ICIEC representatives recently attended the OIC High-Level Public and Private Sector Investment Conference. The conference was held at the Istanbul Congress Center and was attended by political leaders, government officials, development finance professionals, and industry leaders. At the conference, ICIEC CEO, Oussama Kaissi, delivered keynote speeches for two panels. The...
Arig recorded a consolidated net profit of USD3.6 million, attributable to shareholders, for the third quarter of 2019 (Q3 2018: net profit of USD0.3 million), an increase of 1100 percent mainly due to higher underwriting results and lower operating expenses. Arig’s consolidated net profit attributable to shareholders for the nine...
Aspen Re, the reinsurance arm of Bermudian insurer and reinsurer Aspen Insurance Holdings Limited, is to close its offices in Dubai, Miami and Lloyd’s China. The re/insurer has confirmed a restructure of some of its operations, resulting in the closure of its Dubai and Lloyd’s China reinsurance offices, as well...
A pilot phase to introduce the Universal Health Insurance system will be launched in Luxor by March 2020. Minister of Health and Population Hala Zayed conducted an inspection to check on the hospitals that are being upgraded to operate within the new system. Nine health units and centers in Luxor...
Attijariwafa Bank has received preliminary approval from the Financial Regulatory Authority (FRA) for the incorporation of a life insurance company in Egypt, managing director of Attijariwafa’s Egyptian unit Hicham Seffa has stated. The new company will work in collaboration with Attijariwafa Bank Egypt, Seffa told Mubasher. He also stated that the bank’s...
Islamic Arab Insurance Company (Salama) has reported 13.6 percent growth in gross contribution, attributing to a total of AED901 million in gross contribution for the nine-month period compared to AED793 million in 2018. Commenting on the results, managing director Mustafa Kheriba said, “The continued growth in net profit over the last...
The Saudi Arabian Monetary Authority (SAMA) has announced an update of the actuarial regulations of insurance and reinsurance companies, in order to enhance the principle of transparency and participation. SAMA explained that the actuary is a main pillar in the work carried out by insurance and reinsurance companies. It plays an...
The Dubai Financial Services Authority (DFSA) recently signed an extension to its Memorandum of Understanding (MoU) with the China Banking and Insurance Regulatory Commission (CBIRC). The MoU was signed by Bryan Stirewalt, chief executive of the DFSA, and Zhou Liang, vice chairman of the CBIRC, during a visit by a...
Ajman Free Zone has confirmed the effectiveness of its new insurance umbrella launched several months ago in cooperation with Dubai Insurance to protect workers’ rights and reduce the burden on investors of the free zone, as well as contribute to the government’s efforts to protect the rights of this category....
The 26th annual conference of the International Association of Insurance Supervisors (IAIS) was held recently under the slogan ‘Censorship in the Digital Age.’ Speaking at the opening ceremony, Sultan bin Saeed Al Mansouri, UAE minister of Economy and chairman of the Insurance Authority, said that the UAE has achieved remarkable...
