The inauguration of Orient Insurance’s offices in Al Ghadir, Riyadh, marks the company’s expansion into the Saudi market
insurance industry
Latest in insurance industry
Abu Dhabi
Abu Dhabi’s ADGM announces plans to establish insurance association to support industry growth
The initiative represents a significant milestone in advancing the insurance and reinsurance sectors in Abu Dhabi Global Market and the UAE.
insurance
Saudi insurers’ profits shift to top 5 firms as smaller rivals struggle: Report
The S&P report forecasts that top-line growth in Saudi Arabia’s insurance sector will moderate to about 10-15% in 2025
CBUAE
UAE insurance sector profits hit $681m in 2023: Central Bank
Central Bank data points to significant uplift in UAE insurance profits, with Dubai leading the way
CBUAE
UAE insurance sector growing with premiums up 31% to $9.72bn in H1
The UAE insurance sector has witnessed ongoing growth in the first half of the year, according to Central Bank data
auto insurance
UAE insurance firm announces first flood and storm damage policy
UAE introduces third-party protection from floods and storms for motorists
Cyberattack
Relm taps web3 cybersecurity firm CyVers for implementing security measures
The CyVers platform addresses complex security challenges such as scams, fraud, and compliance threats unique to Web3
DFSA
Bermuda’s Relm Insurance strengthens MENA presence through B&F Partners acquisition
Following the acquisition, the company has changed its name to Relm Insurance MENA Ltd
Health insurance
GCC insurance industry poised for accelerated growth in the next five years: Report
According to the report, Saudi Arabia surpassed the UAE to become the largest insurance market in the GCC in 2022, driven by massive infrastructure development and an increasing demand for motor and medical insurance
insurance aggregator
LIC International, Policybazaar.ae announces strategic partnership
Through this partnership LIC International aims to gain a significant portion of the online distribution space by making its product accessible online
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
Central Bank of the UAE
Saudi, UAE central banks sign MoU on cooperation in overseeing insurance sector
A MoU was signed on Sunday between Saudi Central Bank (SAMA) and the UAE Central Bank on this
CBUAE
Emiratisation plan for banking, insurance sectors highlighted at UAE Central Bank meet
The CBUAE board also discussed matters related to banks and insurance oversight and decision to be taken
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