February 17, 2020

Middle East Views

Middle East Views

More than 700 insurance certificates issued

Ajman Free Zone has confirmed the effectiveness of its new insurance umbrella launched several months ago in cooperation with Dubai Insurance to protect workers’ rights and reduce the burden on investors of the free zone, as well as contribute to the government’s efforts to protect the rights of this category....

IAIS conference focuses on digital age risk

The 26th annual conference of the International Association of Insurance Supervisors (IAIS) was held recently under the slogan ‘Censorship in the Digital Age.’ Speaking at the opening ceremony, Sultan bin Saeed Al Mansouri, UAE minister of Economy and chairman of the Insurance Authority, said that the UAE has achieved remarkable...

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Wafa Assurance acquires 65% of Pro Assur

Moroccan insurance company Wafa Assurance said it completed the acquisition of 65 percent of Cameroon’s Pro Assur. The transaction, taking the form of a share acquisition and capital increase, was approved by Cameroon’s and Morocco’s regulatory authorities, Wafa Assurance said in a statement. The deal is meant to help Pro...

‘Second wave of insurtech’

“Insurance has not changed in many, many years and people are beginning to appreciate the need to do things differently and technology was reaching a maturity point where it made sense for us to combine the two,” said Shahid Safdar, managing director of Charles Taylor InsureTech for the MENA region....

No spending cap on cover: Minister

Egypt’s new comprehensive healthcare insurance system does not set a spending cap on providing medical services to beneficiaries, according to finance minister Mohamed Maait. During a media briefing at the inauguration of the temporary headquarters of the General Authority for Health Insurance, Maait said the system was the pillar to...

FlexxPay, NASCO join forces

FlexxPay, Nasco join forces

Dubai-based fintech company FlexxPay and Nasco Middle East entered into a strategic partnership to create a solution to drive a significant modernisation in the world of employee benefits. The purpose behind the joint venture is to provide the remedy to a peculiar disconnection between continuous work and intermittent remuneration. To...

SAMA signs collaborative agreement with DFSA

SAMA signs MoU with DFSA

The Saudi Arabian Monetary Authority (SAMA) signed a Memorandum of Understanding (MoU) with the Dubai Financial Services Authority (DFSA) to develop mutual cooperation in banking and insurance supervision. The signing ceremony took place during a meeting between Dr. Ahmed bin Abdul Karim Al Kholifey, governor of SAMA and Saeb Aigner,...

CMA launches health insurance database

A database for the medical insurance scheme (Dhamani) has been launched, according to the Capital Market Authority (CMA). In a statement, CMA said: “A database for Dhamani has been launched. This a preparatory step to generalise Dhamani, which is a key pillar for regulating the health insurance market.” The care...

DHA licensed to use CPT coding

DHA licenced to use CPT

The Dubai Health Authority (DHA) and the American Medical Association (AMA) announced an agreement that will support the standardised exchange of medical service data throughout the Emirate of Dubai. The agreement provides the DHA a licence to use Current Procedural Terminology, CPT, a comprehensive code set copyrighted by the AMA,...

Mubadala Capital to invest in Bayzat

‘Fund of Funds’ to Bayzat

Mubadala Capital recently announced an investment in Bayzat, a Dubai-based startup focused on automating HR administration, payroll processing and health insurance. According to a press release issued by Mubadala, the funds will include a USD150 million (AED550 million) “fund of funds” programme, which will invest in funds that are committed...

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