The Capital Markets Authority (CMA) has set up a new emergency fund for companies that are unable to fulfill their insurance obligations to their employees. A statement from the CMA said : “The fund shall assist the parties in the event that the company fails to meet its obligations.” The...
The National Insurance Academy recently held a roundtable with a few stakeholders within the UAE and Oman insurance sectors. Introducing the NIA, director G. Srinivasan said that the institute had trained 6000 professionals from 65 Afro-Asian countries. The organisation is looking to connect with the regional insurance industry in terms...
Abu Dhabi National Insurance Company (ADNIC), has announced its financial results for the second quarter of 2019. The company reported a net profit of AED66 million, an increase of 19.1 percent from 2018. Sheikh Mohamed Bin Saif Al-Nahyan, chairman of ADNIC, said: “ADNIC has delivered 29.5 percent growth in gross...
Beyontec Solutions recently entered into a strategic partnership with Braxtone, to offer a comprehensive automated motor claims recovery solution for insurance companies in Bahrain and the United Arab Emirates. Intra-company claims recovery has had a significant impact on the insurance business due to highly manual, people dependent, time-consuming and non-transparent...
The Kuwait Ministry of Interior and Ministry of Health have implemented the automation process of health insurance services for expatriates. Paper receipt of health insurance will no longer be accepted and payments should be made online for all residence permits through the link – www.moh.gov.kw. Meanwhile, the Ministry of Health...
The Ajman Free Zone has signed a Memorandum of Understanding (MoU) and associated documents with Dubai Insurance Company to provide insurance services to workers employed by organisations operating within the free zone. The new service will replace the current bank guarantee system and will cover all the dues of workers,...
Cyprus-based Woodbrook Group has acquired Mondial, one of the UAE’s oldest financial planning and wealth management organisations. “Joining the Woodbrook Group strengthens our financial backbone, in turn enabling us to improve our range of client-driven services,” Mondial chief executive Sean Kelleher said in a statement. The value of the deal...
The National Fund of Social Welfare Organisations’ (CNOPS) has stated that 114,000 students were registered in the Compulsory Basic Student Health Insurance Scheme during the academic year 2018-2019. The current health system, the Medical Assistance Plan (RAMED), and Compulsory Health Insurance (AMO) have been in place for seven years. However, they are in the process...
Dubai Islamic Insurance & Reinsurance Company (Aman) posted a 53 percent drop in net profit for the first six months of this year compared to the same period in 2018. Aman’s net profit from its takaful operations fell to AED1.979 million (USD0.54 million) compared to AED4.2 million in H1 2018, the...
The Health Insurance Fund (SHIFA) Board of Directors held recently its regular meeting at the Supreme Health Council headquarters under the chairmanship of Lt-General Dr. Shaikh Mohammed bin Abdullah Al Khalifa, the Supreme Health Council president and SHIFA Board chairman. The meeting was attended by minister of finance and national...
