February 23, 2018

Middle East Views

Middle East Views
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Tanker Collision: Iranian firms to pay 30%

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...

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Ministerial council reviews medical liability draft

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 to reap profits

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 reports further losses

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...

60-69 ages to receive free healthcare in Jordan

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...

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Aetna announces final agreement with Aviva

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...

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Deloitte guides insurance companies on IFRS 17

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...

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Qatar Re acquires Markerstudy

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...

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CCHI shakes up health insurance sector

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...

OMR68 mn disbursed by PASI

More than OMR68 million was disbursed by the Public Authority of Social Investment (PASI) to cover insurance expenses, according to a Times of Oman report. PASI, which is a government arm that provides insurance coverage against ageing, disability, death, work-related injuries, and occupational diseases, registered a six percent rise in...

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