December 2, 2020

Middle East Views

Middle East Views

GRSIA attends pension meet

The General Retirement and Social Insurance Authority (GRSIA) participated in the 45th meeting of the Permanent Technical Committee of the Gulf Civil Pension and Social Security Agencies. Director of Customer Management and member of the committee, Ali Abdullah Al Kuwari, represented the Authority in the virtual meeting. The meeting dealt...

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BHSI launches D&O, PI products

Berkshire Hathaway Specialty Insurance (BHSI) has announced Directors & Officers (D&O) Liability and Professional Indemnity (PI) policy wordings for customers in the UAE and throughout the Middle East. “Companies in the Middle East are increasingly concerned about management and professional liability exposures particularly in the challenging business environment created by...

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Regional forum discusses vital strategies for insurance

Experts within the regional insurance industry discussion medical insurance and health care at the Sixth Regional Forum for Medical Insurance that took place in Cairo recently. The forum was held in cooperation between the General Arab Insurance Federation, the Egyptian Insurance Federation and the Egyptian Society for Health Care Management,...

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Investment outsourcing solution by State Street, SimCorp

State Street Corporation and investment management solutions and service provider, SimCorp have announced their intent to form a business partnership to provide a fully integrated, front-to-back investment outsourcing solution for insurance firms in Europe, Middle East and Africa (EMEA). EMEA-based insurance companies will have access to SimCorp Dimension’s cloud-based, multi-asset class capabilities, advanced...

DHA licensed to use CPT coding

‘Post Office’ launched to improve claims workflow

The Ministry of Health and Prevention (MoHAP) has launched the “Post Office” initiative as part of the National Unified Medical Records “Riayati,” a linkage system between hospitals and clinics and health care providers. The new service helps provide better management of the central information related to the electronic insurance claims and...

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Market trends could fast-track consolidation: S&P

After a material improvement in growth and earnings in 2019, S&P Global Ratings expects the Saudi Arabian insurance sector to report solid underwriting results in the first-half of 2020, benefiting from fewer motor and medical claims due to the COVID-19-related lockdown, despite negative economic growth. In a report titled COVID-19 And...

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KSA insurers report strong H1 2020 figures

Saudi insurers witnessed a substantial increase in net profit before zakat in the first half of 2020 with premiums following an upward trajectory and slowing loss ratios, according to a new report released by KPMG in Saudi Arabia. Based on company disclosures, Saudi Arabia’s listed insurers generated SAR1,014 million in combined profits in...

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Africa Re sets up in DIFC in regional expansion strategy

In a bid to expand the business, Africa Reinsurance Corporation (Africa Re) Group has set up a unit in the Dubai International Financial Centre as its first presence outside of Africa. The business will operate as Africa Re Underwriting Agency Limited (Africa Re). Over the last 44 years, Africa Re...

DHA licensed to use CPT coding

SCH, DHA to cooperate on health insurance management

President of the Supreme Council of Health (SCH) lieutenant-general Dr. Shaikh Mohammed bin Abdulla Al Khalifa recently launched the “Joint Initiatives between the Kingdom of Bahrain and the Dubai Health Authority” forum. Health officials from Bahrain and Dubai city took part in the forum, held via video conference. In his opening...

ECI, SFD partner to boost export credit insurance

ICIEC signs MoU with UKEF

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) recently signed a Memorandum of Understanding (MoU) for cooperation with the United Kingdom’s Export Credit Agency, the UK Export Finance (UKEF). The MoU allows for both entities to enter into co-insurance, reinsurance or cooperation agreements to engage in...

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