Solidarity Bahrain and T’azur have decided to take the next step in the potential consolidation process. “Pursuant to the announcement dated 25 October 2020, Solidarity Bahrain B.S.C (Solidarity) would like to announce that the Board of Directors of T’azur has provided its in-principle acceptance to the Letter of Intent and...
AXA Gulf recently launched the Car Insurance Uncovered Report, endeavouring to educate policyholders of challenges they may face while purchasing motor insurance in the UAE. According to the survey of 1000 motor insurance policy holders, it was shown that most respondents did not understand the jargon used by insurers, the...
The departments of Communication Technologies, Education, Civil Service and Social Affairs, together with World Bank representatives launched the Govtech digital transformation project for citizen-oriented public services recently. The World Bank is providing financing to the tune of USD100 million towards the project. Communication Technologies minister Mohamed Fadhel Kraiem announced that...
Insurance companies in Egypt will be required to allocate reserves equivalent to one percent of their assets and net profits after taxes for fiscal year 2019/2020. Financial Regulatory Authority chairman Dr. Mohammed Omran has issued decision No. 162 of 2020 in accordance with the Egyptian Accounting Standard (EAS) no. 47...
Employer-sponsored medical insurance costs are expected to increase by eight percent in the UAE in 2021, after the pandemic impacted health care demand and overall costs globally, according to research by Willis Towers Watson. The organisation’s 2021 Global Medical Trends Survey found that medical insurers globally reported that health care benefit...
Eligible private sector employees entitled to the benefits prescribed in the Job Security System (JSS) have been requested to make an application on the Ministry of Labour, Public Authority for Social Insurance (PASI) and General Federation of Oman Trade Union websites. The applications will be reviewed from November 1 and...
The Cabinet, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has issued a federal law-decree regarding the amendments of some functions of the Central Bank of the UAE (CBUAE) and merging the Insurance Authority (IA) with the Central Bank. The...
The Husson family and Chedid Capital have entered into exclusive negotiations for the acquisition of Ascoma Assureurs Conseils (Ascoma). The Husson family will maintain a sizeable stake in Ascoma and will participate in the transition and development of the new group. Completion of the transaction will only be subject to the condition precedent of obtaining regulatory...
The Saudi Arabian Monetary Authority (SAMA) has approved and issued an insurance product that covers risks of unmanned aerial vehicles (UAVs), more commonly known as drones, in the Saudi insurance market. The product covers drones licensed by official bodies for aerial survey operations and geographic information systems for architectural and engineering activities...
The Dubai Health Authority, DHA, announced recently the use of diagnosis-related groups (DRG) in all hospitals in the emirate. The move came into effect this month, however, it has been planned for over four years, during which active consultation and stakeholder engagement with the private sector took place. Use of...
