Responding to the needs of today’s customers who are more risk averse and demand greater transparency would put insurers in a good stead to capture the opportunities in the region’s life market, said speakers at the 1st Middle East Life & Family Takaful Summit organised by Middle East Insurance Review in Dubai in September.
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Market sentiment remains upbeat among reinsurers and brokers operating in the countries of the GCC, said the latest GCC Reinsurance Barometer.
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CFOs in the Middle East reported the highest level of optimism during the second quarter of 2012, compared to 11 other geographies surveyed, according to a report by Deloitte.
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The competitiveness of individual MENA countries has been hit by political turbulence, said the World Economic Forum’s Global Competitiveness Report 2012-2013.
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The Bahraini insurance market grew 2% y-o-y to BHD214.94 million (US$570.1 million) in 2011, said the Central Bank of Bahrain (CBB).
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Total direct premiums in Egypt reached EGP9.66 billion (US$1.6 billion) for the financial year ended 30 June 2012, with life and non-life premiums accounting for 58.8% and 41.2% of the market, respectively, said media reports.
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Tamweelcom, a leading micro-credit provider in Jordan, has launched an initiative to provide free health insurance to its clients and their dependents in cooperation with the Noor Al Hussein Foundation’s Institute for Family Health (IFH) and Pharmacy1.
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The Gulf Insurance Group (GIG) will soon unify the brands and the systems of its various subsidiaries so that customers can enjoy a region-wide coverage, revealed Mr Isam Abdelkhaliq, CEO and Board Member of Arab Orient Insurance Co, Jordan.
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Total premiums grew by 9% y-o-y to US$680.8 million in the first half of 2012, said the Association of Insurance Companies in Lebanon (ACAL) in a report. The growth was fuelled by a 23% upswing in life premiums coupled with a 16% growth in fire premiums.
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Doha Bank Assurance Co (DBAC), wholly-owned subsidiary of Doha Bank, has opened its first branch fully dedicated to retail.
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The Qatar International Court and Dispute Resolution Centre (QICDRC) and international law firm Pinsent Masons have embarked on a project to develop a specialist dispute resolution scheme for high-value insurance and reinsurance claims. If the scheme is enacted, it will be the first such project in the Middle East.
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The Insurance Authority (IA) has published draft laws requiring local and foreign brokers to increase their capital from AED1 million (US$272,000) to at least AED5 million and AED10 million, respectively. However, it did not specify when the laws will be enacted.
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The Health Authority - Abu Dhabi (HAAD) said several healthcare services in the emirate will witness a change in its prices following the implementation of the new mandatory tariff price list, effective from 15 October.
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Oman Insurance Co (OIC), together with Starr Insurance and Reinsurance, has acquired the entire capital stock of Turkish non-life insurer Dubai Group Sigorta. No financial details of the transactions were disclosed.
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Citizens seeking new insurance cards or renewals of their insurance policies are being asked to produce national identity cards on a voluntary basis under new rules enforced by the National Health Insurance Co (Daman), said media reports.
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Finance leaders in Dubai remain confident in their company’s and country’s growth prospects, with 60% planning to recruit new permanent finance staff in the second half of 2012, said a survey by recruitment consultancy firm Robert Half.
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