December 2, 2020

Middle East Views

Middle East Views

EAS no.47: Insurers to allocate a reserve

Insurance companies in Egypt will be required to allocate reserves equivalent to one percent of their assets and net profits after taxes for fiscal year 2019/2020. Financial Regulatory Authority chairman Dr. Mohammed Omran has issued decision No. 162 of 2020 in accordance with the Egyptian Accounting Standard (EAS) no. 47...

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UAE medical cover costs may rise by 8% in 2021

Employer-sponsored medical insurance costs are expected to increase by eight percent in the UAE in 2021, after the pandemic impacted health care demand and overall costs globally, according to research by Willis Towers Watson. The organisation’s 2021 Global Medical Trends Survey found that medical insurers globally reported that health care benefit...

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Benefits for eligible private sector employees

Eligible private sector employees entitled to the benefits prescribed in the Job Security System (JSS) have been requested to make an application on the Ministry of Labour, Public Authority for Social Insurance (PASI) and General Federation of Oman Trade Union websites. The applications will be reviewed from November 1 and...

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IA merges with CBUAE

The Cabinet, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has issued a federal law-decree regarding the amendments of some functions of the Central Bank of the UAE (CBUAE) and merging the Insurance Authority (IA) with the Central Bank. The...

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Chedid Capital acquires Ascoma Group Africa operations

The Husson family and Chedid Capital have entered into exclusive negotiations for the acquisition of Ascoma Assureurs Conseils (Ascoma). The Husson family will maintain a sizeable stake in Ascoma and will participate in the transition and development of the new group. Completion of the transaction will only be subject to the condition precedent of obtaining regulatory...

SAMA approves drone insurance

The Saudi Arabian Monetary Authority (SAMA) has approved and issued an insurance product that covers risks of unmanned aerial vehicles (UAVs), more commonly known as drones, in the Saudi insurance market. The product covers drones licensed by official bodies for aerial survey operations and geographic information systems for architectural and engineering activities...

DRG implemented in Dubai hospitals

The Dubai Health Authority, DHA, announced recently the use of diagnosis-related groups (DRG) in all hospitals in the emirate. The move came into effect this month, however, it has been planned for over four years, during which active consultation and stakeholder engagement with the private sector took place. Use of...

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DHA, DHCA sign MoU

The Dubai Health Authority (DHA) recently signed a Memorandum of Understanding (MoU) with the Dubai Healthcare City Authority (DHCA) to strengthen cooperation in various medical fields including insurance, transfer of permits of health professionals, education, medical training and research. The MoU was signed by Humaid Al Qutami, director-general of the...

H1 2020: Paid claims reduce by 16%

A statement by the General Insurance Committee of Tunisia (CGA) showed that the total value of claims paid out in H1 of 2020 decreased by 16 percent to reach TND528 million against TND628.8 million during the same period in 2019. Car insurance benefits fell 26 percent, standing at TND247.5 million...

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EFG Hermes, GB Auto acquire 75% stake

EFG Hermes (through its NBFI arm EFG Hermes Finance Holding) and GB Auto (through its NBFI arm GB Capital) have acquired a 75 percent stake in Tokio Marine Egypt Family Takaful, in a deal worth EGP84.75 million. Tokio Marine Egypt Family Takaful offers individual and corporate clients a variety of...

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