According to audited financial statements for 2017, the Oman insurance sector contributed 1.63 percent of the nation’s gross domestic product (GDP). Gross written premiums have increased by 0.3 percent to reach OMR451.57 million at the end of 2017, compared to OMR450.24 million at the end of the previous year. The...
Insurance companies in Oman have employed the services of surveyors and loss adjustors to assess the impact of the recent Cyclone Mekunu in Dhofar and Al Wusta regions. Many insurers have said the quantification of losses cannot be presently assessed as they are still awaiting details from claimants. Claims have...
Bahrain National Holding (BNH) has selected TCS BaNCS for Insurance as part of its a transformation strategy to enhance growth in Bahrain. BNH offers a range of products for businesses and individuals and has embarked on a program to re-engineer its technology infrastructure. Outlining their rationale and selection of TCS...
The Cabinet, chaired by H.H Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, adopted a number of strategic decisions with regards to foreign workers’ insurance in the private sector. A new insurance scheme for workers’ guarantees has been introduced. The...
Health at Hand, a new, free-to-download app which connects patients with high-quality, licensed doctors via video consultation, was launched recently in Dubai. The service is an app-based live video consultation platform, providing users with convenient, affordable access to licensed doctors wherever and whenever care is needed. Anyone over the age...
The Insurance Authority has introduced new regulations pertaining to bancassurance activities and the duties and responsibilities of insurance consultants working in the country. BSA Ahmad Bin Hezeem & Associates recently carried a legal update in connection with these new regulations. With regard to bancassurance, the legal framework previously was absent...
Bahrain Kuwait Insurance Company (BKIC) registered net profit of BHD1.04 million in the first quarter this year, a 107 per cent rise from last year’s BHD504,000. The board approved financials for the three-month period ended March 31. BKIC, in a statement, said the increase was mainly due to the improvement...
The Council of Cooperative Health Insurance Yasser Al-Ma’arik said that the Council had received and resolved 53,000 complaints in the year 2017. There was an increase of 907 percent compared to 5,283 complaints recorded in 2016 that were received through the call centre of the Council and they were 244,000...
The first auto insurance claims centre for women opened recently in preparation for the implementation of a royal decree allowing women to drive in June. The new insurance claims centre, which is run by an all-female staff, aims to support women drivers and car owners, stated a report in the...
Qatar Insurance Company (QIC) has approved the transfer of Qatar Life Insurance and Health Insurance Company (QLM), a subsidiary of the Group and registered in the Qatar Financial Centre, to the Ministry of Economy and Trade. A new limited liability company, the assets and liabilities of QLM, which is terminated...
