July 28, 2021

Middle East Views

Middle East Views

Commercial insurance spikes due to pandemic: Marsh

Commercial insurance pricing has increased owing to the COVID-19 pandemic and its resulting economic slowdown that has impacted insurers across the world, according to a report by Marsh. The MENA Insurance Market Update by Marsh has stated that insurance markets in the Middle East and North Africa region have not...


Climate Change: Some MENA cities rated risky

Cities like Cairo, Damascus, Istanbul, Tehran and Jeddah are likely to experience medium to high environmental risk, according to research published by Verisk Maplecroft, The ‘Environmental Risk Outlook 2021’ covers key and emerging environmental issues for investors and companies that would like to mitigate their exposure to financial, reputational and...


Insurance graduate programme to be launched

Bahrain Kuwait Insurance Company (gig Bahrain) and Takaful International (gig Bahrain-Takaful) announced the commencement of its first Graduate Development Programme (GDP) on 23 May 2021, designed in strategic partnership with the Bahrain Institute of Banking and Finance (BIBF), to provide fresh graduates with the technical knowledge and competencies to start their career in Insurance....


SAMA issues 2020 insurance report

The Saudi Central Bank (SAMA) has issued the 14th annual report on the Saudi Insurance Market. The report highlights the performance of the insurance sector in the Kingdom of Saudi Arabia in 2020 and the sector’s contribution to the Kingdom’s gross domestic product (GDP). According to the report, the insurance...


CMA invites online payment service providers

The Capital Market Authority has announced a tender for e-payment service for the Dhamani health insurance platform. The service will enable transfer of funds between health services providers and insurance policyholders. The e-payment service will be added in the first phase of the platform which will be launched in the...


Aman reports AED6.4 mn Q1 profit

Dubai Islamic Insurance & Reinsurance Company PJSC (Aman) has announced its financial results for the first quarter of 2021. Aman reported a net profit attributable to shareholders of AED6.4 million in the first quarter of 2021, registering a significant increase of 100.8 percent compared to AED3.18 million in the first quarter of...


SALAMA posts highest Q1 profit since 2011

Islamic Arab Insurance Company, (SALAMA) has announced its audited financial results for Q1 2021. SALAMA reported a net income of AED24.22 million in the first quarter of 2021, its highest Q1 net profit since 2011, and an increase of 84.43 percent compared to AED 13.13 million in the first quarter of 2020. SALAMA...


Cigna recognizes brokers’ role in the market

Cigna Insurance Middle East (CIME) has announced the winners of its 2nd Middle East Brokers Awards. Marsh Emirates Insurance Brokerage, Nasco Middle East, and Nasco Emirates won in the SME Broker of the Year category, while AON Middle East was named Corporate Broker of the Year and Pacific Prime was honored as...


Zurich teams with Amazon for digital payment

Amazon Payment Services (APS) has partnered with Zurich International Life Limited (Zurich) to offer digital payments for its customers in the Middle East on Zurich’s digital customer onboarding platform ZurichPro. Commenting on the new partnership, Omar Soudodi, managing director of Amazon Payment Services, said: “It is a privilege to be...


Gadget insuretech receives funding

Protect4less, a UAE-based insuretech startup that provides users of smartphones and other electronic devices including laptops, PCs, tablets, accessories and home appliances coverage, has closed a USD1 million Pre-Series A round from a group of family offices and private investors. Rafiq Khan, co-founder and managing partner of Protect4less, commented: “As...

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