News
RENEWED CALLS FOR CONSOLIDATION AT INSUREX
| December 19, 2011 by Bhaskar Raj
Insurex 2011 witnessed renewed calls for consolidation in an increasingly fragmented regional insurance market, going back to the basics of sound underwriting, adopting global best practices, increased focus on training and local involvement, harmonisation of regulation and product innovation.
Hosted at The Address Hotel Dubai Marina, the eighth annual Insurex conference lived up to its reputation [...]
Insurance brands rated lowest in brand simplicity survey
| December 15, 2011 by Bhaskar Raj
Health insurance and general insurance brands were rated among the lowest in a recent brand simplicity index survey indicating that the insurance industry’s complex processes and lack of clarity regarding coverage continue to frustrate consumers.
Health insurance and general insurance industries finished in 20th and 25th place, respectively, a result that was also reflected globally, according [...]
Oman set to allow takaful operators
| November 23, 2011 by Bhaskar Raj
Oman’s insurance industry is about to experience a major shift in direction, with sharia-compliant products, such as takaful, set to be launched onto the market. This is part of a broader programme of reforms that are opening up the financial sector to Islamic insurers and banks, according to an Oxford Business Group report.
It was only [...]
Daman survey highlights need for UAE health initiatives
| September 28, 2011 by Bhaskar Raj
As part of its ongoing commitment to the UAE’s health and wellbeing, the National Health Insurance Company (Daman) has announced the completion of a nationwide survey project it has commissioned earlier this year to identify the lifestyle habits and healthiness of UAE residents. Ipsos, a third party International research company, conducted the survey.
The study [...]
ARAG launches UK’s first divorce insurance product
| September 7, 2011 by Bhaskar Raj
Following the successful release with solicitor firms Mishcon de Reya and Prolegal, ARAG is launching two new divorce insurance products – Pre-nuptial Legal Solutions and Divorce Legal Solutions – to the rest of the market, specifically targeting law firms doing nuptial agreements.
As the first of their kind to hit the UK market, these products provide [...]
UBL launches bancassurance through Noor Takaful
| May 15, 2011 by Bhaskar Raj
United Bank Limited (UBL), which has completed 43 years of operations in the UAE, has launched its bancassurance product under the brand name “UBL Baraka”.
The launch of this new activity is in line with the bank’s strategy to introduce new, innovative and competitive products that appeal to the various segments of its customer base in [...]
Wataniya IPO subscribed six times
| May 2, 2011 by Bhaskar Raj
The Initial Public Offering (IPO) by the National Takaful Company (Wataniya), an Abu Dhabi-based Sharia’a compliant insurance company under establishment, was subscribed by at least six times, according to the lead manager National Bank of Abu Dhabi (NBAD).
The public issue was to raise AED82.5 million, representing 55 per cent of the total share capital.
NBAD as [...]
Insurers save $160m on reduced road casualties
| April 21, 2011 by Andy Staudt of Towers Watson
The reduced road casualties and fatalities in the UAE has resulted in insurance savings of $160 million in the UAE alone. Insurers can expect to see additional savings over the next few years.
UIB places insurance for space shuttle commercial payloads
| April 21, 2011 by Bhaskar Raj
United Insurance Brokers and Space Partnership International have placed insurances for commercial payloads flying on the penultimate STS Shuttle mission (STS134), currently scheduled for April 29.
Coverages for this mission have been underwritten by Starr Aviation on behalf of Starr Indemnity & Liability Company.
Operating under a Nasa Space Act agreement, NanoRacks have designed, launched and installed [...]
Voyager unveils top ten wedding insurance claims
| April 21, 2011 by Bhaskar Raj
London-based niche insurance specialist Voyager has published the top ten reasons why couples claim on their wedding insurance on or prior to their big day.
Unlike the era in which previous royal weddings took place, when damage to bridal or wedding attire was the most common claim, today bankruptcy of suppliers tops the list.
Based on the [...]
