The recent floods in the GCC region were an eye-opener for all stakeholders to act to deal with weather-related perils and their impact on the societies and economies of the region, said speakers at the 19th Gulf Insurance Forum in Dubai earlier this week.
The total motor insurance premiums generated in 2023 amounted to about AED5.9bn ($1.6bn), of which AED4.3bn was accounted for by locally incorporated companies and AED1.6bn by foreign insurers, according to data released by the Central Bank of the UAE.
Shory Insurance Brokers, which offers digital insurance solutions, has formed a new partnership with Yas Takaful, a prominent Islamic insurance provider in the region.
Fitch Ratings has assigned UAE-based Union Insurance Company a first-time Insurer Financial Strength (IFS) Rating of 'BBB' with a 'Positive' outlook.
Saudi Arabia-based AMAN Union, the leading professional forum for commercial and non-commercial risk insurers and reinsurers, has signed a corporate training services agreement with UAE-based RISC Institute DMCC, a regional training institution specialising in talent development for the insurance, risk management, personal finance sectors.
The DIFC Insurance Association has appointed Mr Zahir Sharif as its new CEO.
In the Middle East, there is a highly active MGA market in Dubai in the UAE, through the Dubai International Financial Centre (DIFC), where MGAs are playing a key role in the growth of the wider insurance market in the region, according to Global Insurance Law Connect (GILC), a network of specialist insurance law firms.
Comprehensive motor insurance policies in the UAE for electric vehicles (EVs) are on average 25% higher than those for fossil-fuelled cars, according to sources working in the sector.
The combined insurance revenue of listed companies and foreign branches saw a 19% surge to AED42.4bn in 2023, compared to AED35.5bn in 2022, under IFRS 17, according to an analysis by Badri Management Consultancy, an international company offering actuarial services, financial services, Strategic HR consulting, data management and business intelligence.
The UAE Ministry of Finance has updated its exemptions list for VAT payments, including group medical insurance costs.