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THE ECONOMY - INSURANCE
 Middle East and Mena insurance sector poised for growth
Posted on 03/03/2010
Deep structural changes and changing attitudes toward risk are driving long-term growth in the insurance sector within the Middle East and North Africa region, Ahmad Humaid Al Tayer, Governor of the Dubai International Financial Centre (DIFC), said on Tuesday.
Speaking at a reception hosted by DIFC for delegates of the inaugural World Space Risk Forum, a bi-annual conference that brings together professionals in the space business, the DIFC governor said: "The region's huge programme of
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 ADNIC net profit plummets in 2009
Posted on 03/03/2010
The net profit of Abu Dhabi National Insurance Company (ADNIC) plunged in 2009, even though the state-run insurance company reported growth in its
core businesses.
Despite a difficult first half of 2009 as a result of a significant investment impediment, ADNIC was able to achieve a net profit of Dh52 million for the full year of 2009. The company earned a net profit of Dh210 million in 2008.
The government-owned company has conformed to fundamental International Financial Reporting
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 Mansouri issues executive regulations of insurance law
Posted on 10/01/2010
H.E. Sultan bin Saeed Al Mansouri, Minister of Economy and Chairman of the Federal Insurance Authority, has issued a resolution bringing the executive regulations of the Federal Insurance Law No 6 of 2007 into force.
Fatima Mohammed Al Awadi, Deputy Director General of the Authority, said issuance of the regulations is part of the Authority's strategy to review systems, directives and resolutions dealing with supervision of insurance companies and professions. 'The regulations will be
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![]() Minimum Dh100m capital required for insurance firms
Posted on 03/01/2010
The Cabinet has issued a resolution setting the minimum subscribed or paid up capital of Dh100 million for establishing insurance firm and Dh250 million for re-insurance firm.
According to Fatima Ishaq Al Awadhi, Deputy Director of the Insurance Authority, the cabinet resolution no. 42 for 2009 stipulated that at least 75 percent of the UAE-established company's capital should be owned by UAE or GCC national individuals or corporate bodies.
She added that the resolution applies to all
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 Adnic in talks with allies to launch takaful products
Posted on 24/09/2009
Abu Dhabi National Insurance Company (Adnic) is talking with partners to launch takaful products in the second half next year, Emirates Business has learnt.
The UAE's second-largest insurer is looking at substantially increasing its revenue by taking advantage of the growing takaful pie, said Walid Sidani, Adnic Chief Executive Officer.
"We have been discussing takaful as a viable solution for the UAE via Adnic. We are having discussions with four partners to establish a founders' committee,
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![]() Insurers increase Abu Dhabi premiums by up to 75 per cent
Posted on 15/09/2009
UAE-based insurance companies have increased premiums on their policies by as much as 75 per cent in certain cases, to make up for investment losses incurred in the first half of this year.
The increase is mostly limited to Abu Dhabi policy holders with premiums in Dubai remaining more or less stable because of greater competition in the emirate.
Many insurance firms were hit by large losses when the value of their investments in local markets fell as a result of the fallout of the global
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![]() Dh21.6b invested in insurance sector
Posted on 13/09/2009
Roughly Dh21.6 billion was invested in the UAE's insurance sector, according to a latest report released by the Insurance Authority,
The value of underwriting premiums at the insurance market amounted to Dh18.3 billion.
The report highlights the most important achievements of the Insurance Sector in the country.
About 56 insurance companies are currently serving the UAE's insurance market of which 29 national insurance companies are incorporated in the UAE, and 27 are foreign companies.
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 Adnic seeks to further tap Mideast, north African markets
Posted on 18/08/2009
Abu Dhabi National Insurance Co (Adnic) aims to expand its reach in the Middle East and North Africa region and increase the efficiency of its reinsurance business through its partnership with London-based Talbot Underwriting, Adnic Deputy CEO Samir Abdul Ahad said Monday.
Last Wednesday both companies confirmed their establishment of a reinsurance joint-venture licensed and regulated by the Dubai Financial Centre. The new company, Underwriting Risk Services Middle East (Ursme), will offer
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 Adnic establishes regional managing agency in DIFC
Posted on 13/08/2009
Abu Dhabi National Insurance Company (Adnic) announced that it has expanded its commercial insurance business across the Middle East and North Africa through the creation of Underwriting Risk Services (Middle East) Ltd (URSME), a managing general agency based at the Dubai International Financial Centre (DIFC).
URSME is a joint venture between Adnic and Talbot Underwriting Ltd, a wholly-owned subsidiary of Validus Holdings Ltd., and operates in the Lloyd's of London insurance market through
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![]() UAE insurance industry to cool down
Posted on 03/08/2009
The UAE insurance industry's scorching growth rate will cool somewhat in coming years, though annual double-digit increases in premium income should continue until at least 2012, financial services firm Alpen Capital says.
Weak sales this year of new cars and homes together with construction delays and cancellations will slow the expansion of the country's under-developed insurance business from its 43 per cent compounded average growth of the past four years.
However, the UAE's relatively
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 Emirates Insurance's profit slips
Posted on 28/07/2009
Emirates Insurance Co's (EIC) first half net profits dropped 55.8 per cent to Dh42 million, the company reported yesterday. EIC attributed the drop from last year's result to a sharp decline in its investment income corresponding to the downturn in local and global securities markets.
While premium income fell by just 1.7 per cent to Dh396 million compared with the first half of 2008, investment income saw an 84.6 per cent decline to just Dh11 million.
EIC reported its total assets reached
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![]() Global takaful market could reach US$11b
Posted on 15/04/2009
The global market in Sharia-compliant insurance, or takaful, has the potential to reach US$11 billion by 2015, but must surmount significant challenges to reach this goal.
The Gulf Cooperation Council (GCC) region will be a leading market for takaful growth. Within the region, Saudi Arabia remains the largest market for takaful.
Takaful managers and experts from around the world met in Dubai yesterday for the fourth World Takaful Conference 2009, against the backdrop of the global economic
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 Abu Dhabi's ADNIC announces 2008 results
Posted on 13/02/2009
Abu Dhabi National Insurance Company (ADNIC) on Thursday reported net profit of AED 210 million for 2008 against Dh330 million for 2007, ADNIC said in a press release.
The company announced a 17% increase in its revenue during the year which ended on 31 December 2008.
ADNIC also said it achieved an Dh1357 million as gross written premium during 2008 against Dh1158 million for 2007. The technical profits also increased over the same period to reach Dh180 million against Dh161 million for
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 ADNIC expands international health coverage
Posted on 01/02/2009
Abu Dhabi National Insurance Company (ADNIC), a leading Insurer in the region, has entered into a partnership with market leading international health insurance consultant and administrator Vanbreda International to launch "SHIFA," a new medical insurance product that provides high quality health services and considerably expanded coverage overseas.
"Our medical insurance product, SHIFA, provides three levels of comprehensive health insurance coverage that will offer our clients easy and
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 Daman triples its client base in less than 2 years to 1.2 million people
Posted on 12/01/2009
The National Health Insurance Company, Daman, the leading health insurance company in the region, announced that its client base tripled to reach 1.6 million in less than 2 years, covering around 30% of the UAE population.
Since Daman accomplished the strategic "one million members" objective in May 2008, Daman has increased its customer-base by 50% in less than six months. In addition, Daman was able to renew a significant number of contracts with public and private companies in the last few
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