July 28, 2021

Middle East Views

Middle East Views
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GOSI merged with PPA

The Cabinet chaired by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, the prime minister of the Kingdom of Saudi Arabia, has approved merging the Public Pension Agency into the General Organisation for Social Insurance as well as several other arrangements. This decision was taken in...

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Commercial cover spikes due to pandemic: Marsh

The MENA region has experienced rising commercial insurance rates over the last 12 months, including in the construction, cyber, trade credit, professional liability, and energy and power lines of business. According to Marsh’s report, these increases are largely a consequence of the transitioning global insurance market and COVID-related claims. Directors...

SCA heads UASA meeting

Dr. Maryam Al Suwaidi, acting chief executive officer of the Securities and Commodities Authority (SCA) opened the fifteenth meeting of the Union of Arab Securities Authorities (UASA) held virtually in the presence of Jalil Tarif, secretary general of the UASA, and representatives from the UASA member states. Participants at the meeting discussed the...

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SINOSURE sets up shop in DIFC

China Export and Credit Insurance Corporation (SINOSURE) has chosen the Dubai International Financial Centre (DIFC) as the location for its first office in the Middle East. SINOSURE is a state-funded and policy-oriented insurance company established to promote China’s foreign economic, trade development and cooperation on a non-profit basis. SINOSURE had...

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CMA to update e-link between insurers and ROP

The Capital Market Authority (CMA) recently announced a tender for the operation and maintenance of the e-insurance systems which was launched in 2008, aligned with the digital transformation program. The system links insurance companies, Royal Oman Police (ROP) and insurance policyholders. CMA aims to enhance the role of technology to serve policyholders...

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CMA: Health insurance to be independent sector

Sheikh Abdullah Salim Al Salmi, executive president of the Capital Market Authority recently announced the amendment of the Insurance Companies Law and the Takaful Insurance Law promulgated under Royal Decrees that related in general to the health insurance. He said that there would be a focus on enhancing the regulatory...

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Insurance sector sees growth in 2020: CMA

The Capital Market Authority (CMA) recently launched the seventeenth edition of the insurance market index, covering the performance of the insurance industry in the year 2020. Several key indices were highlighted to show the contribution and financial impact of the sector towards the economy. The latest audited data of the...

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GOSI merged with PPA

The Cabinet chaired by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, the prime minister of the Kingdom of Saudi Arabia, has approved merging the Public Pension Agency into the General Organisation for Social Insurance as well as several other arrangements. This decision was taken in...

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ACE Group sets up KSA unit

ACE Group has announced the formation of ACE Re Reinsurance Brokers Ltd. (ACE Re) to manage reinsurance business in Saudi Arabia, a strategic addition to the business in compliance with Saudi Central Bank regulations. ACE Re in Saudi Arabia will assist clients by putting a range of reinsurance structures in order...

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SNIC signs up with Health 360°

SNIC Insurance has signed an agreement with Health 360° Ancillary Services W.L.L as part of its digital optimisation and customer experience strategy. SNIC will outsource its health insurance claims management to Health 360°. Feda Salameh, assistant general manger – Marketing & Consumer Affairs at SNIC quoted, “We share an aligned...

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