S&P Global Ratings believes that profitability of GCC insurers is likely to be mixed in 2018 and lower than previous years due to increasing operating costs, new regulations and ongoing high competition. Following strong rate increases for motor and medical covers over the past two years, leading to year-on-year net...
The Central Insurance of Iran, the regulator of the insurance industry in the country has announced that domestic insurers will compensate 30 percent of the costs in connection with the collision of Sanchi, the oil tanker in the East China Sea. “A Norwegian insurance firm is responsible for covering...
The UAE Ministerial Development Council, presided over by HH Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, recently reviewed the National Strategy for Health Research in the UAE, as well as a number of initiatives and reports on its agenda. Among various points discussed...
Insurance companies in the UAE are expected to achieve up to 70 percent increase in net profits during the fourth quarter of 2017 and throughout 2018, financial analysts told Mubasher. The net profits of 30 insurance firms listed on the Dubai Financial Market (DFM) and the Abu Dhabi Securities Exchange...
Al Khazna Insurance Company (AKIC) has reported losses for the first nine months of 2017. The company’s losses increased by 135 percent year-on-year to AED106.11 million, compared to AED44.75 million for the same period in the year before, according to a filing to the Abu Dhabi Securities Exchange, according to...
The Council of Ministers has decided to include Jordanians over the age of 60 in the health insurance system. The decision is part of the government’s policy to expand the health insurance umbrella until reaching a comprehensive health insurance that covers all Jordanians, the Jordan News Agency (Petra) reported. The...
Global healthcare benefits provider, Aetna International is entering an agreement for International Private Medical Insurance (IPMI) with Aviva UK. From May 1, 2018 Aviva UK will no longer provide IPMI cover for new customers or for existing customers wishing to renew their policies. Under this agreement, existing Aviva IPMI customers...
Deloitte Middle East held an awareness session on IFRS 17 – Insurance Contracts in Dubai recently. This session was hosted by Deloitte’s IFRS 17 leaders who have been actively involved in developing Deloitte’s response to the accounting standard, together with the company’s Global team. The event was attended by regulators...
Qatar Reinsurance Company Limited (Qatar Re), the reinsurance subsidiary of QIC Group, signed a sales purchase agreement to buy Markerstudy’s Gibraltar-based insurance companies, namely Markerstudy Insurance Company Limited, Zenith Insurance PLC, St Julians Insurance Company Limited and Ultimate Insurance Company Limited. Markerstudy underwrites more than five percent of the UK’s...
The Council of Cooperative Health Insurance (CCHI) has penalised 15 health insurance companies for violating the council’s rules and regulations in the past one year, Al-Madina daily has reported. CCHI spokesman Yasser Al-Maarik said two of the companies were barred from issuing any documents until they rectified their status. “Five...
