Aug
31
Aetna Global Benefits Appoints New Head of Middle East Operations
Filed Under Aetna, Africa, Health Insurance, Medical Insurance, Middle East | 33 Comments
Stuart Leatherby has been appointed as the Managing Director to head up Aetna’s expatriate health insurance business, Aetna Global Benefits, in the Middle East and Africa.
Leatherby has been working with Aetna Global Benefits since 2000, and prior to his promotion he has been working as the head of Aetna Global Benefits’ International Markets Development team where he was responsible for expanding business across new, and preexisting geographical and market segments. In his decade of service at the company, Leatherby has worked in a number of diverse positions with a variety of responsibilities that have included areas such as compliance, technical claims, product development, workflow management, information technology, underwriting and portfolio management.
As the new Managing Director and Head of Aetna Global Benefits business in the Middle East and Africa, Stuart Leatherby will be based in Dubai, United Arab Emirates (UAE), with effect from September 1st, 2010.
David Corkum, Aetna Global Benefits Group Managing Director, said that “Stuart’s extensive international health insurance experience will serve us well in our continued efforts to provide world-class benefit solutions and service for our valued customers and members in the Middle East and Africa. This region is a strategically important market for our organisation, and Stuart and his team’s efforts will be instrumental in our continued successful growth and expansion.”
The current Aetna Global Benefits Managing Director for the Middle East and Africa, Mark Jardin also says that “Stuart possesses a unique combination of strong technical expertise and business experience that will be key to cultivating our consultant, broker and customer relationships, as well as market development activities in the region. I have greatly enjoyed my time in the region and look forward to continuing to assist in Aetna’s international expansion and growth upon my return to the United States.”
Insurance Companies Mentioned:
Aetna
Aetna is a leading global diversified healthcare benefits company head-quartered in the US, serving approximately 35.8 million people with information and resources to help them make better informed decisions about their healthcare. Aetna offers a broad range of traditional and consumer-directed health insurance products and related services, including medical, pharmacy, dental, behavioural health, group life and disability plans, and medical management capabilities and healthcare management services for Medicaid plans. Our customers include employer groups, individuals, college students, part-time and hourly workers, health plans, governmental units, government-sponsored plans, labour groups and expatriates.
Aetna Global Benefits
Aetna Global Benefits, the international business segment of Aetna, is committed to helping create a stronger, healthier global community by delivering comprehensive health benefits and health management solutions worldwide. AGB’s expatriate business is one of the industry’s largest and most prominent US-based international health benefits providers, supporting more than 400,000 members worldwide. The organisation’s health management business collaborates with healthcare systems, government entities and plan sponsors around the world to design and build locally-applied health management solutions to improve health, quality and cost outcomes.
Aug
2
Qatar Insurance Company to Set Up Life and Medical Insurance Subsidiary
Filed Under Africa, Health Insurance, Insurance Company, Life Insurance, Medical Insurance, Middle East | 4 Comments
Qatar’s largest underwriting company, Qatar Insurance Company (QIC), is getting ready to establish a new life and medical insurance subsidiary by the end of the year.
The Group President and CEO of Qatar Insurance Company (QIC) talked to reporters about the new company which appears to be in the planning phase, indicating that it will most likely be based in the Qatar Financial Center (QFC) and will service the wider regional area of the Middle East.
The news about the creation of a company focused on life and medical insurance comes on the heels of the QIC setting up Q-Re, a reinsurance company that was previously part of Qatar Insurance Company International. Q-Re was set up earlier this year to focus on reinsurance in the Middle East, Africa and Asian geographical regions.
So far, the financing and organization of QIC’s new life and health insurance company is still being deliberated, with company officials still discussing internally whether or not to find strategic international partners for the life and medical insurance units; the capital base of the proposed company has also not been disclosed.
Khalifa Abdullah Al Subaey, the CEO and Group Presidnet of Qatar Insurance Company (QIC) said that “We have not reached that stage yet, we are still undertaking the studies and everything else. We hope that before the end of this year, it will be announced officially. We have the two options. We are discussing with a few international partners, but we have not taken any decision yet.”
Al Subaey indicated that while the company has been open to looking at the potential of strategic partnerships, the QIC group is well within it’s capabilities should they choose to eschew a partnership arrangement, saying “We are the largest medical insurance company not only in Qatar, but in the region. We are insuring around 70,000 people in Qatar at the moment and in the UAE, we are most probably the largest when it comes to medical insurance.”
Insurance Company Mentioned:
Qatar Insurance Company (QIC)
The Qatar Insurance Company was established on the 11th of March, 1964, by Emiri Decree. The currency of Qatar during this time was the Indian Rupee, and the Qatar Insurance Company was founded with a paid up capital of INR 1,500,000. Since its inception, the government of Qatar has held a 12% stake in the company which they still maintain today.
Jul
8
Munich Re Receives Reinsurance License for Middle East and Africa Business
Filed Under Africa, Health Insurance, Middle East | 2 Comments
Munich Re has been licensed by the Dubai Financial Services Authority (DFSA) to open a reinsurance unit called Munich Re Underwriting Agents (DIFC) Ltd. in the Dubai International Financial Center, making it the first of the biggest reinsurance companies in the world to do so.
Operating out of the Dubai International Financial Center will allow Munich Re Underwriting Agents to service the entire Middle East and African region, as the DIFC acts as a regional reinsurance hub. The subsidiary will be focusing on health reinsurance given the expanding need for affordable quality healthcare in the Middle East and Africa. Munich Re Underwriting Agents is part of Munich Re of Malta Holding Ltd. and its operations will be run under two broker agreements with Munich Re of Malta and Munich Re in Munich.
According to Dr. Frank Mayer, the Chief Executive Officer of Munich Re Underwriting Agents (DIFC) Ltd., “Munich Re will service governments and governmental institutions, insurance companies, self-funded schemes and other clients as a holistic one-stop shop to provide individual and tailor-made reinsurance and risk management solutions for the growing healthcare market in the Middle East and Africa.”
Abdulla Al Awar, the Chief Executive Officer of the DIFC Authority commented that “Munich Re’s decision to establish their offices in the DIFC as a regional hub is timely given the region’s increasing demand for quality and affordable healthcare. The DIFC office will offer Munich Re a strategic base to tap emerging markets in the region by combining their vast experience with local market expertise.”
The Head of Business Development and Deputy Chief Executive Officer of the DIFC Authority, Marwan Lufti, said that “The addition of Munich Re to the DIFC insurance and reinsurance cluster is an important development, given that the regional health reinsurance sector is rather under developed, offering Munich Re a vantage point to service Middle East and Africa. For regional firms looking to finance and manage corporate risk, the DIFC’s legislative framework, coupled with its favorable tax environment, offers a convenient and robust platform.”
Insurance Company Mentioned:
Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. It operates in all lines of insurance, with around 47,000 employees throughout the world. Especially when clients require solutions for complex risks, Munich Re is a much sought-after risk carrier. The primary insurance operations are mainly concentrated in the ERGO Insurance Group. ERGO is one of the largest insurance groups in Europe and Germany and 40 million clients in over 30 countries place their trust in the services and security it provides. In international healthcare business, Munich Re pools its insurance and reinsurance operations, as well as related services, under the Munich Health brand.
Jun
7
How much to Insure the World Cup? According to Lloyd’s, GBP 6.2 billion
Filed Under Africa, Health Insurance, Income Protection, Insurance Company, Life Insurance, Medical Insurance | Leave a Comment
Lloyd’s of London has estimated that more than GBP 6.2 billion (USD 9 billion) in insurance policies have been taken out to protect against various risks involved with the 2010 FIFA World Cup in South Africa.
The GBP 6.2 billion (USD 9 billion) estimate was divided into three categories; property insurance, contingency insurance and liability insurance, although absent from the estimates were the value of insurance policies for individual football players (inclusive of health insurance, life insurance and income protection plans). Many organizations and companies involved with the World Cup have taken out insurance policies, ranging from FIFA, the worldwide governing body of football, participating businesses and sponsors as well as broadcasters and national teams.
The underwriters say that GBP 3.2 billion (USD 4.7 billion) worth of property insurance has been taken out on the various stadiums and training venues that will play home to the World Cup action, while contingency related insurance worth approximately GBP 3 billion (USD 4.4 billion) has also been purchased. A further GBP 200 million (USD 291.5 million) in liability insurance has also been purchased.
Both property and liability insurance for the world cup are fairly straight forward, involving insuring the risk of damage to property for the former and insuring against the risk someone hurts themselves on or with the property for the latter. Contingency insurance in this case is basically set up to cover groups with a financial investment in the World Cup against unforeseen circumstances. Contingency insurance may include covering risks for businesses running competitions or offering prizes if a certain team wins and broadcasters, in the event of any delays in programming causing conflict with their scheduled advertising.
Llyod’s points out that insurance policies covering players for injury or disability have been left out of their estimates, as illness and injury insurance for each member in a team would be different and may or may not include insurance on a famous football player’s brand recognition and insurance for lost earnings of player and the clubs they usually play for.
Insurance Company Mentioned:
Lloyd’s of London
Lloyd’s is the world’s leading specialist insurance market and occupies fifth place in terms of global reinsurance premium income, and is the second largest surplus lines insurer in the US. In 2009, 74 syndicates are underwriting insurance at Lloyd’s, covering all classes of business from more than 200 countries and territories worldwide. Lloyd’s is regulated by the Financial Service Authority.
Mar
22
CIGNA International Expatriate Benefits adds to African Network
Filed Under Aetna, Africa, CIGNA, Expat Insurance, Healthcare, Insurance Company, International Healthcare | 4 Comments
CIGNA International Expatriate Benefits has broadened its African healthcare network with 47,000 healthcare facilities on March 17, 2010.
The new additions to CIGNA International’s healthcare facility network is part of its unveiling of CIGNALinks Africa which opens in Morocco, Tanzania, Kenya and South Africa; taking their network of health facilities outside the United States to about 140,000 international clinics, doctors and hospitals.
CIGNALinks is a program that aims to facilitate expatriate’s experience with international healthcare by establishing contractual alliances with local insurers and healthcare administrators, which allow CIGNA International Expatriate Benefits (CIEB) customers to get provider discounts, cashless services and streamlined claims procedures. The CIGNALinks Africa network integrates the global coverage of CIEB with South African company, Medical Services Organisation (MSO), and their joint-venture company Global Access Health Network’s local African healthcare network and services.
This continues a trend in international insurance companies expanding business and services in new markets, as seen by CIGNA’s expanded provider base in Russia and Aetna Global Benefits rolling out their Online Wellness Center in the Middle East and Africa.
Companies Mentioned:
For more than 125 years, CIGNA has been helping people lead healthier, more secure lives. The company provides health care and related benefits offered through the workplace. Key product lines include health care products and services (medical, pharmacy, behavioural health, clinical information management, dental and vision benefits, and case and disease management); and group disability, life and accident insurance. In addition, CIGNA also provides life, accident, health and expatriate employee benefits insurance coverage in selected international markets, primarily in Asia and Europe.
The international health insurance arm of Aetna, AGB is able to cater to the needs of expatriates located around the globe. With innovative policies, and dedication to service, Aetna Global Benefits exemplifies the commitment to the customer shown by their parent company.
Medical Services Organisation
Medical Services Organisation SA (Pty) Ltd., registered in 1995 in South Africa, is a wholly owned subsidiary of South African Druggist Ltd. Group. Medical Services Organisation provides healthcare industry related risk management services, specializing in Hospital and Disease Management.
Global Access Health Network
Global Access Health Network is a joint venture betweek Medical Services Organisation and Axihealth. It works with other companies, namely international insurance companies and self-insured corporates, by giving them access to local in-country Third Party Administrator healthcare networks.
Feb
8
Aetna Global Benefits Targets Middle East and Africa Wellness
Filed Under Aetna, Africa, Insurance Company, International Healthcare, Middle East, UAE Insurance | 26 Comments
In an effort to provide more comprehensive levels of coverage and support to policyholders located in Africa and the Middle East, Aetna, a leading international health insurance company, today announced that it would be launching its Online Wellness Center to support plan members in the region.
Aetna Global Benefits, the international arm of the Aetna insurance company, created its Online Wellness Center to help combat some of the more serious health risks throughout the Middle East and Africa. With a higher preponderance to risk of coronary artery disease, cancer, and serious heart conditions, expatriates and local nationals throughout these regions may often be unaware of the serious health risks posed by everyday life. Aetna has designed their online tool with the aim of educating and informing their policyholders, as well as giving them the resources which they need to find adequate and comprehensive care in the event of a serious illness or untoward accident.
Mark Jardin, the Managing Director for Aetna Global Benefits in Africa and the Middle East stated that the company wants “to engage, educate and motivate members through the AGB Wellness Centre.” Mark was appointed MD of the company’s Africa and Middle East business in May 2009.
One of the primary reasons for the deployment of Aetna’s Online Wellness Center is the preponderance of Cancer throughout the region. Currently, cancer is the second leading cause of mortality worldwide, and responsible for a third of deaths in the United Arab Emirates. Aetna’s Online Wellness Center now gives policyholders in the Middle East and Africa the ability to actively manage their healthcare in light of worsening health trends; something which Aetna hopes will promote healthy lifestyles and living throughout the region.
Insurance Companies Mentioned
Founded in 1853, Aetna is one of the leading health insurance companies in the USA. Continually working on innovating and improving healthcare and services for their policyholders, Aetna is committed to providing comprehensive insurance coverage for American citizens.
Aetna Global Benefits:
The international health insurance arm of Aetna, AGB is able to cater to the needs of expatriates located around the globe. With innovative policies, and dedication to service, Aetna Global Benefits exemplifies the commitment to the customer shown by their parent company.
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