February 17, 2020

Middle East Views

Middle East Views

Bupa Arabia joins MCSI EM Index

Tal Nazer, CEO of Bupa Arabia, announced that the company has recently joined the MSCI Tadawul 30 (MT30) Index, a joint tradeable index launched by the Saudi Stock Exchange (Tadawul) and MSCI to serve as the basis for Exchange-Traded Funds (ETFs). The index is designed to reflect the performance of approximately...

Dhamani to roll out mid-2020

Oman’s mandatory universal health insurance for private sector employees, domestic workers and visitors to the Sultanate, may begin rolling out mid-2020. The system aims to provide affordable health insurance to private sector employees and domestic workers, as well as visitors to Oman, and will start with the electronic Dhamani system...

‘Embrace technology to grow sector’

Pan-African reinsurance company, ZEP-RE (PTA Reinsurance Company) recently called on companies to embrace technology and help expand access to insurance service. Hope Murera, managing director of ZEP-RE, said the insurance industry was ripe for innovation and that disruption through adoption of technology designed to achieve savings and efficiency was long...

Tawuniya signs deal for foreign pilgrims

The Company for Cooperative Insurance (Tawuniya) recently signed a contract with the Ministry of Hajj and Umrah to provide insurance services for foreign pilgrims. Revenues of the contract are expected to be greater than five percent of the annual gross written premium (GSP) of Tawuniya, according to the company’s statement...

Sharjah issues health insurance regulations

Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah and Chairman of the Sharjah Executive Council, recently issued Decision No. 26 of 2019, amending Council’s Decision No. 19 of 2018 regarding the health insurance system in the Emirate of Sharjah. Decision No. 26 included...

Sanlam mulls Egypt investment

Sanlam Ltd, the largest insurance company in South Africa may invest in Egypt in a year, according to the organisation’s CEO Ian Kirk. Following interim results that gained due to its pan-African strategy, Kirk told Reuters that Sanlam was interested in investing in an Egyptian firm, but had to find...

Only 1% of total policies attributed to health: NCSI

The National Center for Statistics and Information has announced that only one percent of the total policies issued are health insurance policies, while 75.4 percent of policies were attributed to motor insurance. While about 70 percent of mortality cases reported in Oman is due to non-communicable diseases such as diabetes,...

Al Ahlia reduces 23% capital

The Board of Directors of Al Ahlia Insurance Co. has agreed to reduce the organisation’s capital from SAR160 million to SAR123 million, a 23.125 percent decline. As the company’s shares will reduce from 16 million to 12.3 million, 3.7 million shares will be cancelled, stated a disclosure to the Saudi...

FMSAR, IFE sign cooperation deal

The Moroccan Federation of Insurance and Reinsurance Companies (FMSAR) has called on its Egyptian counterpart to resolve the delay in the case of a Moroccan branch in Cairo seeking a practicing license. The agreement was reached during the 26thAfro-Asian Federation of Insurance and Reinsurance (FAIR) Conference held in Marrakesh. Alaa...

Turkey launches reinsurer

In a bid to support the insurance industry in Turkey, the country’s treasury and finance ministry has established an organisation called the Turk Reasurans A.S (Turk Re). An official statement explained that the company was launched as a means to balance the economy and bring about healthy and sustainable growth...

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