United Insurance Company discussed the subject of earthquakes with an event entitled ‘New Zealand Earthquake Claims’. The presentation focused on the Christchurch earthquakes that hit New Zealand in 2010 and 2011. Types of land and building damage suffered were discussed with specific reference to liquidification, ground heave, landslip and their...
Ratings agency Fitch has reported a strong insurance market in the country of Turkey, owing to profitable premium growth, expanding pensions market, and increasing political stability. The Turkish non-life insurance sector made a profit of TRY768 million in 2013 following a loss of TRY658 million in 2012 that was almost...
Qatar Railways Company (Qatar Rail) has awarded one of the largest-ever single-project tunneling and rail construction insurance policies to a six-member consortium of Qatari insurance firms, led by Qatar Insurance Company. The other five members of the consortium are Qatar General Insurance and Reinsurance Company, Al Khaleej Takaful Group, Doha...
Qatar Insurance Company, enjoyed solid growth and a big jump in its net profit for the first quarter of 2014. The company reported a four percent growth in its gross premiums written to QAR1.11 billion while its net profit jumped by 12 percent to QAR316.48 million in the first three...
Worldwide Broker Network, a group of independent property and casualty and employee benefits brokers, has added Saudi-based firm Daman Insurance Brokers to its network in the first quarter of 2014. The additions bring the network, which was founded in Europe in 1989, to 94 members in 79 countries and 8 associate...
The Saudi government and its new health minister have been credited with stepping up public-awareness campaigns to curb the spread of MERS virus, as the number of cases in April nearly doubled in the kingdom. Thirty new cases in the kingdom have brought Saudi Arabia's total confirmed instances of Middle...
Chedid Re announced that it recently formed a strategic partnership with global reinsurer PartnerRe. Farid Chedid, chairman and CEO of Chedid Re signed a long term agreement with PartnerRe Wholesale, a new business unit of PartnerRe, to provide capacity to a Management General Agency to underwrite commercial professional indemnity (PI),...
Medical insurance, is shown to have secured maximum growth in Oman among other types of insurance portfolios, according to a report in Times of Oman. Healthcare insurance showed a robust growth of 38 per cent to generate OMR63 million premium income, out of a total direct premium revenue of OMR364...
Dubai Health Authority announced the names of the approved insurance companies ahead of the roll-out of the mandatory insurance scheme. All 43 health insurance companies and seven participating insurers (those companies who underwent additional qualification criteria to provide essential cover to lower paid workers) received the mandatory Health Insurance Permit...
Standard & Poor's Ratings Services revised its outlook on Dubai-based National General Insurance Co. (NGI) to positive from stable. At the same time, the organisation affirmed long-term counterparty credit and insurer financial strength ratings at 'BBB+'. The outlook revision reflects the view that NGI's financial risk profile will continue to...
