Fierce competition over the stake of AIG in Egyptian reinsurance market

Global insurance companies have intensified their efforts in talks with Egyptian insurers in a bid to increase their shares in certain reinsurance contracts that have been controlled by AIG, the ailing US insurance giant. Munich Re, Swiss Re and Allianz companies all have presented offers to local insurance firms on the stake of reinsurance business previously controlled by AIG of the US. Meanwhile, the US insurance firm appears more to be more conservative in accepting risks during crisis time as it tries to shore up its finances by selling off assets in life insurance branches to increase liquidity.

Swiss Life opens insurance intermediation office in DIFC

Swiss Life has opened a new insurance intermediation office at the Dubai International Financial Centre (DIFC) as part of the global expansion of its life insurance solutions business. The inauguration of the new office was attended by H.E. Wolfgang Amadeus Bruelhart, the Swiss Ambassador to the UAE and Abdulla Al Awar, the Managing Director of DIFC Authority. Following the establishment of Swiss Life’s Singapore life insurance branch in spring of this year to secure access to the Asian market, Swiss Life is now expanding its business in insurance solutions for high net worth individuals – Private Placement Life Insurance – in order to tap into the growth market in the Middle East.

Maturing insurance markets challenge GCC insurers to raise service levels

The GCC insurance market is rapidly evolving as expatriates choose to call the UAE and surrounding regions ‘home’ for longer periods of time and invest more in business and homes than they have in the past. "With expats staying longer, we are seeing rising interest in comprehensive wealth management and life insurance products," commented Michael Walton, Director of General Insurance at Nexus Group of Companies. The GCC has witnessed a fast rise in the standard of products and services insurers offer due to the expanded presence of international businesses, global financial institutions and locally developed companies.