The CMA has announced its resolution approving Gulf General Cooperative Insurance Company’s request to increase its capital by way of rights issue valued at SAR300,000,000. The increase will be limited to the shareholders who are registered in the shareholders registry at the Security Depository Center as of the closing of...
“COVID-19 pandemic has brought to light the fragility of some developed models and has called us back to our deeply rooted humanity. It has imposed on individuals and organisations the need to reinvent themselves in order to survive in an environment where the digital age has become the rule,” said...
Zurich International Life in the Middle East (Zurich Middle East) is launching a Regular Savings Plan (RSP), a structured solution that helps customers achieve their life goals, with a customised plan that suits them. RSP serves as a structured, goal-based life plan whereby, even after the savings term is completed,...
Ethiopian-based composite insurer Ethio Life and General Insurance S.C, (ELiG) has signed up Beyontec Suite, a core insurance solution from Beyontec, to transform its operations to digital. Insurers in Ethiopia are rapidly adopting new technology to drive efficiencies through increased digitisation and automation of manual processes such as policy administration,...
AM Best is maintaining a Negative outlook on the insurance markets of the Gulf Cooperation Council (GCC) – Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE). The negative outlook addresses the persisting headwinds challenging economies in the GCC from the fallout of the COVID-19 pandemic and...
Takaful International Company (TIC) has launched a healthcare takaful product in collaboration with Hannover ReTakaful. Branded as Afya, the company said the product would be offered in different packages covering a range of services including network of hospitals, healthcare facilities, and specialised clinics all over the world offered to individuals...
Abu Dhabi National Insurance Company (ADNIC) has approved the distribution of 35 percent cash dividends (AED0.35 per share, total cash dividends of 199.5 million) for the financial year ended 31 December 2020, after concluding its virtual annual general meeting. All items on the agenda for the AGM were discussed and approved....
The Saudi Central Bank (SAMA) recently held a webinar titled “Transition to International Financial Reporting standard No. 17 (IFRS 17) – Insurance Contracts”, a new accounting standard that is aimed at providing more accurate, transparent and quality information to users of the financial statements of insurance companies compared to the...
The University of Sharjah (UOS) has signed an agreement with Etihad Credit Insurance (ECI) in order to undertake initiatives aimed at training and educating the students to become competent leaders and professionals in the industry. Under the partnership, ECI will provide internship programmes for UOS students as a prerequisite for...
Metlife and Emirates NBD have announced a strategic partnership to provide insurance products and solutions to the bank’s customer base across the United Arab Emirates. The new long-term partnership will make available life, accident and health insurance products. Customers will be able to access a range of term plans that...
