Insurance News ME

EastNets launches UniRisX eInsurance Service in UAE

EastNets is engaged in the provision of handling confidential transactions primarily for the financial, corporate and government sectors in Europe, United States of America, the Middle East and Africa.

WB issues 255.4 mln euros for Turkish public sector

The World Bank has approved a loan of 255.4 million euros ($399.5 million) to strengthen public management, public services, social security and health insurance in Turkey, said a bank statement Thursday. The credit's maturity will be 22-1/2 years with 12-1/2 years grace.

Bancassurance Drives up China Life's Premiums

China's biggest life insurer China Life Insurance Company Limited (China Life, 601628.SH, 2628.HK) reaped premiums of CNY 151.5 billion in the first five months of 2008, thanks to contributions made by bancassurance business, according to latest data from the listed insurer.

BIMB to start talks with ADKM for Takafu

KUALA LUMPUR: BIMB Holdings Bhd has been given approval by the central bank to start negotiations with Abu Dhabi-Kuwait-Malaysia Strategic Investment Corporation (ADKM) for a strategic stake in Syarikat Takaful Malaysia Bhd (Takaful Malaysia).

Mohammad opens Al Hilal Bank

Abu Dhabi: Al Hilal Bank, Abu Dhabi's second Islamic bank, yesterday launched its operations in the UAE with four branches, two in Abu Dhabi, one in Al Ain, and one in Dubai.

GIC plans to scale up overseas operations

India's designated reinsurer General Insurance Corporation (GIC) is on a drive to expand its global footprint. The public sector company intends to open a representative office first in Brazil in the current financial year and then later in China.

Insurers bet on rural, micro products

KOLKATA: The eighteen life insurance companies had a good time in the last fiscal year, clocking new business premium of almost Rs 93,000 crore. However, with cut-throat competition and a host of new players waiting to step in, the current fiscal will be a lot tougher.

Salama plans expansion

The Islamic Arab Insurance Company Salama plans to expand its investment portfolio to 25 Shariah-compliant funds by the end of 2008.

Aviva, Zurich Financial to cut jobs in the UK

Britain’s largest insurer Aviva is to cut up to 1,800 jobs by the end of 2010 as part of an overhaul of its United Kingdom insurance operations, company officials said.

Consumerism forces financial services integration

The consumer landscape in South Africa has experienced unprecedented change in the last few years, which has created the need and opportunity for previously specialised product and service providers to diversify and offer time-strapped, increasingly educated consumers the convenience of ‘one-stop shopping’ across a broad array of offerings.