Losses in the GCC markets are acceptable, but with the increase in natural and man-made catastrophes globally, international reinsurers continue to impose tighter terms, noted Mr Saleh Bin Rashid Al Dhahiry, Chairman of the Executive Council of the GCC Insurance Federation (GIF) and Chairman of the Emirates Insurance Association (EIA) at the 10th Gulf Insurance Forum in Dubai recently.
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GCC governments have been urged to implement digital technologies in the healthcare sector to increase quality and productivity. The move will also support transition to a prevention-focussed healthcare system which is the need of the hour, said a recent study by The Boston Consulting Group (BCG).
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Algeria's government has authorised eight state-owned firms, including reinsurer Compagnie Algérienne d'Assurance et de Réassurance (CAAR), to list on the Algiers stock exchange, in attempts to diversify the over-regulated economy, said media reports.
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Arig has reported a 40% increase in net profit to US$12.6 million for the first nine months of the year, on the back of positive returns from its reinsurance activities and investments.
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Bahrain National Holding Company (BNH), parent company of Bahrain National Insurance (bni) and Bahrain National Life Assurance (bnl), reported a 64.3% rise in net profit at BHD2.3 million (US$$6.1 million) for the nine months ended 30 September.
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Bahrain Kuwait Insurance Company (BKIC) has reported a net profit of BHD2.8 million (US$7.4 million) for the first nine months of 2013, down 9.7% y-o-y due to few large losses reported in the fire and general accidents department.
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The Insurance Federation of Egypt's (IFE's) new board of directors aims to develop the insurance sector and enable it to meet its current objectives as part of IFE's four-year plan, said media reports.
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Kuwait's property/ casualty (P/C) market is expected to record a real growth rate of 5% in 2013 and 2014, said Standard & Poor's Rating Services (S&P).
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Gulf Insurance Company's (GIC's) net profit for the first nine months this year grew by 5.4% y-o-y to KWD7.8 million (US$27.6 million), while earnings per share amounted to 42.5 fils compared with 40.4 fils for the same period last year.
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Oman United Insurance has reported a 78% y-o-y increase in net profit to OMR4 million (US$10.4 million) for the nine months ended 30 September, driven mainly by investment income.
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The QFC Regulatory Authority has issued new prudential rules for insurance firms operating from the Qatar Financial Centre (QFC), following public consultation and dialogue with these companies.
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Doha Insurance is seeking to increase its capital to QAR500 million (US$137.3 million) from QAR257.4 million currently by issuing additional shares. The decision was made by the company's board of directors in a meeting in Doha recently, said news reports.
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UAE insurers have registered satisfactory growth in the past few years, indicating that the sector has fully overcome the challenges of the international financial crisis, said HE Sultan Bin Saeed Al Mansouri, Minister of Economy and Chairman of the UAE's Insurance Authority (IA), in a televised speech addressing the 10th Gulf Insurance Forum in Dubai recently.
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Middle East law firm Bin Shabib & Associates is "working aggressively" to ensure that the Insurance Authority (IA) implements changes that will mark the end of its days as a passive regulator, it said following its appointment by the Authority to assist in redrafting the UAE's insurance laws.
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UK-based broker Jardine Lloyd Thompson Group (JLT) has invested in a significant shareholding in Insure Direct, a Dubai-based insurance broker and employee benefits advisor. Insure Direct's operations in Dubai, Bahrain and Qatar will be rebranded in due course.
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About 94% of the 1,000 UAE residents surveyed said that they do not have insurance cover for their home contents, a poll by global insurer Zurich and research firm YouGov has shown.
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ADNIC saw its nine-month net profit jump 17% y-o-y to AED143.2 million (US$39 million), thanks to an 8.3% growth in net underwriting income to AED246.1 million.
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Abu Dhabi-based Union Insurance reported a net profit of AED27.3 million (US$7.4 million) for the first nine months this year, compared to a net loss of AED42.2 million for the same period last year.
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Only one third of UAE mortgage holders have life cover, despite this being a precondition for securing a loan with most local banks, a survey by Friends Provident International (FPI) has shown.
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