The United Arab Emirates
| February 4, 2010 by Hussain Hadi
The next phase of the market’s evolution will be driven by the next steps of the new Insurance Authority.
The Kingdom Of Saudi Arabia
| February 4, 2010 by Hussain Hadi
The regulatory transformation of the Saudi insurance sector gathers pace as more insurers are licensed and competition intensifies, with health insurance fuelling growth.
The Sultanate Of Oman
| February 4, 2010 by Hussain Hadi
Two years on from Cyclone Gonu, the Omani insurance sector is back on solid ground.
Banking On Bahrain
| February 3, 2010 by admin
Nikolaus Frei, CEO of t’azur Company b.s.c. (c), considers the Impact of the amended “Appointed Representative” rule to bancassurance models in Bahrain.
Tokio Marine Launches Egyptian Takafuls
| February 3, 2010 by Rob Morris
Marine and fire insurance provider Tokio Marina Holdings Inc is one of the latest international companies to establish takaful units in Africa following a spate of Egyptian-led Islamic bond launches. Tokio, in partnership with Egypt Kuwait Holding Co (EKH), set up the Nile Family Takaful Co and Nile General Takaful Co last month. The companies have a 40% and 60% holding respectively. Shares in the takaful units are capitalised at $5.5 million each.
The State Of Kuwait
| February 3, 2010 by Hussain Hadi
Government projects have fuelled growth for local insurers, but the Kuwati government will look to build on this in 2010.
The Kingdom Of Bahrain
| February 3, 2010 by Hussain Hadi
A small but sophisticated market that awaits the implementation of a compulsory health insurance scheme to fuel further growth.
Demand Surge For Islamic Finance
| February 2, 2010 by Rob Morris
Islamic finance is expected to continue growing in popularity outside the Middle East as Asian and Western markets look for new products in 2010, a leading analyst has claimed. Finance market researcher and rating agency Standard & Poor’s said demand for Islamic finance packages, such as Takaful and Sharia’a-compliant products, would increase as asset values among Islamic banks continued to rise. Last year, the combined worth of assets among the top 500 Islamic banks climbed 28.6% to $822bn from $639bn the previous year.
Oman Insurance Profits Down In 2009
| February 2, 2010 by Rob Morris
Oman Insurance Company (OIC) revealed on Monday that it ended 2009 in profit, but the insurer’s figures were down compared to the previous year. On Monday, OIC announced last year’s net profit was Dh189 million – down from the Dh250 million reported in 2008. Cash generated from OIC’s underwriting operations for the year hit Dh317 million, while Dh2.34bn was drawn from gross written premiums.
New Reinsurance Format For Gulf Insurance
| February 1, 2010 by Rob Morris
Gulf Insurance Group has established a new reinsurance structure, aligning six of its companies based across the Middle East. The job involved combining Gulf Insurance Company of Kuwait, Bahrain Kuwait Insurance Company of Bahrain, Arab Orient Insurance Company of Jordan, and Arab Misr Insurance Group of Egypt into a single structure. Syrian Kuwaiti Insurance Company of Syria and Fajr Al Gulf Insurance Company of Lebanon, which like the other four businesses were acquired by Gulf Insurance Group, have also been integrated into the new system.
