Zain Bahrain has launched the first insurance service in the Middle East to protect owners of smartphones and tablets from unexpected accidental damage and theft. It is managed by Mapfre Asistencia, which is represented locally by Gulf Assist, and powered by Solidarity, an Islamic Sharia'ah compliant insurance provider in Bahrain....
Zurich International Life MEA has launched a first-to-market life insurance proposition called Zurich Business Protect, designed specifically to protect small and medium sized enterprises (SMEs) in the Middle East. SMEs in the region are leaving the very existence of their business at risk by not using life insurance solutions to...
Sharjah-based Al Buhaira National Insurance (Abnic) has reported a 41-percent fall in net profit to AED10 million for 2013 compared to AED17 million for the previous year, blaming competition and new market entrants. Underwriting profit more than halved to AED22 million for 2013 from AED49 million for 2012. The insurer...
Almost two-thirds (64 percent) of residents in the United Arab Emirates do not have a life insurance policy that would protect their family’s financial future in the event of the death of the primary salary earner, according to a survey released by Zurich International Life. Families can suffer from severe...
The failure of multiple process and safety systems is the most common cause of the largest property damage losses in the global energy industry over the past four decades, according to a report published by Marsh at its bi-annual National Oil Companies (NOC) Conference held recently in Dubai. According to...
Abu Dhabi National Insurance Company (ADNIC) recently launched a new suite of customer friendly motor insurance products. The new color-coded products are designed to offer greater flexibility to customers, allowing customers the opportunity to select the type of cover that meets their specific needs. Simply put, customers pay for the...
The Ministry of Health has decided to stop free treatment for Saudis working in the private sector and have started charging for their treatment. The cost of medical treatment for Saudi nationals who are private sector employees will hereon be borne by the insurance provided by their employers. It is mandatory...
Aviva plc announced the sale of its Turkish general insurance business Aviva Sigorta A.Ş, to a private equity consortium led by EMF Capital Partners. This agreement is part of Aviva’s strategy to narrow the group's focus on businesses where it has a leadership position and can generate attractive returns. Aviva’s...
International ratings agency A.M. Best has affirmed the financial strength rating of B+ (Good) and issuer credit rating of "bbb-" of Arabia Insurance Company – Jordan (AIC-J). The outlook for both ratings remains stable. The ratings reflect AIC-J’s good level of risk-adjusted capitalisation and stable financial performance. Offsetting factors include...
Both Houses of Parliament in Jordan agreed after a much debate, to merge the Insurance Regulatory Commission with the Trade Ministry. Senators and deputies endorsed these decisions at a joint session held to resolve their dispute over the draft law that seeks to restructure independent public agencies. The lawmakers endorsed the...
