IFP Info - News
  • Agrofood
    • All
    • Agriculture
    • Environment
    • Food

    Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Egypt’s food industries contribute 24.5% of GDP

    Egypt’s food industries contribute 24.5% of GDP

    $36mln contract for construction of Duqm fisheries complex

    $36mln contract for construction of Duqm fisheries complex

    Ministry signs agreement to support Oman’s honey industry

    Ministry signs agreement to support Oman’s honey industry

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

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

    Trending Tags

    • Business & Economy
      • All
      • Business
      • Economy
      • Finance
      • Industry
      • Technology
      • Trade
      • Transport & Logistics

      Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

      Egypt’s food industries contribute 24.5% of GDP

      Egypt’s food industries contribute 24.5% of GDP

      Profits at top Saudi banks jump 17.6% in Q1

      Profits at top Saudi banks jump 17.6% in Q1

      GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

      GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      New study reveals that UAE is most competitive economy in the Arab world

      New study reveals that UAE is most competitive economy in the Arab world

      Trending Tags

      • CES 2017
      • Election Results
      • eSports
    • Construction
      • All
      • Infrastructure
      • Real Estate
      Oman Construction Equipment Industry to 2028

      Oman Construction Equipment Industry to 2028

      $36mln contract for construction of Duqm fisheries complex

      $36mln contract for construction of Duqm fisheries complex

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      Madayn working on major Oman industrial city projects

      Madayn working on major Oman industrial city projects

      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

      Trending Tags

      • Energy
        • All
        • Oil & Gas
        • Power & Electricity
        • Renewable Energy
        Suez Canal expects US$3.5 billion in revenues in H1

        Suez Canal expects US$3.5 billion in revenues in H1

        UAE and Egypt’s consortium to buy African renewables firm Lekela Power

        UAE and Egypt’s consortium to buy African renewables firm Lekela Power

        Fitch revises Saudi Aramco’s outlook to positive from stable

        Fitch revises Saudi Aramco’s outlook to positive from stable

        Investments in renewables in Egypt reach LE6 bn: Official

        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

        JGC lands $3.7bn Iraq refinery upgradation project deal

        JGC lands $3.7bn Iraq refinery upgradation project deal

        Trending Tags

        • Hospitality

          Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

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

          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

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

          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

        • IFP Events
          • Event News
          • Upcoming Events
        • العربية
        No Result
        View All Result
        • Agrofood
          • All
          • Agriculture
          • Environment
          • Food

          Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Egypt’s food industries contribute 24.5% of GDP

          Egypt’s food industries contribute 24.5% of GDP

          $36mln contract for construction of Duqm fisheries complex

          $36mln contract for construction of Duqm fisheries complex

          Ministry signs agreement to support Oman’s honey industry

          Ministry signs agreement to support Oman’s honey industry

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

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

          Trending Tags

          • Business & Economy
            • All
            • Business
            • Economy
            • Finance
            • Industry
            • Technology
            • Trade
            • Transport & Logistics

            Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

            Egypt’s food industries contribute 24.5% of GDP

            Egypt’s food industries contribute 24.5% of GDP

            Profits at top Saudi banks jump 17.6% in Q1

            Profits at top Saudi banks jump 17.6% in Q1

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            New study reveals that UAE is most competitive economy in the Arab world

            New study reveals that UAE is most competitive economy in the Arab world

            Trending Tags

            • CES 2017
            • Election Results
            • eSports
          • Construction
            • All
            • Infrastructure
            • Real Estate
            Oman Construction Equipment Industry to 2028

            Oman Construction Equipment Industry to 2028

            $36mln contract for construction of Duqm fisheries complex

            $36mln contract for construction of Duqm fisheries complex

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            Madayn working on major Oman industrial city projects

            Madayn working on major Oman industrial city projects

            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

            Trending Tags

            • Energy
              • All
              • Oil & Gas
              • Power & Electricity
              • Renewable Energy
              Suez Canal expects US$3.5 billion in revenues in H1

              Suez Canal expects US$3.5 billion in revenues in H1

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Investments in renewables in Egypt reach LE6 bn: Official

              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

              JGC lands $3.7bn Iraq refinery upgradation project deal

              JGC lands $3.7bn Iraq refinery upgradation project deal

              Trending Tags

              • Hospitality

                Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

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

                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

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

                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

              • IFP Events
                • Event News
                • Upcoming Events
              • العربية
              No Result
              View All Result
              IFP Info - News
              No Result
              View All Result

              Abu Dhabi insurers adopt new regulations

              Oxford Business Group

              January 17, 2017
              in Finance
              0
              0
              SHARES
              12
              VIEWS
              Share on FacebookShare on Twitter

              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

              Previous Post

              Qatar highway project on track for 2019 launch

              Next Post

              Turkey’s development agency awaits MoU for rehabilitation in Iraq

              Next Post

              Turkey’s development agency awaits MoU for rehabilitation in Iraq

              News Letter

              Subscribe to our mailing list to receive daily updates direct to your inbox!

              *we hate spam as much as you do

              Filter By Country

              IFP Info – News

              The latest Middle East Business News & Events brought to you on a daily basis from multiple credible news portals around the world

              Follow Us

              Categories

              • Agrofood
              • Business & Economy
              • Construction
              • Covid-19 Updates
              • Energy
              • Event News
              • Hospitality
              • Interviews

              Countries

              • Bahrain
              • Egypt
              • Iran
              • Iraq
              • Jordan
              • Kingdom of Saudi Arabia
              • Kuwait
              • Lebanon
              • Oman
              • Other Africa
              • Other GCC
              • Other Middle East
              • Qatar
              • Syria
              • United Arab Emirates
              • Worldwide

              Newsletter

              Subscribe to our mailing list to receive daily updates direct to your inbox!

              *we hate spam as much as you do

              • About
              • Advertise
              • Privacy & Policy
              • Contact

              © 2023 IFP Group - All Rights Reserved / www.ifpexpo.com

              No Result
              View All Result
              • Agrofood
              • Business & Economy
              • Construction
              • Energy
              • Hospitality
              • IFP Events
                • Event News
                • Upcoming Events
              • العربية

              © 2023 IFP Group - All Rights Reserved / www.ifpexpo.com