Moody's Investors Service has affirmed the Baa2 insurance financial strength rating (IFSR) of the Qatar Islamic Insurance Company (QIIC). The rating outlook was changed to positive from stable based on the company's continued strong performance. The positive outlook for QIIC's rating reflects the company's improving and extremely strong capitalisation in...
In the first three months of the year, Trust Re generated gross written premium of USD195.0 million, representing an increase of 23 percent from the USD158.6 million reached in the equivalent period 12 months ago and 5.1 percent more than budget for the quarter. Net earned insurance revenue grew by...
Al Ahlia Insurance Company has reported net profit of USD925,999 for the first quarter of 2014 as against USD27,50,047 for the same period last year. "The transient decline was due to the reduction in the actual realised gains on sale of investments compared with the same period last year. The...
ADNIC has embarked 2014 with profitable growth both in revenue and underwriting income. Gross written premium for the period ended March 31, 2014 grew by 33 percent to AED993 million from AED747 million during the same period last year. The overall premium retention ratio has decreased to 43 percent...
Global wholesale and reinsurance broker Cooper Gay Swett & Crawford (CGSC) announced that after receiving the requisite approval from the Dubai Financial Services Authority it has launched Cooper Gay (Dubai) Limited, a wholly owned subsidiary of Cooper Gay (Holdings) Limited. The office is based in the Dubai International Financial Centre...
New India Assurance Co. Ltd. has said it plans to open its Middle East hub in Dubai International Financial Centre (DIFC) as part of its strategic move to enhance its footprints in the region. “Middle East, particularly GCC, is a significant market for us and our focus will now be...
Qatar regulators will establish a deposit insurance framework that will include a Sharia-compliant scheme, one of several reforms aimed at modernising the financial sector of the country. The scheme is part of a strategic plan for Qatar's financial sector developed by the country's three regulatory bodies, which they aim to...
The Qatar Civil Aviation Authority has announced that Qatar Insurance Company (QIC) has won the insurance contract of the brand-new Hamad International Airport valued at QAR 46 billion. QIC clinched the contract following a local tender process in which six companies participated. The insurance term started from May 1, 2014...
Qatar has kicked off the second phase of its social health insurance system, "Siha" (Health) through which free health insurance will be available to Qataris of all ages. The second phase of the scheme, launched April 30th, will continue for a year and will cover "inpatient and out-of-hospital services, preventive...
XL Group‘s reinsurance segment announced the establishment of new operations in Dubai, UAE, to serve the MENA market and act as a regional hub for the business. Commenting on the development, David Watson, CEO of XL Re Europe SE, said: “There remains a strong reinsurance purchasing culture among local cedents...
