...
Qatar Re, a global multi-line reinsurer and a reinsurance subsidiary of Qatar Insurance Company, (QIC), has been ranked amongst top 50 reinsurers by A.M. Best. Qatar Re ranked amongst top 50 global reinsurers on the basis of unaffiliated Gross Written Premium in 2014. Besides having a strong track record of...
Reinsurance premium of Omani insurance companies was OMR170 million, out of the total premium of OMR400 million in 2014, against OMR165 million out of a total amount of OMR360 million in 2013, according to the Capital Market Authority (CMA). Reinsurance retention ratios have improved in view of the fact that...
Experts and actuaries computing the cost of life assurance in the Kingdom indicated that the life insurance premiums in Saudi Arabia reached a total of SAR250 million and criticised the Saudi society for having more consumers than savers, according to a report in Al-Hayat. The head of the Jeddah Chamber...
The Insurance Authority and Emirates ID have considered linking their databases electronically to improve the services provided to customers, both corporate or individuals, and to develop and launch smart services that contribute to enhance government e-transformation in the UAE, during a meeting held recently. Both parties discussed means to enable...
Union Insurance Company announced its financial results for the first half of 2015. The company reported a 12 percent increase in gross insurance premium, up to AED331 million as of June 30, 2015, compared to AED295 million for the same period last year. The company’s total assets increased from AED890...
A.M. Best has affirmed the financial strength rating of A and the issuer credit rating of “a” of Oman Insurance Company P.S.C. (OIC). The outlook for both ratings remains stable. OIC maintains robust risk-adjusted capitalisation, benefitting from a strong capital base of AED2 billion and the continued efforts in de-risking...
