The African Development Bank alongside Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), African Trade Insurance Agency (ATI) and GuarantCo, recently entered into a Memorandum of Understanding for a Co-Guarantee Platform (CGP). This initiative, the first of its kind and being promoted by the Bank, was signed...
InsureTek Middle East 2018, a one-day international conference on insurance organised by Biz Events Management was held recently in Dubai. Eduardo Fonseca Ward, ambassador, Republic of Panama to the United Arab Emirates and the Kingdom of Saudi Arabia, inaugurated the event. The event discussed the key issues affecting the insurance...
Many UAE companies remain critically vulnerable to cyber-attacks because of a failure to maintain basic cyber-hygiene practices, according to Alexander Blom, head of Broker and Client Management at AIG MEA (Middle East and Africa). Since May this year, local companies which do business in Europe also face the added threat...
LCI Services, the servicing arm of the Lebanese Credit Insurer’s (LCI), has completed the implementation of tailored trade credit insurance products and services for companies in Africa, together with ASKIA Assurances in Senegal. The agreement entails the establishment of a partner operation in seven African countries (Senegal, Ivory Coast, Niger,...
Federal export company Etihad Credit Insurance (ECI) has signed a Memorandum of Understanding (MoU) with Markel International. Under the MoU, ECI and Markel will mutually cooperate to design and deliver bespoke comprehensive conventional trade credit insurance solutions and services to the UAE businesses, growing the non-oil export trade. The MoU...
Saudi Reinsurance Company (Saudi Re) recorded a net profit before Zakat of SAR24.1 million in the nine-month period ending September 30, 2018, an increase of 16 percent over the same period last year. Total comprehensive income grew by 26 percent over the same period last year, as the nine month...
Marsh has been awarded the first licence to provide captive insurance management services in Abu Dhabi. Operating as Marsh Management Services (MENA) Limited, the firm has been authorised to provide captive insurance management services by Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA). Marsh Management Services (MENA) Limited...
Union Insurance Company has developed an artificial intelligence system to issue motor policies in less than one-minute for the first time in the UAE. Available 24/7 on the company’s website and enabled by Natural Language Processing (NLP) technology, the innovative system extracts data from uploaded documents allowing for a seamless...
Neither wind, nor rain could keep spirits down at the HFW Cricket 6s held recently in Dubai. Members of the insurance industry made their mark in cricket with stellar performances at the HFW Cricket 6s event held recently at the Jebel Ali Centre of Excellence. The competitive spirit was not...
Chairman of the Financial Regulatory Authority (FRA), Mohamed Omran, signed a cooperation protocol recently with the African Reinsurance Corporation, (Africa Re) to provide by financial support for establishing Egypt’s first actuarial life table. An actuarial life table is a table or spreadsheet that shows the probability of a person, at...
