Bank Sohar recently signed an agreement with leading Omani insurer Vision Insurance to offer motor, home and travel insurance, as part of its non-life insurance products under the Bank Sohar A’ Tameen Al Mumayaz brand. The agreement, which was signed bilaterally by Bank Sohar’s Acting CEO Sasi Kumar and CEO...
Qatar General Insurance and Reinsurance Company (QGI) has begun the process of departing from the UAE insurance market. The company, listed in the Doha Securities Market (DSM), issued a statement recently saying it decided to close its Dubai branch. The statement read: “Qatar General Insurance & Reinsurance Company QPSC announces...
More than 450 people were killed in Iran in the midst of a 7.3 magnitude earthquake, state media said recently, with rescuers searching for dozens trapped under rubble in the mountainous area. At least six lives have been lost in Iraq as well. At least 7,000 were injured in the...
For the third year running Friends Provident International (FPI) has commissioned YouGov to undertake research into life insurance trends in the UAE. Overall, the research shows that more people in the UAE are taking responsibility for protecting their family’s future. For example, compared with a year ago, take up of...
Bayzat Holding Limited group in compliance with all relevant regulatory and compliance requirements has acquired Arya Insurance Brokerage Company LLC (AIBC) for cash and shares. “It has been an honor being at the forefront of the insurance sector in the region for over three decades. Our sector continues to evolve...
The Insurance Authority has announced a set of instructions for the licensing and registration of retail outlets of insurance companies as well as their conduct of operations. The point of sales operations will only issue policies in the lines of motor, health and travel insurance. The other functions include identifying...
Insurance companies listed on the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) saw over a 50 percent increase in net profits in the first nine months of 2017, pushed up by government decisions after years of accumulated losses. The financial results of 29 companies registered AED1.2...
The Federal National Council (FNC) will hold the third and fourth meetings of the third ordinary session of its sixteenth legislative chapter in December, headed by Dr. Amal Abdullah Al Qubaisi, speaker of the FNC, at its headquarters in Abu Dhabi. During these sessions, the FNC will discuss a draft...
The Financial Services Regulatory Authority (FSRA), of Abu Dhabi Global Market (ADGM), has issued a consultation paper inviting public feedback on its proposals to revise the “Prudential – Investment, Insurance Intermediation and Banking” Rulebook, PRU. The proposals will align the requirements in PRU more closely with the current regulatory prudential...
Abu Dhabi National Insurance Company (ADNIC) announced its financial results for the first nine months of 2017. The company reported a net profit of AED178.5 million for the period, an increase of 24 percent over the same period last year. Commenting on the strong results, Shaikh Mohamed Bin Saif Al-Nahyan,...
