Supreme Council for Health (SCH) Bahrain and Saudi Arabia have agreed to hold coordination meetings and workshops to exchange expertise on the implementation of the health insurance programmes. The move was announced as SCH president Lieutenant-General Dr. Shaikh Mohammed bin Abdulla Al-Khalifa and Health minister Faeqa bint Said Al-Saleh received...
All ships flying the flag of the United Arab Emirates (UAE) trading internationally, and all ships operating in UAE waters above 200 gross tonnes will have to have a financial security system in place for seafarers, according a circular issued by the UAE Federal Transport Authority (FTA). The insurance relates...
The Executive Council Resolution No (1) of 2018 was issued recently approving the fees for some of the services provided by Dubai Corporation for Ambulance Services DCAS). The Resolution authorises DCAS to collect fees from the patient’s insurance company against its services as prescribed in Appendix (1) pertaining to emergency...
Morocco’s Saham Group declared the sale of its 53.4-percent share in the capital of its business in Africa to South African group Sanlam for USD1.05 billion. After this move, the Cape-Town based insurer Sanlam will raise its share in the former Moroccan African business to 100 percent from 46.6 percent...
Union Insurance has announced that the company had recently crossed AED1 billion in gross premiums. “Earlier we were ranked 23 among 30 local insurance companies. With proper focus and experience, we were able to exceed AED1 billion in premium and bring ourselves to rank sixth among the local insurance companies,”...
More CFOs now expect the market to stop offering certain types of cover, according to Mohammed Londe, AVP – Analyst, Financial Institutions Group, Moody’s Investor Service. Speaking to the media, he commented on a survey of 12 leading insurance companies in the region. According to the survey, the chief financial...
With a single-minded focus of acquiring market share, the Takaful industry has found itself facing decreased net profits owing to implementation of aggressive growth strategies that are undifferentiated and price-based, often squeezing out underperformers. Such growth, however, has been found to be unstable and short-term, making it imperative to devise...
Middle East Global Advisors, a leading financial intelligence platform facilitating the development of knowledge-based economies in the MENASEA markets, announced that it will convene the 13th edition of their annual offering – The World Takaful Conference (WTC), in strategic partnership with the Dubai International Financial Centre (DIFC), the leading financial...
Liberty Mutual Insurance entered the Turkish insurance market by acquiring Turkish insurance company Şeker Sigorta in 2006 and changed its name to Liberty Sigorta in 2007. After operating in Turkey for 10 years, Liberty announced a loss of TRY10.5 million (USD2.79 million) in 2016, while its accumulated losses amounted TRY50.7...
Abu Dhabi National Insurance Company (ADNIC) has announced its financial results for the year 2017. The Company reported strong results with its net profit of AED227.3 million for 2017, representing an increase of 11 percent over the same period last year. According to the financial results, in 2017, ADNIC’s gross...
