Standard & Poor's ratings services affirmed its long- and short-term foreign and local currency sovereign credit ratings on the Kingdom of Bahrain at 'BBB/A-2'. The outlook is stable. The ratings on Bahrain are supported by the country's strong external position, its relatively stable growth prospects, the inflow of Gulf...
Abu Dhabi National Insurance Company (ADNIC) recently entered into a joint agreement with Dubai Trade to introduce ADNIC’s Marine E-Cargo solution, which will be accessible via Dubai Trade’s innovative online insurance platform called “TradeShield.” Through this new service, Dubai Trade customers will be able to avail of ADNIC’s marine cargo...
Sultan bin Saeed Al Mansouri, minister of economy and chairman of the board of directors of the Insurance Authority (IA) issued an ordinance regulating insurance brokerage in UAE. According to IA's new regulations, an incorporated insurance broker, licensed to operate in UAE under the Commercial Companies Law, should maintain a...
The second phase of the compulsory health insurance scheme, is expected to be launched by April 2014, when all Qatari citizens are to be brought within its ambit. The first phase of the scheme was implemented some months ago covering a large segment of Qatari women. Public health authorities have...
Takaful Oman Insurance has raised OMR22-23 million from the investing public through an initial public offering (IPO) that closed a month-long subscription on December 2, 2013. The company offered 40 million shares at 102 baisas per share, which included a nominal value of 100 baisas and two baisas as issue...
More than two-thirds (67 percent) of residents in the United Arab Emirates are failing to plan for their retirement, according to a research released by Zurich International Life. In a survey of UAE residents conducted by YouGov, it found that only 33 percent of UAE residents had a formal retirement...
Dubai Holding, and Kuwait's Al Fajer Re plan to launch a firm with USD500 million of authorised capital in January to tap unserved demand in retakaful. The new firm, Emirates Retakaful, will be set up in the Dubai International Financial Centre, said Fareed Lutfi, director of insurance services at Dubai...
Global remittance and foreign exchange service provider UAE Exchange has partnered with AIG to offer its gocash prepaid travel card customers a range of travel insurance benefits. Under the deal, customers travelling using a gocash prepaid travel card are covered for travel inconveniences, personal accident benefits, free medical benefits, and...
Union Insurance Company, has reported a net profit of AED27.3 million for the first nine month ended September 30, 2013, an increase of 165 percent compared to a net loss of AED42.2 million for the same period last year. Gross insurance premium rose by 41 percent to AED262.5 million in...
ADNIC saw its nine-month net profit jump 17 percent y-o-y to AED143.2 million (USD39 million), thanks to an 8.3 percent growth in net underwriting income to AED246.1 million. The ADX-listed insurer’s gross premiums dipped marginally by 0.2 percent y-o-y to AED1665.1 million in the first nine months this year, as...
