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.

Qatari Insurers Announce Q1 2010 Results

Opening quarter figures reveal Qatari insurers have enjoyed mixed financial fortunes since the turn of year. Some have reported healthy profit increases spurred by rising demand for insurance. Others, however, will be hoping for better results in Q2 2010 after posting slight yearly declines in premiums compared to last year’s opening quarter.
From January to March this year, Doha Insurance Company generated QR18.4 million net profits compared to QR6.4 million from the corresponding period in 2009.

UAE Gross Premiums Hit AED9.9bn In 2009

Gross premiums for UAE insurance companies increased slightly in 2009 compared to the previous year, a Standard and Poor’s study has found. The ratings agency revealed that insurers raked in AED9.9bn last year, a 5 per cent rise from AED9.4bn 12 months earlier. Dubai accounted for 47 per cent of total premiums, while Abu Dhabi and the other emirates claimed 38 per cent and 15 per cent respectively.

Premiums Climb In Jordan

Jordan’s insurance premiums increased steadily last month compared to the same period in 2009. The Insurance Commission of Jordan revealed a 6.8% rise in premiums to US$99.4 million from $93.1 million. General insurance premiums accounted for $88.3 million, representing 88.8 per cent of total market share. Meanwhile, life insurance premiums climbed 11 per cent to $11.1 million, and gross paid claims increased 12% to $65.2 million.

Insurance Uptake In GCC “Not Nearly Enough” – Analyst

Insurance uptake in the GCC remains worryingly low, despite a rise in premiums that far outstrips the worldwide growth average for 2009, a global management consultant has claimed. Value Partners revealed on Monday that premiums in the GCC climbed 28% to $10.6bn last year from 2008 – a huge gap compared to the 3.4% global average. But Santino Saguto, managing director of Value Partners’ Dubai office, insisted insurance growth in the GCC was still not nearly enough.

ADNIC On Firm Financial Footing

Abu Dhabi National Insurance (ANDIC) overcame a difficult opening half in 2009 to deliver healthy profits for the full year. The insurance company’s premiums grew 14.3% to AED1.55bn from AED1.36bn the previous year. Meanwhile, net profit after factoring in full impairments on AED307 million worth of saleable assets was AED52 million. Further product distribution, improved investment and risk management, and customer retention contributed to ADNIC’s solid financial performance, the company said. “We remain focused on achieving our accelerated evolution plan 2010-2012 by maintaining the inertia we consider crucial in realising the aggressive and profitable growth expected through our strategic business plan,” said ADNIC chief executive Walid Sidani.

Syrian Insurance Premiums Up $311 Million In 2009

Demand for Syrian insurance products remained high in 2009 as total premiums grew 15.3% to US$311 million from the previous year. Syrian Insurance Supervisory Commission recently revealed that third party motor insurance was the most popular premium last year, climbing 14.6% to $133 million and accounting for 42.7% of the total market share.

The Bouquet Has Wilted

Michael Gertsch, chief underwriting officer at Gulf Re, bemoans the downward spiral created by the undercutting of terms and conditions to grow premium volumes.