February 17, 2020

Middle East Views

Middle East Views
Blockchain-based Motor insurance recovery platform

Motor claims recovery: ADNIC partners with Addenda

Abu Dhabi National Insurance Company, ADNIC, has partnered with Addenda Technologies, a blockchain technology start-up and DIFC FinTech Hive member, to bring new innovation to the claims process. ADNIC and Addenda Technologies began working together in 2018 through their involvement with DIFC’s FinTech Hive accelerator programme. A team of claims...

SAR100k max benefit limit for tourists: CCHI

The Council of Cooperative Health Insurance (CCHI) of the Kingdom of Saudi Arabia has stated that the insurance policy for tourists reinforces health safety for tourists with a guaranteed basic insurance coverage throughout the country  against emergency health conditions through a max benefit limit of SAR100,000. CCHI’s spokesperson Yasir Al-Maarik...

AXA Gulf, RISE & Democrance launch new service

AXA in the Gulf launched new insurance services in collaboration with RISE, a fintech company that democratises access to financial services for migrant workers and domestic helpers. The new offering is powered by the Democrance digital platform and supported by AXA Emerging Customers. The initiative aims to improve financial inclusion and better serve the emerging...

Oman Insurance, Generali partner to offer EoSG plan

Oman Insurance Company and Generali Global Pension, a part of Generali Group, have joined hands to offer a group savings and retirement insurance plan specific to the unique needs of UAE companies. The plan aims at supporting employers to manage their End of Service Gratuity (EoSG) liability with 100 percent...

Creative Zone acquires stake in Afia platform

Creative Zone, a Dubai-based business formation firm, has acquired a stake in insurance comparison platform InsuranceMarket.ae, owned by Afia Insurance Brokerage Services, which values the business at USD80 million (AED294 million). The deal is part of a strategic partnership to further the growth of an ecosystem to support start-ups, Creative...

ACR to deregister DIFC branch

Asia Capital Reinsurance Group Pte. Ltd. (ACR) announces that it will deregister its DIFC Branch (“Branch”) and serve the Middle East and Turkey market from its Singapore office. The Branch has ceased issuing new policies and servicing of ongoing policies has been transferred to ACR’s Singapore office. ACR says the...

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Oman Insurance, Generali partner on EoSG product

Oman Insurance Company and Generali Global Pension, a part of Generali Group, have joined hands to offer GO Saver, a group savings and retirement insurance plan specific to the unique needs of UAE companies. The plan aims at supporting employers to manage their End of Service Gratuity (EoSG) liability with 100 percent capital protection...

Moody’s: USD8.3 trillion in rated debt face high credit risk

The immense societal importance of healthcare and education-related sectors, including pharmaceutical and health insurance issuers, mean that these sectors tend to be extremely sensitive to demographic and societal pressures, including access and affordability. As a consequence, they are typically heavily regulated and exposed to shifting political and legislative agendas, according...

Insurance service for domestic helpers launched

AXA in the Gulf launched new insurance services in collaboration with RISE, a financial technology (FinTech) company that regularises access to financial services for migrant workers and domestic helpers. The products is powered by the Democrance digital platform and supported by AXA Emerging Customers. This global initiative aims to improve...

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SAMA issues 2018 industry report

The 2018 annual report by the Saudi Arabian Monetary Authority (SAMA) has indicated an underwriting result of SAR295 million, compared to SAR840 million in 2017. This has resulted in a net profit of SAR183 million in 2018 compared to SAR688 million in 2017. The Saudisation percentage in the insurance sector...

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