UAE: In its annual report, the Insurance Authority said, the sector has grown considerably in 2013 with a stronger role in the economy, due to the considerable funds invested, which amounted to AED37.8 billion in 2013, while the underwritten premiums amounted to AED29.5 billion. There are 60 insurance companies, including...
Morocco: Casablanca-headquartered Banque Centrale Populaire has received the green light from regulators to start its own insurance company in Morocco. The new insurance company will have an initial capital of MAD50 million (USD6.06 million). It will be named Taamine Chaabi (Assurance Populaire) and operate along the lines as a mutual. It...
UAE: Zurich Insurance Middle East has entered into a long term agreement with First Gulf Bank, to market and distribute its general insurance products in the UAE. Zurich’s market-leading general insurance products, will be offered to FGB’s customers through the bank’s dedicated online insurance portal www.firstinsure.ae. This will include travel,...
Bahrain: Standard & Poor’s has reaffirmed Saudi National Insurance Company rating of ‘BBB’ with a stable outlook for the fourth consecutive year. Factors that derived as an anchor to the rating is SNIC’s fair business risk profile and strong financial risk profile. An additional support is the commitment and strong support...
Qatar: Qatar Insurance Company SAQ (QIC), has announced the completion of the acquisition of Antares Holdings Limited (Antares), a specialist insurance and reinsurance group operating in the Lloyd’s market. The acquisition of Antares, expands QIC’s global footprint through access to Lloyd’s Syndicate 1274 and Antares’ own integrated managing agency, as...
Bahrain: The Central Bank of Bahrain affirmed that the Bahrain insurance market posted annual growth during 2013, with gross premiums or contributions increased by around eight percent over 2012 to register BHD258.41 million in 2013. A significant part of this increase has been attributed to a surge in motor insurance,...
UAE: Arab-European Reinsurance Brokers Ltd (ARB Re) is the latest among the growing number of insurance intermediaries that have set up operations within the Dubai International Financial Centre (DIFC). Licensed in March 2014 by Dubai Financial Services Authority, the company will be manned by four professionals who have between themselves, over...
Kuwait: Gulf Insurance Group (GIG) showcased net profits of KWD6 million (USD21.5 million), or 33.35 fils per share in the first half of 2014 with an increase of 25 per cent or KWD1.2 million (USD4.3 million) compared to the profit reported for the same period last year. GIG’s shareholder...
Qatar: Standard & Poor’s Ratings Services (S&P) has raised the insurer financial strength and counterparty credit ratings on Qatar-based Doha Insurance Co. (Doha) to ‘A-’ from ‘BBB+’. The outlook remains stable. The upgrade reflects the view that Doha’s financial risk profile has significantly and sustainably improved following the injection of...
Standard & Poor's Ratings Services (S&P) has affirmed its 'A/A-1' long- and short-term foreign and local currency sovereign credit ratings on the Sultanate of Oman, along with a stable outlook. The ratings are supported by Oman's strong net external and general government asset positions and prudent investment policies. They are constrained by the...
