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          Local, Italian companies partner up to establish food retail chain in Egypt

          Local, Italian companies partner up to establish food retail chain in Egypt

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Azerbaijan, Iraq discuss prospects of relations

          Azerbaijan, Iraq discuss prospects of relations

          Oman inks pack to bolster role of SMEs in food systems

          Oman inks pack to bolster role of SMEs in food systems

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            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

            Turkey eyes $5bn bilateral trade with Qatar

            Turkey eyes $5bn bilateral trade with Qatar

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Deal signed to set-up first factory in Qatar to assemble electric vehicles

            Deal signed to set-up first factory in Qatar to assemble electric vehicles

            Railway line to be built between Mosul, Turkey: governor of Nineveh

            Railway line to be built between Mosul, Turkey: governor of Nineveh

            Local, Italian companies partner up to establish food retail chain in Egypt

            Local, Italian companies partner up to establish food retail chain in Egypt

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            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

            Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

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            Miral’s premier Abu Dhabi waterfront project work on track

            Aecom wins Neom utilities infrastructure design contract

            Aecom wins Neom utilities infrastructure design contract

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              Investments in renewables in Egypt reach LE6 bn: Official

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

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              JGC lands $3.7bn Iraq refinery upgradation project deal

              Tadweer opens phase 2 of solar power plant at Al Dhafra

              Tadweer opens phase 2 of solar power plant at Al Dhafra

              France to help Iraq generate electricity, will invest in education, science: Macron

              France to help Iraq generate electricity, will invest in education, science: Macron

              Acwa Power inks finance deals for 900MW Dubai solar park

              Acwa Power inks finance deals for 900MW Dubai solar park

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                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

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                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

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                UAE sends medical aid to Iraq to fight COVID-19

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                UAE launches phase III trial of inactivated Covid vaccine

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                COVID-19 vaccine could be available by autumn: Oxford University

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                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

                Qatar’s hospitality sector peaks despite turbulent 2020

                Qatar’s hospitality sector peaks despite turbulent 2020

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                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Staycations to stimulate Qatar’s hospitality sector

                Staycations to stimulate Qatar’s hospitality sector

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

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              Abu Dhabi insurers adopt new regulations

              Oxford Business Group

              January 17, 2017
              in Finance
              0

              Facing an economic slowdown and a fragmented operating environment, Abu Dhabi insurers will continue to implement new industry regulations in 2017.

              The federal regulatory body, the Insurance Authority (IA), has been incorporating new legislation finalized early in 2015 in an effort to streamline the sector and create stability in the market. The move came after a period of poor pricing and high competition that hindered industry performance.

              With aggregate profits improving in 2016, insurers will now look to the next phases of implementation, targeting solvency margins and investment allocations, as financial services in the broader region continue to mature.

              New regulations
              New requirements for financial reporting, solvency and asset allocations were first signed into law in early 2015, having remained in the draft phase for several years.

              The first phase of implementation – which saw full compliance by the beginning of 2016 – required companies to appoint an external auditor, an actuary and a regulatory compliance officer, while also establishing an internal audit department.

              The IA’s eForm is the foundation of the improved financial reporting required from insurance firms, who use it to declare their financial performance and business activities to the regulator on a quarterly basis.

              In May the IA then issued a board of director’s resolution concerning pricing policy, requiring insurance companies to explain the principles and rules adopted in setting prices, and mandating they review this policy twice every fiscal year. It also outlined the minimum requirements of actuarial reviews submitted to the IA.

              “These moves were prompted by the realization that companies across the industry were not performing well, with the main reasons being poor pricing and the way many were approaching underwriting,” Ahmad Idris, CEO of Abu Dhabi National Insurance Company, told OBG. “Most firms participated in price wars, so the authority’s measures ensure pricing is now based on actuarial analysis, a proper assessment of risk and reporting that is built on templates.”

              Having completed phase one, companies are now looking to the next round of regulatory adoption.

              Among changes announced in the way assets are allocated, insurers can now invest in real estate and equity instruments at no more than 30%, and no more than 20% in non-UAE equity instruments. However, 100% may be invested in UAE government debt securities, while for all other classes compliance was required by the end of 2016. Property allocations and full compliance with solvency margins will take effect in 2018.

              UAE insurers have often relied on investment income to support operations given diminishing profit margins from policy business. New regulations aim to rein in exposure to specific asset classes.

              “We believe that compliance with such regulations, which are risk-based, represents an opportunity for insurance companies regardless of their size,” Ebrahim Al Zaabi, director general of the IA, told OBG. “They are a step further towards excellence and international standards.”

              Potential mergers
              With 61 insurers operating across the federation and with gross written premiums (GWPs) totaling approximately $10bn, according to the IA, many UAE-watchers consider mergers to be a necessity.

              It is expected that in the medium term, new financial obligations will require firms to consolidate operations in order to meet capital requirements, expand their investment base and improve service offerings to customers.

              In the meantime, the IA continues to encourage mergers between small and medium-sized enterprises to create stronger financial entities and overcome many legacy ownership issues that have prohibited such moves in the past.

              Performance markers
              In the first six months of 2016, net profits of listed insurers grew to $156m, a 118% rise year-on-year. Likewise, GWPs increased 9% over the same period in 2015, signaling a modest recovery.

              Industry players also remain optimistic about the future. “Penetration remains low by global standards with lots of room for improvement,” Idris told OBG. “Furthermore, the performance of classes like medical and motor are improving, helping counteract the slowdown being experienced by others.”

              However, in October, ratings agency Standard & Poor’s highlighted that regulatory changes can create uncertainty, stating that “any material strengthening in provisions could undo the improvements in profitability we have seen in the first half of 2016”.
              Oxford Business Group
              17 January

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