Zurich makes two key appointments

Zurich International Life has strengthened it’s Middle East business by making two key appointments. The insurer has appointed Philip Story as head of sales in the Middle East and promoted Steven Greenfield to head of marketing in the region.

Munich Re receives DIFC license

Munich Re Underwriting Agents has received its license to operate in the Dubai International Financial Centre.
The DIFC office will serve as the Munich Re subsidiary’s regional reinsurance hub to serve the Middle East and Africa regions.
It will primarily focus on the health reinsurance sector and will operate under two broker arrangements for Munich Re in Munich [...]

Middle East premiums up, but regional figures dip

Life premiums in the Middle East and Central Asia reached US$7bn in 2009, up 0.5 per cent on 2008, the latest sigma report from Swiss Re has concluded.
In Saudi Arabia, the life sector continued growing at double-digit rates through 2009, up 61 per cent. The report said the strong growth was boosted by strong demand for shari’a-compliant insurance.

UAE issues takaful insurance law

The UAE Ministry of Economy has issued a new law regulating the Islamic insurance industry.

ADIB launches takaful cash cover service

The bank will provide coverage for up to AED100,000 that a customer may lose due to an incident after withdrawing money within 100 meters of any of the ATMs or branch in the UAE.

Industry experts applaud insurers’ reaction to Phet

Industry experts tell Tracey Scott why the devastation wrought by Cyclone Gonu has left insurers better prepared for the latest catastrophe to rip through Oman, Cyclone Phet.

Govt intervention key to combat insurance fraud, Clyde & Co claims

Following recent actions taken by the Health Authority for Abu Dhabi and the Dubai Health Authority to uncover health insurance fraud, Wayne Jones, Clyde & Co insurance and reinsurance partner, said active health authorities in the region can radically transform the industry and wipe out insurance fraud.

AM Best places Misr Insurance Company under review

Ratings agency AM Best has placed Misr Insurance Company under review with negative implications following its announcement to restructure the group companies operating under Insurance Holding Company to comply with regulatory requirements of Egyptian insurance law.