Emerging markets in South America, Asia, Africa, and the Middle East (SAAME) are seeing a rising demand for insurance products as their economies expand and their consumers acquire more wealth, said PwC in a new report. Almost 50% of insurance industry leaders see the emerging markets as more important than developed markets to their company’s future.
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Impact Forecasting, Aon Benfield’s catastrophe model development centre, has launched new Algeria and Morocco earthquake models. The models bridge a gap in the market as no vendor model currently exists for both countries, said Aon Benfield.
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Arig bounced back into the black in the third quarter ending 30 September with a net profit of US$10.3 million, compared with the $11.5 million loss in the same period last year, driven by benign claims and a rise in investment income.
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Trust Re’s gross written premium grew by 6% y-o-y to US$273.2 million in the first nine months of 2012 on stable terms and conditions during the period.
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Iran has signed an agreement with Afghanistan to co-operate in various fields of the insurance industry, said media reports.
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As part of a public restructuring plan, the government will be scrapping the Insurance Commission of Jordan (IC), along with another five independent public agencies, said Prime Minister Abdullah Ensour in an interview with Jordan Television last week – highlighting his government’s plan to increase state revenues and cut public spending.
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Warba Insurance Co saw its net profit jump by about 80% to KWD1.27 million (US$4.5 million) in the first nine months of the year, resulting in earnings per share of 7.3 fils compared to 4.07 fils in the same period last year.
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The Multilateral Investment Guarantee Agency (MIGA) is supporting the ongoing operations and expansion of Jafara Group Limited, a company that produces, bottles, and distributes drinking water, juice, and harissa in Libya. The project was underwritten through MIGA’s Small Investment Program, and is the first use of a World Bank Group lending or guarantee instrument in Libya.
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Oman National Investment Corporation Holding (ONIC) has reported a net profit of OMR3.3 million (US$8.6 million) for the nine-month period ended 30 September 2012 against a net loss of OMR0.5 million in the same period last year, due mainly to positive returns from its investments and robust business growth at its insurance subsidiary.
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The Qatar Financial Centre (QFC) Authority has issued new regulations governing special purpose companies, holding companies and single family offices operating in or from the QFC
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Qatar Insurance Co (QIC) saw its gross premiums grow by 11.2% y-o-y to QAR2.18 billion (US$598.6 million) in the first nine months of 2012, according to a statement filed with the Qatar Exchange (QE).
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Al Koot Insurance and Reinsurance, a wholly-owned subsidiary of Gulf International Services (GIS), saw premiums and net commission income increase 13.4% y-o-y to QAR439.5 million (US$120.7 million), following significant growth in sums insured and premium inflation in its core energy business, and a successful medical insurance scheme.
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The Tunisian insurance sector is gradually recovering from the effects of the recession which paralysed the economy over the past couple of years, said Mrs Lamia Ben Mahmoud, Chairwoman and CEO of Tunis Re.
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Abu Dhabi’s financial and insurance sector grew 13.6% to AED39.2 billion (US$10.7 billion), accounting for 4.9% of its GDP last year, according to a report by the Statistics Centre-Abu Dhabi (SCAD).
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The Community Development Authority (CDA) is setting up a health insurance team to support people with disabilities whose families work in the public sector in Dubai and whose health insurance is covered by Enaya.
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RSA launched its MENA regional reinsurance operation at the Dubai International Financial Centre (DIFC) in November, focussing primarily on reinsuring large and complex risks.
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The UAE is drafting changes to the current Federal Law No. 8 of 1984, known as the Commercial Companies Law (CCL), ranging from altering restrictions on foreign ownership to expanding the scope of the UAE Free Zone.
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Abu Dhabi National Insurance Company (ADNIC) has signed a global medical claims administration agreement with MSH INTERNATIONAL, a UAE-based TPA, for SHIFA, ADNIC’s international medical insurance product and other selected products.
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