Under the motto of ‘Reality and Prospects for the Development of Islamic Insurance Regulations’ the Insurance Authority held the Islamic Insurance conference which saw the attendance of regulatory and supervisory bodies, companies, experts and specialists in the Arab world and the Muslim world. In his opening speech, Eng. Sultan bin...
Lloyd’s officially opened a new specialist underwriting platform in Dubai to provide tailored risk solutions across the Middle East. This brings the number of Lloyd's businesses trading in the Dubai International Financial Centre to nine – Amlin, Argo Re, Beazley, Catlin, Liberty, Markel, Talbot, Visionary, and Watkins – seven of which will be...
Milliman, Inc. was named the Best Advisory Firm at the 2015 International Takaful Summit held in London. In presenting the award, the summit's convenor Professor Iqbal Asaria said, "This company has been an asset to the Takaful industry, especially in family Takaful in which they publish an annual report that...
The Federation of Afro-Asian Insurers & ReinsurersOil & Energy Insurance Syndicatefacility will cover all risks of physical loss or damage and business interruption including nuclear perils, radioactive contamination and machinery breakdown, as it seeks to cater for potential projects in the Middle East and North Africa region. Speaking at MultaQa...
The Arabian Scandinavian Insurance Co. PLC – Takaful (Ascana Insurance) recently announced the transformation of the company’s services and activities from the traditional approach to the Takaful insurance system. This has been implemented in order to provide Shari’ah-compliant insurance products. The company said in a statement that it had made...
A.M. Best has affirmed the financial strength rating of B+ and the issuer credit rating of “bbb-” of National Takaful Company (Watania) PJSC. The outlook for both ratings remains stable. The ratings reflect Watania’s strong prospective risk-adjusted capitalisation and developing market profile. Offsetting rating factors include the weak underwriting performance of...
The Dubai Health Authority (DHA) has said that screening, care and treatment for diabetes will be covered by the Essential Benefit Package that is currently being rolled out in phases until 2016. Patients visiting general practitioners in private or government hospitals or clinics will be told if they are borderline...
In a recent report, Moody's Investors Service has said that overcapacity in the GCC's reinsurance market, which has led to further softening of reinsurance rates, will continue to add pressure to Gulf reinsurers' financial profiles. The GCC (Gulf Cooperation Council) reinsurance market is characterised by overcapacity, with many international and...
Islamic insurance or Takaful transactions grew to AED2.3 billion at the end of 2014, while the number of companies providing these Shari’ah-compliant services has reached 11. “The UAE’s insurance market, which is one of the largest in the Arab world in terms of gross written premiums, grew 12 percent in...
Total life premiums in Lebanon reached USD443.7 million in 2014, registering an increase of 5.5 percent from USD420.5 million in 2013 according to a survey that was reported by Daily Star. The survey said life premiums generated in the Lebanese market totaled USD391.6 million in 2012, USD369.8 million in 2011, and USD355.8...
