Insurance Talk

Policy talks to Isam Abdelkhaliq, CEO of Arab Orient Insurance Company, Jordan.

Qatari Insurers Announce Q1 2010 Results

Opening quarter figures reveal Qatari insurers have enjoyed mixed financial fortunes since the turn of year. Some have reported healthy profit increases spurred by rising demand for insurance. Others, however, will be hoping for better results in Q2 2010 after posting slight yearly declines in premiums compared to last year’s opening quarter.
From January to March this year, Doha Insurance Company generated QR18.4 million net profits compared to QR6.4 million from the corresponding period in 2009.

Australia Seeks Advice On Islamic Finance

Statesman arrives in Abu Dhabi to discuss Sharia’a-compliant finance. Australian assistant treasurer Nick Sherry has arrived in the Middle East to learn more about Islamic finance and insurance products as his government prepares to introduce the industry back home. Sherry is holding talks with UAE government officials, financial institutes and banks in Abu Dhabi during his visit.

Chedid Re To Launch In Saudi

Chedid Re is launching operations in Riyadh to capitalise on Saudi Arabia’s rapidly growing insurance industry, the company announced on Tuesday. The company said it had secured a licence from the Saudi Arabian Monetary Agency (SAMA) to provide reinsurance brokerage services across the Kingdom. Saudi Arabia has one of the largest insurance markets in the Middle East, with the country’s population expected to reach 45 million by 2020.

Credit Agency Gives Tawuniya ‘A’ Rating

Tawuniya/The Company for Cooperative Insurance has secured an ‘A’ rating from Standard & Poor’s after maintaining its “market leading position”. The credit rating agency said the company was still the leading player in Saudi, despite strong competition from rival insurers. Standard & Poor’s (S&P) added that Tawuniya’s strong underwriting performance contributed to its rating. But concerns about the company’s capitalisation were raised in S&P’s ratings report.

Aman Reports 69% Q1 Profit Surge

Dubai Islamic Insurance & Reinsurance (Aman) has seen its first quarter profit for 2010 rise 69 per cent compared to the same period last year. The company generated AED10.2 million, a significant increase from the AED6 million registered in 2009. Operating profit increased 54 per cent during the same period to AED4.6 million, while Aman’s premiums climbed 10 per cent to AED86.4 million.

Egypt Shelves State Medical Insurance Bill

No timeframe has been given for when Egypt will introduce its medical insurance bill after recently shelving the proposal due to limited funds. According to media reports, a projected EGP170 million deficit in the government’s 2010 medical budget 2010 has hit plans to raise EGP17bn (US$3bn) for the first phase of the bill. It is understood the government will not discuss the medical bill during its latest session.

Retrograde Trend?

Doha Bank Assurance Company executive manager, Manoj Kumar, looks at the role of bancassurance in light of global restructuring.

Meeting The Challenges Of ERM

With the establishment of the Institute of Risk Management’s (IRM) first UAE chapter, Carolyn Williams, IRM head of thought leadership, discusses the benefits enterprise risk management (ERM) can bring to the region.

Lloyd’s Puts Mideast Plans On Hold

Financial instability across Middle Eastern markets has forced Lloyd’s to delay plans of creating an insurance base in the region. Jose Ribeiro, Lloyd’s director of international markets, said the company was monitoring the region after concerns about the Middle East’s economies and markets were raised. He added it was unlikely a platform similar to Lloyd’s Asian trading centre in Singapore would appear in the Middle East anytime soon.

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