• Situation in Red Sea has a limited impact on food exports so far, says FAO

    ROME, ITALY – The situation in the Red Sea has not yet been reflected in the pace of prices for foods monthly reflected in the FAO Food Price Index, Monika Tothova, the economist at the Food and Agriculture Organization of the United Nations (FAO) said. “Following on its 2023 and...
  • UAE launches first legally established financial ombudsman unit 

    Abu Dhabi, UAE – Sanadak, UAE's and MENA region's first legally established independent Ombudsman Unit catering to consumers of financial institutions and licensed insurance companies, started its operations Thursday. Sanadak's focus is on safeguarding consumers rights and resolving complaints that arise from dealings with financial institutions and licensed insurance companies....
  • Shipping insurance rates soar on Red Sea missile attacks

    Maritime container transport has sunk by almost one third so far in 2024 compared with a year earlier, according to IMF data. The Iran-backed Houthis argue the attacks are in solidarity with Palestinians in Gaza during the Israel-Hamas conflict.
  • CBUAE cancels license of First Insurance Brokers Company

    ABU DHABI, UAE - The Central Bank of the UAE (CBUAE) has cancelled the license of First Insurance Brokers Company (First Insurance), an insurance company operating in the UAE. CBUAE struck First Insurance’s name off the Register, pursuant to Article 22 (2) of the Board of Directors Resolution No.15 of...
  • Saudi insurance sector targets 25m beneficiaries by 2030

    Riyadh, Saudi Arabia - Saudi Arabia saw an 18% surge in health insurance beneficiaries in 2022, reaching a total of 11.5 million individuals by year-end, a report by the Saudi Council of Health Insurance revealed. The target is to reach 25 million beneficiaries by 2030, aiming for health insurance to...
  • UAE insurance sector assets rise US$3.1bn in 9M 2023

    ABU DHABI, UAE - The UAE insurance sector continues to exhibit robust growth, as evidenced by a 9.6 percent increase in total assets during the first nine months of 2023, reaching US$35.8 billion (AED 131.6 billion) by the end of the third quarter. This translates to an impressive US$3.1 billion...
  • UAE insurance sector witnessed expansion in 2022: CBUAE

    Abu Dhabi, UAE--The insurance sector in the UAE witnessed growth and expansion across various key indicators during 2022, according to a report by the Central Bank of the UAE, reflecting a strong, dynamic, and active market driven by increasing demand and effective risk management. According to the apex bank's annual...
  • UAE warns of visa ban over job loss insurance fines

    ABU DHABI, UAE - Some employees who failed to meet an October 1 deadline to sign up to the UAE's job loss insurance scheme will not be able to renew work visas until they pay off fines, authorities said on Wednesday. The Ministry of Human Resources and Emiratization said financial...
  • Firms listed on Qatar Stock Exchange post 9M profit of $10.27bn

    Doha, Qatar -- Companies listed on the Qatar Stock Exchange have reported a net profit of QR 37.42 billion ($10.27 billion) for the first nine months of 2023, compared to QR 40.54 billion for the same period last year, marking a decrease of 7.69 percent. All companies listed on the...
  • Bupa Arabia’s 9M 2023 up 27%

    The third quarter net profit fell 23% compared to the Q3 2022.
  • Healthcare, F&B and telecom companies spoil GCC stockmarkets’ three-month party

    GCC equity markets saw their first decline in three months during August, influenced by global market performance and hawkish Fed policies, says a report.
  • ICIEC, SAPICO ink pact

    Pact to enhance commercial activities between the two.
  • Saudi EXIM Bank, Evonik sign pact

    The insurance policy will protect the risk of non-payment.
  • QCB to grant licenses to website providers for comparing prices of insurance policies

    Doha, Qatar--Qatar Central Bank (QCB) has exhorted companies willing to work in providing website services to compare prices of insurance policies to promptly submit applications to receive the required license from the bank. In a statement on Saturday, QCB outlined that this announcement comes in alignment with financial sector and...
  • ADNIC net profit $55.64m

    The company's insurance revenue reached $582 million.
  • Bupa Arabia H1 2023 net profit $149m

    Rise was driven by a jump in insurance revenue.
  • Abu Dhabi first quarter GDP up 3.9% on strong non-oil growth

    Official data show a 6.1 percent growth in non-oil GDP during the first quarter of 2023, driven by strong performances in construction, wholesale and retail trade, transportation and storage, and financial and insurance services. The non-oil GDP (at constant prices) reached AED 146bn ($39.74bn) in Q1 compared to AED 137.7bn...
  • Insurance becomes mandatory for foreign vehicles entering UAE

    Abu Dhabi, UAE-- The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP) has made it mandatory for foreign vehicles crossing into the UAE by land at Al Ghuwaifat Port Station to be insured, from June 26, 2023. The vehicle owners driving into the country can now buy insurance...
  • Allianz, Credit Agricole renew partnership

    Credit Agricole Egypt is a subsidiary of Credit Agricole Group.
  • Gulf Union Alahlia Q1 profit $7.5m

    Results were due to a fall in insurance services expenses.
  • Tawuniya Q1 2023 net profit $20m

    Insurance services results in Q1 improved by US$55 million.
  • Bupa Arabia Q1 net profit $50.28m

    Compared to the last quarter of 2022, net profit fell by 1.4 percent
  • CBUAE ‘removes’ board of directors of insurance company

    Abu Dhabi, UAE--The Central Bank of the UAE (CBUAE) has removed the board of directors of an insurance company operating in the UAE and replaced it with a temporary committee of experts for six months. The central bank, however, didn't disclose the name of the insurance company, and what led...
  • Saudi Arabia’s per capita insurance spending up 30%

    The majority of per capita insurance spending (60%) went towards health insurance, followed by general insurance (37%) and protection and savings insurance (3%).
  • Saudi Arabia’s insurance sector grows by 26.9 percent in 2022

    Riyadh, Saudi Arabia -- Saudi Arabia's insurance sector grew by 26.9 percent in 2022, bringing gross written premiums to SAR 53 billion ($14.13 billion), Saudi Central Bank (SAMA) said in a report. SAMA said in the 16th Saudi insurance market annual report that health, protection and savings, and motor insurance...
  • ADNIC records 17% profit rise

    The firm's net profit soared to US$27.14mn in Q1 of 2023.
  • China third-largest investor in UAE, its top trading partner

    The mutual investments between the two countries are witnessing continuous growth in various economic and commercial sectors, most notably real estate, logistical transportation, storage, financial services, insurance activities, manufacturing and information technology.
  • UAE to invest $30bn in South Korea over the next few years

    Abu Dhabi, UAE  – The United Arab Emirates will invest $30 billion in South Korea over the next few years, Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade said during the meeting with Minister of Trade of Korea, Dukgeun Ahn in Dubai on Wednesday.  The meeting explored joint...
  • Qatar’s Social Insurance Law serve retirees, widows

    The Social Insurance Law approved a number of amendments in the shares of those who are entitled, which resulted in an increase in the shares due, for the widow whose share in her deceased husbands pension was 75 percent if she was the only beneficiary to 100 percent, adds Khalifa...
  • QIMC profit rises by 9.8%

    Its profit rose to $42m during 2022 as against $38m in 2021.
  • UAE Pension Authority to focus on awareness among Emirati employees

    ABU DHABI, UAE - The General Pension and Social Security Authority (GPSSA) of UAE has announced its key strategic objectives for 2023. The authority said that it will focus on raising awareness on insurance among Emirati employees, serving the community with utmost promptness and professionalism, while reinforcing the UAE Pension...
  • Insurers need to gear up for electric cars: Swiss Re

    The market for the greener vehicles is expected to grow rapidly in response to consumers' worries about climate change, putting pressure on manufacturers to develop less polluting products. The study by Swiss Re said the move towards electric vehicles would "entail changes across the entire value chain". It called on...
  • CBUAE issues new guidance to curb money laundering, terror financing

    The guidance, which comes into effect immediately, will assist LFIs’ understanding of risks and effective implementation of their statutory AML/CFT obligations, and takes Financial Action Task Force (FATF) standards into account. The Guidance requires LFIs to demonstrate compliance with its requirements.
  • Improved management may reduce insurers’ costs

    Insurance claims are the ‘moment of truth’ for the customer and the biggest cost in the potential profit and loss, especially for retail businesses. That is why getting it right matters, the two experts highlight, referring to one of the latest research conducted by Arthur D. Little.
  • New CBUAE money laundering, terror financing guidelines for insurance sector

    Abu Dhabi, UAE---The Central Bank of the UAE (CBUAE) has issued a new guidance on anti-money laundering and combatting the financing of terrorism (AML/CFT) for the Licensed Financial Institutions (LFIs) in the insurance sector comprising insurance and re-insurance companies, agents and brokers. The guidance, which comes into effect immediately, will...
  • GPSSA clarifies conditions of insured individuals

    ABU DHABI, UAE - The General Pension and Social Security Authority (GPSSA) said that the registration of insured individuals in the private sector with the authority is the first step towards receiving benefits as part of GPSSA’s social insurance system. This is in addition to benefits provided by the NAFIS...
  • Is GCC insurance industry ready for the change?

    Industry experts stress the need for harnessing the momentum the industry has gained after the recovery from Covid setbacks.
  • Saudi EXIM Bank, Korean Commercial Insurance Company sign MoU

    Riyadh, Saudi Arabia---The Saudi Export-Import Bank signed an MoU with the Korean Commercial Insurance Company (K-SURE), which is Korea’s export credit agency, to enhance import and export activities between the two countries. The activities include the export of environmentally friendly energy sources produced in Saudi Arabia, such as green hydrogen...
  • ‘Introducing insurance share to beneficiaries is important privilege’

    ABU DHABI, UAE - Insurance shares distributed among beneficiaries is one of the most essential privileges in the Federal Law No. 7 of 1999 for pension and social security, said the General Pension and Social Security Authority (GPSSA) on Thursday. The authority stressed that shares are distributed to the daughter,...
  • ADNIC 9M net profit $72m

    Net investment and other income reached AED93.8m.
  • ADNIC, JAFZA sign insurance pact

    JAFZA is home to over 9000 companies, including Fortune 100 firms.
  • Listed insurance firms’ in UAE net profits at $222m in H1 2022

    The total premiums of insurance companies listed in local financial markets in the first half of 2022 increased by 7.64 percent year-on-year to $302 million while their net profits totaled $222 million.
  • GCC insurers adopting sustainable finance practices

    Even as only half of the significant insurers in the region are disclosing ESG information, sustainability has gained significant traction in financial services in last few years.
  • Metaverse unrolls new prospects, risks for insurance

    Many risks companies face in the real world exist in the metaverse, albeit with a digital twist, requiring insurance players to come up with a new set of liability policies.
  • ADNIC H1 net profit $50m

    The company's gross written premiums up by 20.9%.
  • FDIs in the UAE grew 116% from 2012 to 2021

    According to a report by the UAE's Ministry of Economy, during the past decade from 2012 to 2021, FDIs in the country increased by 116 percent, amounting to $20.667 billion in 2021 compared to $9.566 billion in 2012.
  • Salama Coop Insurance to cut capital

    The company’s shares will also reduce from 25 million to 10 million.
  • Metaverse mass adoption may be years away, says Borget

    The metaverse version -- where players largely do the same thing but can earn cryptocurrency rewards and buy extra kit for their avatars -- has only opened to the public for special events.
  • Unemployment insurance to cut UAE business risk

    The insurance is being hailed as a step in increasing the attractiveness of the UAE labor market and its ability to attract local and international talent.
  • Emirates NBD, RSA sign agreement

    The bank will distribute RSA Middle East's insurance products.