Global insurer Zurich Insurance Group (Zurich) and Citibank NA (Citi) have signed an exclusive 15-year strategic agreement to offer Zurich's comprehensive life insurance solutions to Citi's consumer clients throughout the Middle East.
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Terrorism and labour are the most dangerous threats to the region, said a former GCC Secretary General at a recent conference in Qatar.
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Motor underwriting performance has recently improved as a result of more emphasis on underwriting expertise and a focus on comprehensive motor covers instead of third-party liability (TPL), said Moody's in a report on insurance product risk in the GCC.
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Falling oil prices, driven by weaker demand, increased supply and a more powerful US dollar, will pose significant challenges to GCC markets, which have a substantial dependency on commodity exports, said a report by the Institute of Chartered Accountants in England and Wales (ICAEW).
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Algeria Gulf Bank (AGB) plans to create an insurance company, following its acquisition of a 49% stake in Algerian Insurance (2A).
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The Central Bank of Bahrain (CBB) will take measures to further develop the Kingdom's vibrant insurance sector, said the bank's Governor, Mr Rasheed Al Maraj.
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A partnership between Bahrain's national carrier, Gulf Air, and Bahrain Kuwait Insurance Company (BKIC) will give the insurer's customers the opportunity to earn Gulf Air Falconflyer miles when purchasing any of BKIC's home, annual travel and Motor Gold+ & Platinum+ insurance policies.
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The insurance sector has seen premiums increase to EGP14 billion (US$1.96 billion) for the year ended 30 June 2014 from EGP12 billion for the previous financial year, a growth rate of around 17%, according to the Egyptian Financial Supervisory Authority (EFSA).
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A committee to form Egypt's first national reinsurance company has been established, comprising 12 insurance firms and three non-insurance entities.
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Iran's Export Guarantee Fund has seen a 30% increase in insurance coverage in the first eight months of this year compared to the corresponding period last year, said Managing Director Taher Shah-Hamed. During the period, about IRR14 trillion (US$519.4 million) of export insurance coverage was processed.
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Insurers are proposing that compulsory motor insurance be replaced by insurance "for declared driving persons" of a vehicle. Under the proposal, an auto policy would be issued to more than one person who drives a car.
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The Jordanian Cabinet has formed a committee to look into health insurance coverage for citizens, said Health Minister Ali Hiasat.
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The longstanding issue of mandatory disaster insurance has been revived, following severe damage caused by recent floods in southern Morocco.
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Small- and medium-sized enterprises (SMEs) in the UAE are overlooking the key risks to their business, such as fire and supply chain disruption, according to the 2014 Global SME Survey released by global insurer Zurich and government agency Dubai SME.
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Insurance companies are the least trusted in the UAE and Saudi Arabia, compared to banks, car manufacturers, supermarkets, pharmaceutical companies and online shopping sites, an EY survey has shown.
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Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi, has announced that its Pre-Open Market Consultation is underway and has formed an expert panel of 16 leading international financial institutions to support the development of the draft regulatory framework, to govern the operations of institutions licensed to operate from ADGM.
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Specialist insurer Beazley has opened an office in the Dubai International Financial Centre (DIFC) to underwrite political risk, trade credit, terrorism, political violence, and contingency insurance.
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AXA Gulf has launched a dedicated sales unit offering insurance solutions for small- and medium-sized enterprises (SMEs) in the UAE, with the objective to support and educate SME owners on risks through a specialised team of experts.
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Fenchurch Faris has opened its representative office in the Dubai International Financial Centre (DIFC).
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