Oman Insurance Company has announced the acquisition of the UAE Life insurance portfolio of Assicurazioni Generali S.p.A. The agreement, signed on February 23, 2022, reflects the long-term partnership between the two players and is in line with Generali’s overall strategy to rationalize its business model in UAE by strengthening its ecosystem...
Hala Insurance recently signed an exclusive strategic agreement with Emirates Insurance Company (EIC) in a move that aims to revolutionise the motor insurance sector. The partnership will see EIC become the first insurance company in the UAE to partner with a startup to catalyse its transformation into a fully-digitised platform...
Oman Insurance Company has announced that it has entered into an agreement with VHV Reasürans, Istanbul/Turkey, a company of VHV Group, Hannover/Germany, to fully sell its insurance operations in Turkey. This transaction represents a continuation of Oman Insurance’s transformation and simplification strategy with the objective to focus company’s resources to...
Dubai National Insurance (DNI) has signed a Memorandum of Understanding (MOU) with Al Etihad Credit Bureau (AECB) committing to transparency within the financial sector to serve customers better and secure its shareholders’ interests. AECB collects credit information from financial Institutions such as banks and finance companies and non-financial institutions in the UAE...
The Board of Directors of Dar Al Takaful PJSC (DAT) and National Takaful Company PJSC (Watania) have reached an agreement in relation to a potential merger between both companies. This move will consolidate market share in the highly fragmented UAE takaful market and build scale for the combined company. Completion...
AM Best is revising its market segment outlook for the insurance markets of the Gulf Cooperation Council (GCC) region to stable from negative. Key factors contributing to the change in outlook include the economic recovery experienced across the region driven by rallying oil prices and the subsequent increased growth opportunities this...
Oman Insurance (OIC) has partnered with Aster DM Healthcare to offer four exclusive and comprehensive health insurance plans for corporates and individuals in UAE. In the UAE, as it is mandatory for all residents to have health insurance, it becomes important for insurance providers to offer a comprehensive and affordable coverage...
Société Centrale de Réassurance (SCR), a subsidiary of Caisse de Dépôt et de Gestion (CDG) Group, has obtained the approval from the Insurance and Social Security Supervisory Authority (ACAPS) for the creation of a retakaful window to carry out retakaful operations in accordance with the law in force. According to a...
The awareness on life insurance and pension systems is still lagging, according to findings from Zurich International Middle East. A recent virtual roundtable by Zurich International Middle East shared findings based on two different surveys conducted on workplace savings and life insurance. Acccording to the findings, about 47 percent of...
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has signed a reinsurance agreement with the Compania Espanola de Seguros de Creditito a la Exportacion, S.A., Compania de Seguros y Reaseguros SME (CESCE), the official Spanish export credit agency (ECA). The agreement was signed by Oussama Kaissi, chief executive...
