June 26, 2017

Middle East Views

Middle East Views

Oman achieves 3% growth in premiums

Insurance companies in Oman have achieved three percent growth in gross direct premiums at OMR134.7 million in the first quarter of 2017, against OMR131 million for the same period during the previous year. The increase in insurance premiums was spurred by positive turnout for individual life insurance products and health...

25% health claims ‘fraudulent’

Identity thefts and other fraudulent practices are the main reasons for heavy losses suffered by health insurance companies. This has resulted in insurance companies rejecting about 25 percent of claims by hospitals and other service providers, said Maher Al-Joairy, an insurance expert. “Most of these fraudulent practices are committed by...

Saudisation: SAMA issues deadline

Insurance companies are required to employ only Saudis in their claims and customer care departments by the end of the Eid Al-Fitr holiday. The circular, in which the Saudi Arabian Monetary Agency (SAMA) obliged insurance companies to Saudise the claims and customer care sections, will come into effect on July...

Earth-Quake

New model to address regional quakes

Almost one fifth of the population of the Middle East – approximately 40 million people – are now living in areas at risk of earthquakes, according to a new open source earthquake risk model released today by CATRisk Solutions and Lloyd’s. The new risk tool uses a bespoke seismotectonic source...

BSA, IA host Regulations Dialogue

New laws in the pipeline, discloses IA director general, at an exclusive event for the insurance industry. New regulations are on the horizon for the UAE’s fast-growing insurance market, which accounted for AED40 billion in premiums and AED73.7 billion in assets in 2016.  Regional law firm BSA Ahmad Bin Hezeem...

Cigna forms MENA office at DIFC

Cigna Corporation has opened its regional management office for the Middle East and North Africa markets at the Dubai International Financial Centre (DIFC). By establishing its presence at the financial hub, Cigna marks a significant new phase in its operations as it strategically expands the reach of its health services...

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Qatar: Insurers to see short-term volatility

While insurer’s business profiles are unlikely to be affected, A.M. Best notes that their exposures to domestic equity and real estate may create volatility in light of geopolitical events. Qatar’s insurance market remains dominated by the national insurers. With the exception of Qatar Insurance Company, they are largely single market...

Milli Re holds reinsurance seminar

The 11th Milli Re Reinsurance Seminar, organised by Milli Re, saw participation from 15 countries including Bahrain, Egypt, Ethiopia, India, Iran, Iraq, Pakistan, Russia, Saudi Arabia, and Ukraine at the event, participating to the debates. The seminar started with the opening speech of Kaan Acun, assistant general manager, Milli Re,...

Preparations for takaful regulation afoot

To expand the range of interest-free instruments, Turkey is preparing to introduce Takaful regulation into the financial system. According to Deputy Prime Minister Mehmet Şimşek, they have started to work to bring Islamic insurance into the financial system for citizens who are not inclined to using traditional insurance products due...

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EHCAAN floats property insurance policy tender

State-owned Egyptian Holding Company for Airports and Air Navigation (EHCAAN) has floated a tender for a new insurance policy to cover its property. The policy is with total sum insured of around EGP15 billion (USD827 million), for one-year renewable term, sources with knowledge told local media. It will cover EHCAAN’s...

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