Dubai is launching a drive to develop its Islamic business sector, aiming to attract fresh investment from the Middle East and south-east Asia, the Emirate’s ruler said in his statement. The government will promote Islamic banking and insurance, Islamic financial products and other areas including the arbitration of Islamic contracts,...
Qatar Insurance Company has disclosed the financial statements for the year ended 31st December 2012. The financials revealed a net profit of QR 610.3 million in 2012 versus QR 591.8 million in 2011. The company’s EPS amounted to QR 6.84 in 2012 compared to QR 6.64 in 2011. The board...
A.M. Best Rating Services Limited has affirmed the financial strength rating of B++ (Good) and the issuer credit rating of “bbb+” of Arab Insurance Group (B.S.C) (ARIG) (Bahrain). The outlook for both ratings remains stable. The ratings of ARIG reflect its solid business position in the Middle East regional reinsurance...
According to a research released by Zurich, more than half of UAE residents admit they never purchase travel insurance when theytravel. In a survey of 748 UAE residents conducted by YouGov, 58 percent of residents report that they never purchase travel insurance for their trips, while a third (32 percent)...
ADNIC announced an exclusive insurance partnership with Ghantoot Marina and Resort earlier this month to highlight the importance of protecting and safeguarding personal investments made in leisure crafts. As part of this agreement, ADNIC will provide Ghantoot Marina and Resort yacht and boat owners with preferred rates on insurance products. ...
Daman has introduced a new-look to the Thiqa health insurance cards. The design allows greater readability of information on the cards. There are no changes to the benefits provided to the cardholders. The alterations, whilst minimal, include a new layout based on a white background, with the cards’ unique Thiqa...
A.M. Best has assigned a financial strength rating of B++ (Good) and issuer credit rating of “bbb+” to The Bahrain National Insurance Company BSC (c) (BNI) (Bahrain). The outlook for both ratings is stable. The ratings for BNI reflect it’s excellent prospective risk-adjusted capitalisation, robust underwriting performance and good...
Standard & Poor’s raised its long-term counterparty credit and insurer financial strength ratings of Oman Insurance Co. (PSC) to ‘A-’ from ‘BBB+’. S&P’s cited the progress made by Oman Insurance (OIC) in reducing its exposure to high risk assets beyond S&P’s expectations, material reductions in financial leverage, increased awareness of...
A.M. Best has placed under review with negative implications the financial strength rating of A- (Excellent) and issuer credit rating of “a-” to Islamic Arab Insurance Co. (Salama) (United Arab Emirates). The rating actions are due to the uncertainty regarding its main subsidiary, BEST RE (L) Limited (BEST RE) ...
A.M. Best has affirmed the financial strength rating of B++ (Good) and the issuer credit rating of “bbb+” of Trade Union Cooperative Insurance Company – A Saudi Joint Stock Company (TUCI) (Saudi Arabia). The outlook for all ratings remains stable. The ratings reflect TUCI’s strong level of risk-adjusted capitalisation, good...
