Premiums Climb In Jordan

Jordan’s insurance premiums increased steadily last month compared to the same period in 2009. The Insurance Commission of Jordan revealed a 6.8% rise in premiums to US$99.4 million from $93.1 million. General insurance premiums accounted for $88.3 million, representing 88.8 per cent of total market share. Meanwhile, life insurance premiums climbed 11 per cent to $11.1 million, and gross paid claims increased 12% to $65.2 million.

A Guide To Islamic Finance

Islamic insurance, or ‘takaful’, is an alternative to conventional insurance and offers a shari’a-compliant option that may also appeal to those looking for an ethically driven insurance provider.

Rise In Online Motor Cover Providers

Most UAE motor insurers are already providing online insurance weeks after the RTA scrapped paper application forms for vehicle registration. From March 1, the Roads and Transport Authority stopped accepting written vehicle registration forms and will now only process online applications sent via insurance companies as part of a new internet initiative.

Mind The Wording Gap

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

If You Build It They Will Come

Policy provides an overview of recent developments from the Middle East’s three established financial centres – Dubai, Qatar and Bahrain – and profiles three regional players who have called them home.

Ministry Takes Ethical Stance On Insurers

The UAE insurance industry is one step closer to becoming fully regulated after the government issued a new rules and ethics resolution. Sultan bin Saeed Al Mansouri, minister of economy and chairman of the Insurance Authority, released the resolution to boost competitiveness and improve performance levels among insurers. Under the resolution, policyholders should receive written, clear information about their cover, while insurance companies must be technically knowledgeable and capable of providing data when necessary.

Pirate Attacks Boost Insurance Company Revenues

A spate of piracy incidents hitting global shipping companies in the Gulf of Aden has inadvertently benefited UAE insurers, a legal expert claimed on Wednesday. Chris Mills, partner and marine insurance expert for law firm Clyde & Co, told Policy that a rise in attacks had led to more businesses taking out cover for their cargo, vessel and crew. “People are more aware of it [piracy] and the need to insure their liabilities,” he said on the sidelines of the Misappropriation and Mishandling – the headline grabbing incidents of piracy and hazardous cargoes conference in Dubai. “This leads to an increase in premium because it’s a more tangible risk.”

Govt Medical Policy Costs Rise To Curb Misuse

Health insurance holders covered by an Abu Dhabi government policy will now have to pay 50% towards medicine and treatment following cases of alleged misuse, it was reported on Tuesday. Medical officials in the UAE capital and Dubai said that some patients insured under state-launched policies were using their medical cards to claim medicines for illnesses they did not have. In response to the false claims, Abu Dhabi government has passed on half the costs of treatment for people insured under the Daman scheme.

Insurer Back In Profit After Tough 2008

After posting huge losses for 2008, Takaful Re has completed a swift turnaround in 12 months to regain a firm financial footing. The Dubai-based insurer reported a US$10 million profit for 2009 compared with the previous year’s $10.6 million deficit. Gross contributions increased 43% to $48.7 million from $34 million during the same period.

No Mideast Cuts After Sale, Alico Promises

American Life Insurance Company (Alico) has ruled out redundancies in the Middle East following its $15.5bn sale to US life insurer MetLife. Rodney O. Martin Jr, Alico’s chairman and chief executive, insisted employees had no cause for concern over job security because there was no overlap in both companies’ regional operations. It is understood that MetLife is actually planning to add a further 1000 employees in 2010, as it did last year amid the global financial crisis.

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