March 29, 2024
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Middle East Views

Middle East Views

Warba Insurance??? ratings affirmed

Standard & Poor's Ratings Services revised to positive from stable the outlook on Kuwait-based Warba Ins. Co. K.S.C.'s (Warba) counterparty credit and financial strength ratings. At the same time, the ratings were affirmed at 'BBB'. The outlook revision indicates the growing expectation that ratings on Warba could be raised by...

Draft law regulating Takaful adopted

Morocco's government adopted a bill recently to regulate Islamic insurance, legislation that will face a final vote by parliament later this year, a cabinet statement said. It is the last step in Morocco's legislative package to regulate the country's fledgling Islamic finance industry. Earlier this year, it issued a decree...

Daman ponders Oman expansion

The Abu Dhabi-based company operates a joint venture with Munich Re and the pair have been in discussions about the planned venture which would be undertaken with Dhofar Insurance. “It might be a similar model to our operations in Qatar using Abu Dhabi as the back office hub to generate...

Gross health insurance premiums in Oman rise by 34 pc

Gross health insurance premiums in Oman grew by 34 percent in 2014. A report released by the Capital Market Authority (CMA) pointed out that the gross direct premium for the health sector stood at OMR78.1 million in 2014 compared to OMR58.2 million in 2013. The national companies retained OMR69.4 million of...

Hannover ReTakaful outlook revised

Standard & Poor's Ratings Services has said that it has revised its outlook on Hannover ReTakaful B.S.C (HRT) to negative from stable with an ‘A+’ rating. The outlook revision follows a significant deterioration of HRT's capital adequacy, due to strong premium growth and continuing weak underwriting performance in 2014. The...

A.M. Best affirms positive outlook for DIC

A.M. Best has revised the outlooks to positive from stable and affirmed the financial strength rating of B++ (Good) and the issuer credit rating of “bbb+” of Dubai Insurance Company (DIC). The revised outlook reflects DIC’s continued strong operating results, developments in enterprise risk management capabilities and a good franchise...

GIG records KWD12 mn net profit

Gulf Insurance Group (GIG), the leading insurance provider in Kuwait and the Middle East held its 53rd ordinary general assembly meeting. The group announced that it achieved a net profit KWD12 million (USD41 million), equivalent to 66.42 fils per share for the year ended in December 31, 2014 reflecting a...

QIC posts Q1 results

Qatar Insurance Company (QIC) Group has posted an impressive double-digit expansion in gross written premium to QAR1.92 billion in the first three months of this year despite “highly challenging environment and softening of insurance rates” globally.
The net underwriting result for the quarter was QAR248 million, an increase of 11 percent...

QIIC targets 10-15 pc premium growth

Qatar Islamic Insurance Company (QIIC) is aiming to achieve 10-15 percent growth in insurance premium in the current year despite challenging economic environment. The insurer is pinning its hope on Qatar’s economic growth that which will be driven by huge government spending.

“We expect 10-15 percent growth in insurance premium in...

Bahrain???s BKIC takes 10.8 pc stake In Takaful International

Bahrain Kuwait Insurance Co. has taken a 10.8 percent stake in local firm Takaful International, becoming its fifth largest shareholder. BKIC bought 6.7 million shares of Takaful International valued at USD1.52 million from Kuwait’s Osoul Investment Co, according to a statement on the Bahrain bourse. The amount comes at a...

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