#Insurance

GCC insurance sector growth soars: $44.4bn projection by 2028

Saudi Arabia has emerged as the largest insurance market in the GCC surpassing the UAE

climate solutions

Climate vulnerable nations could get insured for $10m a year: Report

New research sheds light on how to use insurance money to protect countries from the spiralling cost of storms, drought, and rising sea levels

Democrance Expands Presence in Saudi Arabia Image Supplied

Global insurtech firm Democrance expands footprint in Saudi Arabia

Democrance helps insurers increase their digital sales and access new customer segments

Over 6.5 million subscribe to UAE’s unemployment insurance scheme

UAE unemployment insurance scheme: MOHRE reports over 6.5 million subscribers

The scheme provides a social safety net for citizens and residents while ensuring that they have a decent life until alternative employment arises

insurance company

CBUAE removes board of directors of insurance company

It is replaced it with a temporary committee of experts for six months

CBUAE issues new AML CFT guidelines

Central Bank of UAE issues new guidelines on anti-money laundering for insurance sector

The guidelines will support licensed financial institutions effectively implement their statutory obligations related to anti-money laundering and combatting the financing of terrorism

Meta

Meta to lay off more than 11,000 employees

The company has also extended its hiring freeze through Q1 of next year, with a small number of exceptions

Arab Islamic Insurance Company Salama Chairman Jassim Alseddiqi

UAE’s Salama reports net profit of Dhs19.20m for H1 2022

The first half of the year saw Salama establishing new strategic tie-ups with banks in the UAE to provide omnichannel Takaful solutions to bank customers

Abu Dhabi National Insurance Company post h1 2022 results

Abu Dhabi National Insurance Company reports net profit of Dhs186.9m for H1 2022

ADNIC reported that gross written premiums increased by 20.9 per cent to Dhs3.23bn in H1 2022, compared to Dhs2.67bn for the same period in 2021

CBUAE quarterly review

Total invested assets in insurance sector rise 5.4% to Dhs77.8bn in Q1 2022: CBUAE

The total number of insurance policies issued increased year-on-year by 10.4 per cent in Q1 2022 to 2.3 million

UAE’s Mashreq partners with Turtlemint to offer bespoke insurance solutions

The new proposition will enable information transparency and empower Mashreq’s customers to make an informed choice while buying insurance products

UAE Central Bank mulls emiratisation of some banking and insurance roles

The board also endorsed the criteria that govern banks’ loan exposure to the real estate sector

How the Covid-19 pandemic has caused a shift in the insurance space

A year of transformation has affected both insurers and customers

Chinese state-backed Sinosure opens regional office in Dubai

It has become the first Chinese insurer to operate in the Dubai International Financial Centre

New giant Saudi pension fund aims to crack world’s top 10 ranks

Saudi Arabia has been taking steps to merge and restructure various entities as it looks to boost efficiency

Dubai’s Emirates extends ticket validity, travel insurance for customers

The travel insurance for all passengers has been indefinitely extended beyond March 31, 2021

Ever Given grounding: Suez Canal closure highlights marine industry risks

The Suez Canal Authority temporarily suspended navigation in the canal on March 25

Tawuniya selects SAS analytics platform to combat fraud

SAS Insurance Fraud Management to improve speed of claims settlement and fraud identification

Bahrain

First insurance platform graduates from Central Bank of Bahrain regulatory sandbox

Tasweya offers a platform for auto-reconciliation of statements of accounts

Dubai-based VFS Global adds Covid-19 coverage to international travel insurance

Travel insurance with Covid-19 cover is now mandatory for travel to many countries

Dubai-based InsureTech startup Sehteq secures $20m to venture into reinsurance

Sehteq will have an additional investment of $3m to support its technology arm

Abu Dhabi insurance company Daman appoints new CEO

Al Mehyas has been leading the company following a major reorganisation last year

Abu Dhabi National Insurance Company

Abu Dhabi National Insurance Company reports Q1 net profit of Dhs122.6m, up 133% y-o-y

Its gross premiums increased to Dhs1.87bn, up 7.7 per cent over the corresponding quarter from last year

Employers in Dubai must renew health insurance of employees

Employers must ensure that they comply with the mandatory provisions of Health Insurance Law Number 11 of 2013