A.M. Best has downgraded the financial strength rating to A- from A and the issuer credit rating to “a-” from “a” of Abu Dhabi National Insurance Company PSC (ADNIC). The outlook for both ratings remains stable. The rating action reflects deterioration of ADNIC’s technical performance in 2014, which resulted in...
GlobeMed Gulf HealthCare Solutions (GlobeMed Gulf), part of the GlobeMed group of companies has signed an agreement to service the needs of Oman Insurance Company (OIC). OIC chose GlobeMed Gulf as its Third Party Administrator (TPA) to service its portfolio and beneficiaries in the UAE; on the basis of GlobeMed...
The General Assembly of the Dubai Islamic Insurance and Reinsurance Company (AMAN Insurance)recently held its annual general meeting (AGM) at the Dubai Chamber. The AGM reviewed the board's report on the company's activities and its financial position during the past financial year. The AGM was headed by the chairman of...
Takaful Re, one of the leading retakaful providers in the region successfully held its fifth Family Takaful Workshop. The workshop deliberated on topics including Family Takaful product design & development, operating models of Takaful, a general overview of the Global Takaful industry, importance of pricing and role of actuaries in...
Despite the soft market and economic conditions during 2014, Saudi National Insurance Company (SNIC) has shown significant growth in the Gross Written Premium (GWP) by 27 percent from USD29.44 million for the year ended December 31, 2013 compared to USD37.04 million for the same period in 2014. Following the growth...
Saudi Arabia's insurance market is the second-fastest growing in the Gulf Cooperation Council (GCC) and has good potential for further gains due to its low insurance penetration levels, Moody's Investors Service said in its recently published report, entitled Saudi Arabian Insurance Market Update. The report says Saudi Arabia's insurance market...
A number of Saudi citizens have complained that their car insurance premiums have increased sharply. Liability insurance, for example, reached SAR850 a car from SAR350, an increase of 140 percent. People called on SAMA (Saudi Arabian Monetary Agency) to intervene due to its role as a regulator for insurance companies....
Takaful Oman Insurance shares jumped over five per cent after the company announced its first quarter profits, driven mainly by a surge in insurance premium income. Net profit came in at OMR640,023 for the quarter ended March 31, 2015, Takaful Oman said in a filing to the Muscat Securities Market....
A new draft regulation for insurance brokerage firms has been unveiled by the Capital Market Authority (CMA). Insurance brokerage firms in Oman have been given two weeks to provide feedback on the new regulation, which will be incorporated in the new rules if it is necessary, a highly placed official...
The Egyptian Financial Supervisory Authority (EFSA) approved the establishment of a direct brokerage company for insurance, according to the Law 10/1981, modified by Law 118/2008. The company was established under the name of Star Brokerage, with a capital of EGP2 million, and of which half has been paid, according to...
