Navigating The Storm

Having attended the fifth Chief Risk Officers (CRO) Assembly in Switzerland at the turn of the year, James Portelli provides an overview of key messages delivered by some of the leading risk management guardians of the global insurance industry.

Syrian Insurance Premiums Up $311 Million In 2009

Demand for Syrian insurance products remained high in 2009 as total premiums grew 15.3% to US$311 million from the previous year. Syrian Insurance Supervisory Commission recently revealed that third party motor insurance was the most popular premium last year, climbing 14.6% to $133 million and accounting for 42.7% of the total market share.

Downturn Blamed For Al Jasr Launch Delay

The launch of Al Jasr Takaful Insurance Company has been postponed due to unfavourable economic conditions, it has been revealed. Shaikh Nawaf Bin Mohammed Bin Jabr Al Tani, chairman of the founders’ committee, announced the delay during a recent meeting in Doha. He said the changing business and investment environment caused by the economic downturn had prompted the decision.

The Bouquet Has Wilted

Michael Gertsch, chief underwriting officer at Gulf Re, bemoans the downward spiral created by the undercutting of terms and conditions to grow premium volumes.

RSA Acquires Oman’s Third Largest Insurer

RSA Insurance Group plc has acquired Al Ahlia, Oman’s third largest insurer, for OMR19 million (US$49 million), it was announced on Wednesday. The deal to buy Al Ahlia from its previous owner ONIC Holding was completed through RSA Insurance Group subsidiary RSA Oman. It will create the largest insurance group in Oman by net written premium.

BKIC Profits Up Despite Drop In Business

Bahrain Kuwait Insurance (BKIC) has announced an 8.1% net profit increase for 2009, despite seeing business drop during the same period. The company registered a BHD4 million (US$10.6 million) year-on-year profit increase as investment income fell 22% to BH0.96 million last year from BHD1.23 million in 2008.

Mideast Firms Told “Go Back To Basics”

A bank industry figure has urged insurance companies in the Middle East to “go back to basics” following a turbulent 2009. Abdul Rahman Al Baker, executive director of financial institutions supervision at the Central Bank of Bahrain, told delegates at the Middle East Insurance Forum (MEIF) that tried and trusted practices would help companies emerge stronger from the economic downturn.

Hard Times Are Still Ahead

James Portelli explores the effects of the financial crisis on technical performance.

Doctors Need Insurance To Practice In Saudi

Unless they are covered by malpractice insurance, doctors in Saudi Arabia will not be allowed to continue practicing, it has been reported. Medical practitioners wishing to continue working in the Kingdom will have to produce insurance documents valid for three years when renewing their Health Council certificates. The measure has been introduced following an alleged rise in the number of malpractice cases during recent years, according to Saudi newspaper Arab News.

The State Of Qatar

Attracting global players and established national businesses ensure Qatar is better positioned than most to ride out the global economic crisis.

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