Insurance

QIC reigns over Arab insurance firms

The Qatar Insurance Company (QIC) presently presides over the largest asset base amongst the largest 100 Arab insurance companies, and claims second position with respect to market capitalisation.

During the first half of this year, subscribed premiums rose by 21 percent to QR1.15 billion, from QR955 million during the same period of 2007. Consequently, financial surplus accrued from insurance activities edged up by 58 percent from QR115 million in H1 2007 to QR182 million by the end of last June.

Insurance market grows by over 24 pct in 2007-08

Egyptian Insurance Supervisory Authority has set about reviewing financial results of insurance firms for the fiscal year 2007-08. The authority will announce performance indicators on the market by the end of September.

Initial indicators, however, confirm that the insurance market grew by 24 percent over the past fiscal year. An official at EISA told NOOZZ that the insurance sector would post 26 to 28 percent real growth this year.

Amwal signs agreement with Doha Insurance for mutual cooperation

Amwal, the leading investment banking and asset management firm in Qatar, has signed an agreement for mutual cooperation with Doha Insurance, one of the leading insurance companies in Qatar.

As per the agreement, the two companies will share their expertise in insurance-related and Employee Benefits activities, particularly in corporate medical insurance, life insurance and other related products.

Takaful expected to develop into an alternative insurance business model, says S&P

The global takaful sector is expected to continue its rapid growth and become a significant contributor to the global ""risk transfer"" market place, according to a report published by Standard & Poor's Ratings Services.

However, the competitive environment will remain challenging, because members of the traditional insurance market have the ability and tools to match the ambitions of the Islamic sector members, and Takaful companies must demonstrate a credible alternative to the traditional market over and above the initial religious affiliation.