Insurance

Riyad Bank to set up insurance firm, plans IPO

Saudi Arabia's Riyad Bank said it planned to set up an insurance company with Britain's Royal & Sun Alliance which will be partly free-floated on the Saudi bourse. The new firm will have SAR200 million capital (US$53 million) and Riyad Bank will own around 30 per cent directly and indirectly, a statement on the bourse web site said. The new entity will be named "The Global Company for Cooperative Insurance". The statement said 30 per cent of the firm will be offered in a public subscription following central bank and Capital Market Authority approval.

S&P: Long-term strengths mitigate short-term weaknesses in Qatari insurance market

In an article titled The Qatari Insurance Sector In 2009: Short-Term Weaknesses Offset By Long-Term Strengths, Standard & Poor's Ratings Services notes that when the State of Qatar's sound economic prospects are considered alongside the specific strengths, weaknesses, opportunities, and threats confronting the local insurance sector, it is reasonable to be guardedly optimistic for the medium- and longer-term future of the Qatari insurance sector. With the wealth of insurers as well as banks tending to rise and fall in line with the fortunes of their local economy, it is of more than just academic interest to note how GDP has developed in Qatar (AA-/Stable/A-1+) in recent years, with nominal GDP approaching QR300 billion in 2008, or almost double the level of 2005.

RSA in Saudi start up

RSA is to directly and indirectly own around 30 per cent of The Global Company for Co-operative Insurance which it has been set up with Saudi Arabia's Riyad Bank. The insurer will have a capital of US$53 million and 30 per cent will be offered in an IPO on the Saudi stock exchange.

Takaful insurance sector growing at yearly rate of 25 pct

Insurance experts estimated the takaful insurance market in the UAE to be worth some AED3 billion, equivalent to 20 per cent of overall insurance premiums which added up to AED15 billion in 2007. The experts foresee further growth in the takaful insurance sector, which manifests an annualised average growth of between 20 and 25 per cent. Four new operators recently landed in the local Sharia-compliant insurance sector; led by Noor Takaful which launched its services this month through two subsidiaries, Noor General Takaful and Noor Takaful Family.

Oman Insurance announces tie-up with UAE Exchange

Oman Insurance Company today announced its partnership with UAE Exchange to provide its individual life policyholders a hassle free premium payment option. The tie up will facilitate the payments for life insurance customers of Oman Insurance, at all UAE Exchange outlets across the emirates. Oman Insurance believes that this strategic alliance will enable the company to leverage on the UAE Exchange's vast reach of branch networks of over 69 outlets across the UAE. The company is focused on customer service and all the initiatives are geared towards exceeding client expectation.