Al Khazna posts AED18.9m loss

Al Khazna Insurance Company has posted an AED18.9m loss for Q1 this year.

Arig posts US$2.8m loss

Arig has recorded a US$2.8m loss for the first half of 2010 as a result of volatile global equity markets. In its half-year results, the reinsurer recorded a net loss for the first half of 2010, compared to a US$8.8m profit for the same period last year.

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.

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.

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.

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.

Al Muthanna Takaful Insurance Teams Up With Kuwait Finance House & GAPCORP

As part of the tie-up, customers of KFH will be offered an opportunity to have the extended warranty service at a fee on their vehicles. The warranty will be identical to the manufacturers’ warranty and will cover the vehicles after the expiry of the original manufacturers’ warranty.

Oman Insurance Market Review Reveals 18% GI Premium Increase

Total direct premium of the GI sector increased from OMR167m in 2008 to OMR197.5m in 2009.
The report, published by the Capital Market Authority, shows national insurance companies’ share in total direct GI premium stood at 79 per cent, or OMR155.9m.

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