The United Arab Emirates (UAE) country assessment has been ranked at A3, according to Coface, with economic growth expected to stand at around five per cent in 2014.The country assessment provides an insight into the average payment incident level presented by companies in a country in connection with their short...
Growth of Takaful (Islamic insurance) business is rebounding, fuelled by improved economic conditions across its core markets and increased underwriting needs from the broader Islamic banking sector, a study by Ernst and Young found. Takaful is seen as a bellwether of consumer appetite for Islamic financial products. Expansion of its...
Standard & Poor's (S&P) has affirmed its 'A-' insurer financial strength and counterparty credit ratings on UAE-based Oman Insurance Co. (PSC). The outlook remains positive. Factors that derived as an anchor to the rating, include the current management team at Oman Insurance, which has been in place since 2011, that...
Standard & Poor's (S&P) has affirmed its 'BBB' counterparty credit and insurer financial strength ratings on Takaful Re Ltd. (TRL). The outlook is stable. The ratings reflect TRL's fair business risk profile and moderately strong financial risk profile. The assessment of business risk illustrates TRL's specialist niche, but less-than-adequate competitive...
The Bahraini Registered Company,Saudi National Insurance Company (SNIC), achieved a gross premium written of USD29.7 million for the first six months of 2014 in comparison to USD24.1 million of the same period last year, reflecting a growth of 23 percent. In line with the growth of the GWP, the net...
With an increase of 8.18 percent, the total direct premiums in the Kuwait insurance market has reached an amount of KWD152.6 million (USD528.39 million), an increase of 8.18 per cent, from the corresponding period last year, according to data from the Ministry of Trade and Industry. The first-half performance has...
Kuwait-based insurance group, Gulf Insurance Group (GIG) has reached an agreement with Mapfre Assistance to provide cover to Kuwait Airways travellers who have an Oasis Gold card, the airline's top-range loyalty card. Under the agreement, Mapfre Assistance begins to market its travel insurance in the Kuwaiti airline sector. In addition, both...
A new project called 'e-insurance gate' is being launched by the Capital Market Authority (CMA) to help insurance clients by bringing in efficiency and transparency to choose the best policy, the Times of Oman reported. The insurance regulator will create a comprehensive database on premium amount (for both comprehensive and...
Egypt's President Abdel-Fattah El-Sisi on Thursday ratified two laws concerning agricultural and farmers' health insurance, according to state news agency MENA. The first law orders the forming of an agricultural insurance fund to cover damage caused by natural disasters and insects. The law aims to achieve sustainable agricultural development and...
UAE: Markel International, the specialist insurer, has applied to the Dubai Financial Services Authority (DFSA) to establish a company to operate within the Dubai International Financial Centre (DIFC). Subject to receiving regulatory approval, Markel’s business will be located within the Lloyd’s offices in the DIFC and will focus initially on...
