QGI&RC reports 22% increase in underwriting income

Qatar General Insurance & Reinsurance Company has reported 22.2 per cent growth in net underwriting income for the first half of 2010.

Middle East Insurance Company strengthens bancassurance ties

Government-owned Egyptian Arab Land Bank has signed an agreement to sell Middle East Insurance Company’ products to its customers. Products available include life cover and general accident insurance.

Standard furthers ties with Allianz

The deal comes after Allianze agreed to sell Standard’s SME business insurance products in Bahrain. The five-year deal will see Standard Chartered Bank promoting and selling Allianz Takaful life insurance products through their Bancassurance distributions channels.

New takaful law will drive innovation, says lawyer

A new law regulating the takaful insurance industry could drive innovation and enhance shair’a scholars’ understanding of the insurance market, Clyde & Co has claimed.
Last month, the UAE Insurance Authority issued a new law setting out a series of legislative measures for the takaful insurance industry.
Under the new law, takaful insurers must now have a [...]

DBAC’s Manoj Kumar leaves the insurer

oha Bank Assurance Company executive manager and head Manoj Kumar is leaving the insurer. Kumar who set up the firm three years ago, is moving to London.

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.

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