EXCLUSIVE: RGA Confirms Entry Into Middle East Market

Scott Rastin, RGA vice president for new market development, said the reinsurer is currently in the process of recruiting staff to head up its Middle East operation, and it plans to open an office in Dubai this year.

Zurich Bolsters ME Team

David Breton has joined the insurer’s general insurance division as head of strategic marketing and business development and Michael Mansour joins as regional manager for bank distribution and affinity. Within its global corporate division, Zurich has appointed Glenn Doan to manage its risk engineering team in the Middle East. Based in Bahrain and the UAE, Doan will be responsible for providing risk management services to support Zurich’s regional insurance partners.

S&P Warns Of GCC Insurance Slowdown

In its first report card on the insurance sector in the region, the ratings agency said heavy state and private sector investment in the region’s economy and infrastructure has caused insurable risk volumes to increase. It warned the increase in demand for credit risk opinion from policyholders could “hamper” development of insurance in the GCC.

UAE Records Biggest Three-Year Takaful Rise

The UAE and India were the biggest growth markets for Islamic insurance during a three-year period, an Ernst & Young report has revealed. A 135 per cent compound annual growth rate for takaful was registered across the emirates and India between 2005 and 2008 – 100 per cent more than the 35 per cent increase experienced in Indonesia. Meanwhile, the Gulf recorded 45 per cent growth during the same period. According to the report, takaful contributions will exceed $8.9bn this year compared to $5.3bn in 2008.

Govt Medical Policy Costs Rise To Curb Misuse

Health insurance holders covered by an Abu Dhabi government policy will now have to pay 50% towards medicine and treatment following cases of alleged misuse, it was reported on Tuesday. Medical officials in the UAE capital and Dubai said that some patients insured under state-launched policies were using their medical cards to claim medicines for illnesses they did not have. In response to the false claims, Abu Dhabi government has passed on half the costs of treatment for people insured under the Daman scheme.

Blood Money Rise Under New Motor Cover Rules

Motorists involved in fatal crashes across Jordan will under new insurance rules have to pay $28,000 blood money to the victim’s relatives, the Kingdom’s government has ruled. The Cabinet’s new policy for motor third party liability (TPL) insurance, which has risen 67% from nearly $17,000, is also payable to anyone left permanently disabled in a car accident. And the cost of covering medical expenses related to road accidents has increased to $10,500 from some $7,000.

RSA Acquires Oman’s Third Largest Insurer

RSA Insurance Group plc has acquired Al Ahlia, Oman’s third largest insurer, for OMR19 million (US$49 million), it was announced on Wednesday. The deal to buy Al Ahlia from its previous owner ONIC Holding was completed through RSA Insurance Group subsidiary RSA Oman. It will create the largest insurance group in Oman by net written premium.

Mideast Firms Told “Go Back To Basics”

A bank industry figure has urged insurance companies in the Middle East to “go back to basics” following a turbulent 2009. Abdul Rahman Al Baker, executive director of financial institutions supervision at the Central Bank of Bahrain, told delegates at the Middle East Insurance Forum (MEIF) that tried and trusted practices would help companies emerge stronger from the economic downturn.

Doctors Need Insurance To Practice In Saudi

Unless they are covered by malpractice insurance, doctors in Saudi Arabia will not be allowed to continue practicing, it has been reported. Medical practitioners wishing to continue working in the Kingdom will have to produce insurance documents valid for three years when renewing their Health Council certificates. The measure has been introduced following an alleged rise in the number of malpractice cases during recent years, according to Saudi newspaper Arab News.

The Kingdom Of Bahrain

A small but sophisticated market that awaits the implementation of a compulsory health insurance scheme to fuel further growth.

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