The acquisition allows ADNIC to further extend its presence into the Saudi Arabian market, and deliver and optimise operating model efficiencies
Insurance market
Latest in Insurance market
Cigna
Saudi Arabia allows entry of a foreign health insurance company for first time
The country’s central bank announced granting license to Cigna Worldwide Insurance Company on Monday
CBUAE
UAE central bank cancels license of IRIS Health Services
IRIS Health Services is a third-party administration service company providing medical benefit and claims administration services
Abu Dhabi
Abu Dhabi-based Daman records 84% growth in profits in three years
Includes 14 percent increase in overall earned instalments compared to 2020; also managed an 18 percent reduction in operational expenses despite 80 percent increase in paid claims
cosmetic surgery
Health insurers in the Gulf face a dilemma of their own making
Correcting facial and body abnormalities due to birth defects, disease, accidents, or aging will undeniably have an immediate and long-term impact on patients’ health and personal life
Aon
British insurer Aon to launch ‘insurance academy’ for Saudis as demand grows
The British-American firm said it has increased its investment in the Middle East in recent years – particularly in Saudi Arabia, where it has seen most profitability
CBUAE
UAE insurance sector improves performance in Jan-March with policies issued reaching 2.3 million
The total invested assets in the insurance sector also saw an increase of 5.4 percent during the quarter to AED 77.8 billion, compared to AED 73.8 billion in Q1 2021
airport baggage
Demand for travel insurance policies shoot up in UAE amid surging international travel
Increasing incidents of lost and missing luggage, on-going disruptions at airports in London, Europe leading to large-scale flight cancellations and delays among reasons driving up demand for travel insurance
Abu Dhabi Securities Exchange
Newly formed Islamic insurance giant begins trading on DFM following Dar Al Takaful, Watania merger
The merged company will benefit from “significant cost and revenue synergies, reduced operating expenses, and better IT platforms to expand its product offerings”
car insurance
Policybazaar, SALAMA team up to offer online insurance plan for non-GCC spec cars
Insuring non-GCC spec cars used to pose a greater risk to auto insurers because they were not designed for Gulf conditions
insurance
How insurtech demystifies insurance by making it simpler, accessible, and easier to understand
“With insurtech, we’re typically trying to give more detailed data that helps the industry price the risk better. At the same time, it makes insurance, or the product, simpler for consumers,” says CEO of insurtech policybazaar
Dubai Sigorta
Oman Insurance Co signs deal to sell its operations in Turkey
Oman Insurance Company has announced that it has entered into an agreement with Istanbul-based VHV Reasurans
Alpen Capital
Why mergers are likely to increase in the GCC’s insurance sector
New research says merger and acquisitions are likely to increase as larger players target small to mid-sized insurers
beema insurance
Dubai insurer Beema launches new behavioural car product
Beema SmartDriver uses the latest technology to assess driving behaviour and offers cashback rewards
acquisitions
Gulf Insurance Group completes acquisition deal for AXA operations in region
Deal includes AXA’s shareholding in AXA Gulf, which entails operations in Bahrain, the UAE, Oman and Qatar; as well as AXA Cooperative Insurance Company
blockchain technology
The UAE start-up making insurance more ‘tolerable’
Hala is the emerging insurtech start-up that pivoted from serving insurers to serving their customers
Abu Dhabi National Insurance Company
ADNIC posts 9 percent growth in first quarter of 2021
Abu Dhabi National Insurance Company’s net profits rose by 9 percent from the same quarter last year reaching $36.4 million