Insurance News ME

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.

Maybank, Jeddah’s ICD sign MoU on global takaful business

KUALA LUMPUR: Malayan Banking Bhd (Maybank) is exploring setting up an international takaful holding company with Jeddah-based Islamic Corporation for the Development of the Private Sector (ICD).

Prudential and Bank AlJazira form Saudi fund JV

Prudential Asset Management, the Asian arm of UK insurer Prudential Plc, and Bank AlJazira have received regulatory approval to set up a fund management joint venture in Saudi Arabia.

MENA insurance sector must embrace new opportunities

The insurance sector across the MENA region must overcome numerous challenges if it is to realise its potential. The number of insurance companies in the MENA region, about 350 in total, combined with the fragmented nature of the industry also makes it ripe for consolidation - if the regulations permitted it, a panel of speakers said on the third day of the World Insurance Forum (WIF) being held at the DIFC.

Saudi - Al-Saqr Insurance Firm to Go Public - KSA

Al-Saqr Company for Cooperative Insurance will launch an eight-day public offer starting on Oct. 27, 2007, the company said in a statement yesterday.

Saudi Arabia's Insurance Market to Reach SR30bn in 10 Years

(MENAFN - Arab News) RIYADH, 23 September 2007 � The Kingdom's insurance market is poised to reach SR30 billion in 10 years, industry experts said yesterday.

"The insurance market will witness a rapid growth due to the government's new rule which would enable all expatriates to be covered under the health insurance scheme," said Mohammed Abbas Abdul Jaleel, assistant general manager of Allied Cooperative Insurance Group.

BUPA Arabia to launch Saudi Healthcare Insurance firm

DUBAI, Sept 13 Asia Pulse - BUPA Arabia has won approval from the Saudi Cabinet to operate as a licensed co-operative healthcare insurance company in the kingdom. BUPA Arabia, currently known as BUPA Middle East, will have a capital of SR400 million ($US106.6 million) as soon as it stars operating.

Saudi Council of Ministers announces Royal Decree approval to BUPA Arabia

The Saudi Council of Ministers headed by King Abdullah Bin Abdul-Aziz, the Custodian of the Two Holy Mosques, has announced the issuance of the Royal Decree approval to BUPA Arabia operate as a licensed co-operative health care insurance company in Saudi Arabia.

Global Summit Explores Booming Potential in the Middle East Insurance Markets

The Global Middle East Insurance Summit in London with some 90 delegates from 19 different countries attending turned out to be an event for non-Arabs to learn about the potential and business culture in the Middle East while the Arab insurers had a chance to look closely at how they can exploit the expertise and capital in the London market.

Saudi Investors Strongly Support UK Takaful Firm

Investors from the Kingdom account for 50 percent of the $40 million raised from Gulf investors through private placement for the launch of an independent Takaful (Islamic insurance) company in the UK, Bradley Brandon-Cross, chief executive officer of British Islamic Insurance Holdings (BIIH), told Arab News in an interview