Archive |
Saudi brokers under suspicion
28 April 2010
The Council for Cooperative Health Insurance (CCHI) is conducting a full audit of insurance firm’s systems as a result of fraudulent uploading of employee information, according to an industry source.
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Natural cat risks being taken seriously in MENA
28 April
Reinsurers in the MENA region are taking an increased interest in natural catastrophe risks (NatCat), in spite of the region’s reputation as a relatively low risk area. more...
DIFC bathes in flood of Q1 insurance applications
28 April 2010
The DIFC has four insurance-related applications pending approval and three at the principle approval stage, DIFC director of insurance George Oommen told MENA Insurance Review. Five additional applications have been submitted and10 other ventures are under discussion, he said.
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MENA insurers combine reinsurance programme
1 February 2010
Gulf Insurance Group - a conglomerate of Middle East and North African insurers - has combined the reinsurance programmes of six of its member companies into a single programme.
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Zurich begins general insurance operation in Bahrain
27 January 2010
Zurich Insurance Company (ZIC) has launched its general insurance operation in Bahrain, following the issuance of its Overseas Insurance Firm (Branch) license to conduct general insurance business from the Central Bank of Bahrain (“CBB”).
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AXA scoops Insurer of the Year at GIR Awards
26 January 2010
AXA Insurance Gulf was crowned Insurer of the Year at the inaugural Gulf Insurance Awards 2009, hosted by Gulf Insurance Review at the Emirates Towers Hotel in Dubai on 25 January. AXA narrowly beat close contender RSA Insurance Middle East, which was highly commended.
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QIC International premium rises past QR1bn in 2009
26 January 2010
Leading QFC-based insurer QIC International (QICI) has reported a gross written premium of QR1.05bn for 2009 and a corresponding net profit of QR142.2m, representing increases of 22% and 24% respectively for the year over its 2008 results.
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RTA pushing for February launch of e-link portal
26 January 2010
The Licensing Agency at Dubai’s Roads and Transport Authority (RTA) has announced its e-link service for insurers and consumers will be launched on 11 February, but industry sources have expressed concerns that the deadline may be unrealistic.
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QIC to form life insurance entity
22 Dec 2009
Qatar Insurance Company (QIC) plans to combine the group’s life insurance business into a single portfolio. The venture, which will involve the formulation of a separate life insurance entity, will brings its local life insurance operations together into a central pool in order to strengthen its bottom line, Ian Sangster, CEO of QICI, told Gulf Insurance Review.
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Marsh to form two captives in DIFC
22 Dec 2009
The Dubai Financial Services Authority (DFSA) is currently processing a number of applications for captive vehicles in the Dubai International Financial Centre (DIFC), according to Marsh Management Services Dubai.
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Friends in the right places
May 2009
Global health and benefits administrator Vanbreda International has arrived in the GCC, and is looking to strategic partnerships to unlock the vast potential of the GCC’s health insurance and takaful markets.
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Where is the insurance cycle?
April 2009
“The 1 January treaty renewals showed the first signs of a hardening market” – Michael Gertsch
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Navigating perilous seas
March 09
Piracy is grabbing all the marine cargo-related headlines, but it’s the economic downturn that is of most concern for GCC’s marine insurance market.
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Takaful: The future is now
By Antony Ireland
With conventional insurance premium growth on course for a significant slowdown in the immediate months and years, the number of firms hoping to capitalise on the flourishing but undernourished takaful market is rapidly increasing.
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Salama’s crusade
By Antony Ireland
From its base in Dubai, Salama Arab Insurance has built nothing short of a Takaful empire. The Islamic insurance and reinsurance heavyweight has led from the front since its formation as the first Shari’ah compliant insurer in 1979, having introduced the concept into numerous markets, and today remains the largest company in the bourgeoning Takaful industry.
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Dubai: Global Gateway
By Antony Ireland
Whether you see it as the paragon of globalised business thinking or an experiment in unsustainable extravagance, there is no denying that Dubai’s rapid evolution into a global financial hub has been one of the great success stories of the decade. Insurance is running just to keep up.
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Cycle? What cycle?
By Michael Gertsch, chief underwriting officer, Gulf Re
The financial crisis could prolong market hardening and even alter the insurance cycle for the better.
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All hands on deck
By Toby Sizeland, chief officer – corporate solutions, marine & large risks, for AXA Gulf
Following a quiet period in late December, pirate activity in the Horn of Africa and Gulf of Aden increased significantly as the new year began, with two new vessels – MV Blue star and MV Sea Princess II taken on 1st and 2nd of January.
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About The Awards
The first annual Gulf Insurance Awards ceremony will be held on Monday 25 January 2010 at the iconic Emirates Towers Hotel, Dubai, United Arab Emirates.
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Winners
Congratulations to the winners of the Gulf Insurance Awards, held on January 25 2010.
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Risk, capital and ratings
By Ernst & Young’s Dr. Nasir Ahmad
The number of rated insurance companies is increasing across the GCC, driven by insurers’ growing books of business, their need for a bigger capital base and the improved credibility a rating brings when it comes to raising funds in international capital markets or embarking on acquisitions.
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Green Crescent Insurance Company
Green Crescent Insurance Company was founded in 2008 as a public joint stock company funded by a paid-up capital of AED 250 million.
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Vanbreda International (Dubai) Ltd
Vanbreda International has over 50 years of experience in designing, implementing and managing cross-border medical insurance and employee benefits programmes and products for international organisations, multinational corporations and their international workforce.
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